CHICAGO, Aug. 28, 2024 /PRNewswire/ -- The report "Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) - Global Forecast to 2029", size was USD 6.7 billion in 2024 and is projected to reach USD 8.0 billion by 2029, at a CAGR of 3.6%, between 2024 and 2029.
The automotive industry is undergoing substantial change due to the growing awareness of vehicle maintenance among the customers, and fuel additives are crucial in this regard. Fuel additives help to improve the overall combustion process along with maintaining the engine clean. The production of toxic pollutants, a reduction in power output, and decrease in fuel efficiency may arise from incomplete combustion. Certain fuel additives increase the fuel's combustion properties, ensuring that the engine operates more effectively. Examples of these additives include, cetane improvers for diesel engines and octane improvers for gasoline engines. These factors are likely to drive the fuel additives market as a crucial part of vehicle maintenance.
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378 - Tables
54 - Figures
287 - Pages
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Lubricity Improvers segment is projected to register the highest CAGR, in terms of value, of the global fuel additives market during the forecast period.
Lubricity improvers segment is the fastest growing segment in the fuel additives market during the forecast period. The key objective of these additives is to improve the lubricating qualities of the fuel, offering adequate safety against wear and tear for vital engine parts including fuel injectors and pumps. With the world moving towards cleaner, low-sulfur diesel fuels, the need for these additives has increased. Diesel engines are naturally lubricated to some extent by the sulfur compounds in the fuel. However, the natural lubricity of diesel has diminished due to stricter regulations, with the usage of minimum to zero level of sulfur in some regions. This factor has necessitated the growing use of lubricity improvers.
Gasoline is estimated to be the second-largest application of fuel additives market, in terms of value, during the forecast period.
The gasoline segment is estimated to be the second-largest application in the fuel additives market, in terms of value, during the forecast period. Gasoline is still the primary source for a majority of the world's vehicle fleet, especially in regions like Europe, North America and Asia Pacific, despite the increasing popularity of diesel engines and the slow transition to electric vehicles. Thus, the gasoline segment holds a significant share of the fuel additives the market, largely due to the sheer volume of gasoline consumed worldwide.
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Middle East & Africa is projected to register the second highest CAGR, in terms of value, during the forecast period in the fuel additives market.
Middle East & Africa is projected to register the second highest CAGR in the fuel additives market, in terms of value, during forecast period due to several factors. The rapid urbanization and economic development in the MEA countries owing to their extensive infrastructural development is one of the primary drivers of the high growth rate of fuel additives market. The need for fuel additives rises as these nations develop their industrial bases, make investments in transportation infrastructure, and support non-oil industries. Fuel additives play a crucial role in bolstering these rapidly growing sectors by improving the performance and efficiency of fuels, ensuring enhanced engine performance, minimized emissions, and optimal fuel usage overall.
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Market Players
The key players profiled in the fuel additives market report include Innospec Inc. (US), Infineum International Limited (UK), Chevron Oronite Company LLC (US), Afton Chemical Corporation (US), BASF SE (Germany), The Lubrizol Corporation (US), Evonik Industries AG (Germany), LANXESS AG (Germany), Dorf Ketal Chemicals LLC (India), and Clariant AG (Switzerland) and others.
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