Global Fuel Additives Market is segmented by Product Type (Deposit Control, Cetane Improvers, Lubricity Additives, Antioxidants, Anti-corrosion, Cold Flow Improvers, Antiknock Agents, and Other Product Types), By Application (Diesel, Gasoline, Jet Fuel, and Other Applications), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Fuel Additives Market Size
The global fuel additives market reached USD million in 2022 and is projected to witness lucrative growth by reaching up to USD million by 2030. The market is growing at a High CAGR of during the forecast period (2024-2031). Fuel additives are performance modifiers created to improve the inherent qualities and effectiveness of fuels.
Little amounts of the additives are added to fuels, primarily gasoline. Furthermore, combustion antioxidants, modifiers, corrosion inhibitors and deposit control detergents are all uses for fuel additives. Many different fuels can be made to operate better and have higher quality with the application of gasoline additives.
Fuel Additives Market Scope and Trends
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Metrics |
Details |
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CAGR |
High |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Application and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Fuel Additives Market Dynamics and Trends
The growing development and innovations in fuel additives
The market will experience further growth over the course of the projected period as a result of advancements in fuel additives including boron-based nanoparticles and octane boosting. The boron-based nano-added material is integrated using magnesium diboride, a well-known superconductor (MgB2). Heavy shedding is a key component of the fundamental method used to frame precisely activated (MA)- MgB2 nanosheets.
The rising consumption of fuel
Since over 90% of recent new car deals depend on the internal combustion engine as the main player, the rise of the automobile market has increased fuel consumption. Also, the market for automobiles that directly increase fuel consumption and consequently fuel additives will grow as more affordable, low-emission vehicles are produced. ExxonMobil claims that diesel is a desirable fuel that, by 2040, will be able to replace about 50 million barrels of oil daily.
Fuel Additives Market Segmentation Analysis
The global fuel additives market is segmented based on type, engine type, application and region.
The growing automotive and aviation
The majority of the market share for fuel additives has been accounted for by gasoline. One of the key factors influencing the market is the rising demand for gasoline, which is being supported by an increase in automobile production. In addition, rising tourism is anticipated to fuel the market's expansion along with rising demand for commercial purposes. The needs of engine design and advancements in refinery operations are mostly responsible for the expansion in the usage of gasoline additive.
Fuel Additives Market Geographical Share
The rising use of fuel additives in various sectors in U.S.
It is projected that North America will dominate the fuel additives market. The majority of the nation's farm and construction machinery is powered by diesel. As diesel fuel is less explosive and flammable than other fuels, the military utilizes it in tanks and trucks. Diesel fuel is also used to create power in diesel engine generators, which are the main source of electricity in the majority of Alaska's isolated settlements.
U.S. currently offers more than 40 diesel models from ten different manufacturers and brands. U.S. consumed 3.39 billion barrels of finished motor gasoline in 2019 or an average of 9.27 million barrels per day, according to the Energy Information Administration (EIA).
Fuel Additives Companies and Competitive Landscape
The major global players include Evonik Industries, Innospec, Lubrizol, Croda, Afton Chemical, Total SE, Arkema, BASF SE, Total SE, Dorf Ketal and Dow Chemical.
Key Developments
- A contract for the acquisition of Emerald Kalama Chemical, a prestigious producer of speciality additives, was signed by LANXESS AG in February 2021.
- In February 2021, the Dow Chemical Co. acquired Union Carbide Corp. for US$7.3 billion after consenting to a Federal Trade Commission (FTC) requirement.
- To improve fuel stability and combustion efficiency, Innospec Inc. introduced a new product called Trident for bunker fuel additive packages in April 2021.
The global fuel additives market report would provide approximately 61 tables, 70 figures and 215 pages.
