Fuel Additives Market Growth& Forecast Report by 2028; Major Growth Opportunities
The global fuel additives market size was USD 8.14 billion in 2021. The market is projected to grow from USD 8.62 billion in 2022 to USD 12.87 billion by 2029 at a CAGR of 5.9% during the 2022-2029 period.
This information is published by Fortune Business Insights™, in its report, titled, “Fuel Additives Market, 2022-2029.”
The growing demand for advanced and enhanced goods from the car and other end-use sectors, the global fuel additives market is predicted to expand considerably.
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Drop in Fuel Demand Drive to Hamper Fuel Additives Market Growth
The influence of the pandemic on several end-use industries has been meticulously reviewed. The automobile industry has seen a deterioration in demand as a consequence of the shutdown of functioning activity. European vehicle manufacturers were compelled to shut their factories owing to the COVID-19 pandemic. Specific companies had to reduce output at European operations to manage the coronavirus outbreak and plummeting demand.
The report delivers insightful information gained by methodical analysis done by our analysts. Exhaustive research was carried out to offer the predicted size of the fuel additives market. The data utilized to predict the shares for multiple segments at the national, zonal, and worldwide levels is gained from detailed interviews with various stakeholders. Additionally, we have obtained admittance to manifold global and zonal sponsored databases to present detailed information to make business investment decisions simple for our clients.
Gasoline Segment to Hold a Significant Share Due to Growth in Automotive Sector
Based on type, the market is segmented into deposit control, cetane improvers, lubricity improver, cold-flow improver, stability improver, octane improver, and corrosion inhibitors.
The market is segmented into gasoline, diesel, and aviation fuel in terms of application. The gasoline segment constituted the primary market share.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Strict Rules Inflicted by Government Officers to Thrust Market Growth
Owing to the augmented demand for fuel from numerous industries, the market for fuel additives is anticipated to increase promptly. The industry of fuel additives is one that needs extensive research and advanced development. To fulfill the demand from corporations that transform hydrocarbon into fuels to heat energy for different applications such as transportation, electricity production, and others, an extended variety of products has been produced.
The market expansion will be assisted by severe releases control from autos and refineries. Among many aspects endorsing growth and development in the product portfolio of fuel, additives are raising apprehensions about air pollution triggered by the incomplete and complete combustion of hydrocarbons.
North America to Lead Global Share Backed by Increasing Petroleum Exploration
North America held the largest fuel additives market share and was worth USD 2.70 billion in 2021. North America presently dominates the market and is estimated to do so during the forecasted period.
In regards to volume, Europe is anticipated to grow substantially. The market is predicted to be navigated by the well-settled automotive manufacturing sector and increasing demand for passenger vehicles.
Asia Pacific is among the most flourishing regions. Owing to growing demand from nations such as China and India, the fuel additives sector is estimated to be a considerable driver for the market.
Inventive Product Presentations by Prime Players to Boost Market Growth
The pivotal players embrace numerous tactics to bolster their position in the market as dominating companies. One such major approach is procuring companies to spur the brand value among users. Another effective notion is launching innovative products from time to time with a methodical study of the market and its target customers.
Notable Industry Development:
December 2021: BASF unveiled a novel multiuse diesel additive below the brand name KEROPUR-D in South Korea. It is a high performance versatile diesel additive that eradicates deposits from the engine and avoids the formation of novel deposits.
List of Key Players Covered in the Report
- BASF SA (Germany)
- Dow Inc. (U.S.)
- Lubrizol Corporation (U.S.)
- Evonik Industries AG (Germany)
- TotalEnergies (France)
- Clariant (Switzerland)
- Chemtura (U.S.)
- Dorf Ketal Chemicals (India)
- Innospec Inc. (U.S.)
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