Fuel Additives Market Forecast | 2023-2028

Market Insights

The fuel additives market is estimated to grow from USD 6.54 billion in 2022 to USD 7.98 billion by 2028 at a healthy CAGR of 3.28% during the forecast period.

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What is fuel additive?

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 Dynamics

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.

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Key Players

Some of the major players in the market are-

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

Segments Analysis

By Additive

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 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 extensive use of deposit control additives in various applications is driving the growth of this segment.

By Application

The market is segmented as diesel, gasoline, aviation fuel, and others. The diesel segment is expected to dominate the market during the assessment period. The increasing demand for diesel fuel in 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, with 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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Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market. 

The fuel additives market is segmented into the following categories:

By Additive Type:

• Deposit Control
• Dyes & Markers
• Cetane Improvers
• Lubricity Improvers
• Cold Flow Improvers
• Octane Improvers
• Corrosion Inhibitors
• Stability Improvers
• Anti-icing
• Others
  • (Additive Type Analysis: Pour Point Depressants and Conductivity Improvers)

By Application Type:

• Diesel
• Gasoline
• Aviation Fuel
• Others

By End-Use Industry Type:

• Transportation
  • (End-Use Industry Type Analysis: Passenger Vehicle, Commercial Vehicle, Off-Highway Equipment, Aircraft, and Marine Vessel)
• Oil & Gas Refinery
• Industrial
  • (End-Use Industry Type Analysis: Boiler and Power Plant)

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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 the qualitative and quantitative insights.

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

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 at sales@stratviewresearch.com.