Fuel Additives Market Analysis | 2023-2028

Market Insights

"The fuel additives market was estimated at USD 6.54 billion in 2022 and is likely to grow at a CAGR of 3.28% during 2023-2028 to reach USD 7.98 billion in 2028".

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Market Dynamics

Introduction

Fuel Additives are a class of performance modifiers that are added to various applications like diesel, gasoline, aviation fuel, etc. to enhance certain properties and provide additional properties not present in the application. These are used as combustion modifiers, antioxidants, corrosion inhibitors and deposit control detergents.

Increasing environmental regulations to become stringent and the necessity to reduce the emissions are driving the market. The focus of government agencies on the usage of clean and efficient fuels is increasing day by day. Also, the norms for reducing vehicular emissions and improving the quality and efficiency of fuels are modified regularly. This can only be achieved by adding more efficient and effective fuel additives.

Market Drivers

Mounting sales of automobiles worldwide, launch of improved products, increasing demand for performance products, growing awareness towards benefits of fuel additives, imposition of emission norms by governments are some of the key factors driving the market growth of the industry.

Segments Analysis

By Additive Type

"The deposit control segment held the largest share of the market in 2022 and is expected to register a moderate CAGR during the forecast period".

• The market is segmented as deposit control, dyes & markers, cetane improvers, lubricity improvers, cold flow improvers, octane improvers, corrosion inhibitors, stability improvers, anti-icing, and others.
• The extensive use of deposit control additives in various applications is driving the growth of this segment.

By Application Type

"The diesel segment is expected to dominate the market during the assessment period".

• The market is segmented as diesel, gasoline, aviation fuel, and others.
• The increasing demand for diesel fuel in the military, farms & construction, and other major industries is likely to drive the growth of the segment.

Regional Analysis

"North America is estimated to be the largest as well as fastest-growing market during the forecast period".

• The US being the largest fuel additive consumer in the region. The country is one of the matured markets for fuel additives. The high regulation of the Environmental Protection Agency (EPA) plays a major role in the commercialization of fuel additive products in the region.

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Key Players

The following are the key players in the Fuel Additives Market (arranged alphabetically).

• Afton Chemical Corporation
• BASF SE
• Cerion LLC
• Chevron Oronite Company LLC
• Cummins Inc.
• Dorf Ketal Chemicals
• Evonik Industries AG
• Infinieum Limited
• Innospec Inc.
• Lanxess
• The Lubrizol Corporation

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation of any one of the additive types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.