Specialty Fuel Additives Market size in excess of $10 billion by 2023
Published Date: February 8, 2017 Authors: Kunal Ahuja, Sonal Singh
According to a new research report by Global Market Insights, Inc., the Specialty Fuel Additives Market size will surpass $10 billion valuation by 2023.
Upsurge in demand for high fuel performance in to attain efficiency and control emissions along with biodiesel industry expansion will escalate the specialty fuel additives market. Increasing stringent environment regulations in U.S., EU and China, for sustainable resources adoption will positively influence specialty fuel additives industry growth. Enhancing power output, emphasize on limited energy consumption and prevention from corrosive effects are key beneficial properties encouraging product usage.
Diesel applications is anticipated to witness over 6% CAGR over the forecast timespan. Increasing usage of ultra-low sulfur diesel (ULSD) in China and U.S. will fuel the industry growth. India and China markets will be driven by extensive diesel usage coupled with advancements will further fuel the specialty fuel additives market growth.
Gasoline additives market will be worth over USD 4 billion by 2024. Consistent innovations in Top Tier Detergent Gasoline (TTDG) associated with its effective detergency and inhibit deposit formation will support growth in this segment.
Cetane improvers market will be worth over USD 950 million by 2023. Enhancement in cetane number for better performance and in economy measures will drive the specialty fuel additives market in this segment. Increasing LPG and CNG consumption along with government promotions and subsidies to promote ecofriendly products may impose threat to global market demand.
Browse key industry insights spread across 130 pages with 71 market data tables & 17 figures & charts from the report, “Specialty Fuel Additives Market By Product (Deposit Control Additives, Cetane Improvers, Antioxidants, Corrosion Inhibitors, Lubricity Improvers, Cold Flow Improvers), By Application (Gasoline, Diesel, ATF), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Deposit control segment demand was over 600 kilo tons in 2015. Increasing technological innovations in engines and injection systems are driving the product penetration. The product is extensively used in prevention from deposits including sludge and soot in gasoline and diesel.
Cold flow improvers segment is poised to witness gains at over 8% by 2023. Surge in demand for low sulfur content diesel will drive the product demand, as cold flow improvers reduce the sulfur content on addition in diesel.
North America industry volume was over 25% of the global consumption in 2015. Regulatory initiatives by the EPA, U.S. along increasing diesel and gasoline consumption will trigger the industry growth. The market in North America from gasoline will surpass USD 1 billion.
Europe will witness gains at over 5% by 2024. Additive production expansion to meet regulatory agencies standards will facilitate regional industry growth. Middle East & Africa will register over 6% CAGR. Euro IV standard busses launch in Dubai to promote sustainable environment are key trending factors.
APAC specialty fuel additives market from diesel is estimated to surpass USD 1 billion by 2023, with estimated CAGR over 7%. Expansion in automotive industry owing to resource availability China and India will enhance the overall regional industry growth.
Global specialty fuel additives industry share is competitive and moderately consolidated in nature. NewMarket, BASF, Infineum and Innospec were among the key industry participants. Other companies include Albemarle, Afton, Angus, Clariant International, Baker Hughes, Chevron Oronite, Chemtura, Evonik, EURENCO and Lubrizol.