Fuel Additives Market is Likely to Grow at 6.1% CAGR during the Period 2023 – 2030

The Fuel Additives Market Size was valued at USD 8.62 Billion in 2022 and is projected to grow from USD 9.01 Billion in 2023 to USD 13.24 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period (2023 – 2030).

Fuel additives are chemicals that have been created to increase the quality and efficiency of car fuels. They increase the octane rating of the fuel or function as a corrosion inhibitor or lubricant, allowing for higher compression ratios for increased efficiency and power. Rough idling, slow acceleration, stumbling, and stalling can all be avoided with the use of fuel additives. They’re used to clear sludge, regulate soot, improve combustion, and act as a biocide, among other things.

The COVID-19 outbreak has resulted in a regional lockdown, border closures, and transportation network disruptions. The impact on global chemical and material supply chains, international trade, and manufacturing processes is projected to be significant. The facilities of production have been severely disrupted as a result of the global shutdown. Additionally, border closures and export limits have caused raw material costs and supplies to fluctuate. This has had a significant impact on the development of fuel additives. However, as the lockdown and trade restrictions continue to be extended, demand for the product continues to fall, affecting the revenue of competitors in the gasoline additive market.

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Market Segmentation

Based on the Type, the market is segmented into Deposit Control, Cetane & Octane Boosters, Lubricity Improvisers, Cold Flow Improvers, Stability Improvers, Corrosion Inhibitors, and Others.

Based on the Fuel Type, the market is segmented into Diesel, Gasoline, Aviation Fuel, and Others.

Based on the Application, the market is segmented into Passenger Vehicles, Commercial vehicles, Off-Highway Equipment, Aircraft, Marine Vessels, Industrial, and Others.

Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Regional Classification

Asia-Pacific accounted for the greatest share of the market and is expected to grow at the fastest rate. The increased manufacture and sale of automobiles, particularly in China, Japan, India, and South Korea, is credited with the region’s rapid growth. The region’s growing aviation industry is also helping to boost the regional market growth. Due to the significant production and sale of automobiles in European countries such as Germany, Russia, and France, Europe accounted for the second-largest proportion of the worldwide market. The continent of Europe is followed by North America. Because of its huge automobile and aerospace industries, North America’s growth in the worldwide market has been static. The Middle East and Africa, on the other hand, are predicted to expand at a slower rate than the rest of the world due to the presence of large-scale petroleum businesses. Because of the rise in industrialization and increased government investments in key countries, the Latin American market is projected to present significant prospects.

Industry News

The major key players in the market are Innospec (US), The Lubrizol Corporation (US), Afton Chemical (US), BASF SE (Germany), Chevron Corporation (US), LANXESS (Germany), Clariant (US), Infineum International Limited (UK), BARDAHL Manufacturing Corporation (US), and Wynn’s (Belgium). On both the domestic and international levels, the major players in the worldwide market have huge production bases and advanced manufacturing facilities

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