The global market of the antiknock agent is expected to cross-market value of USD 19.11 million in 2027 from USD 15.32 million in 2020. It is expected to grow at a CAGR of over 1.2% during the forecast period.
Antiknock additive improves the antiknock properties of gasoline. Furthermore, the demand for antiknock preparation is expected to rise due to lower preparation costs and easy availability of raw materials over the forecast period. Antiknock agent preparation requires limited raw materials, lowering overall manufacturing costs. In addition, anti-knocking agents are increasingly used in gasoline products, which reduce carbon emissions and therefore limit adverse effects. Over the next seven to five years, these factors are expected to drive market growth. Credence Research is offering a report titled “Global Gasoline Antiknock Agent Market,” which will cover accurate and in-depth insights.
Key Market Drivers and Restraints
Factors that greatly impact the market growth will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Impact of COVID 19
The world’s automotive industry has come to an abrupt halt as a result of the coronavirus (Covid-19) pandemic, with sales declining in most markets. Sales will only return to 2019 levels in four countries: Turkey, China, Taiwan, and Ukraine. As a result, further job losses will be seen around the sector, with plants and manufacturers closing in countries where economies only recover slowly. However, the automotive industry is badly impacted, which, in turn, will have a negative impact on the world’s market.
Asia-Pacific to Dominate the global market
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the world market. Asia-Pacific dominated with over 47% share in 2020. With strong economic development, favorable laws and regulations regarding the use of fuel additives, rising disposable income, growing manufacturing activities, and substantial investment by leading industry players considering potential growth opportunities in the countries like India, China, and Singapore.
The Ethers Antiknock Agent leads Global Market.
Ethers Antiknock Agent and Metal Antiknock Agent are the two key products across the global market. In 2020, Ethers Antiknock Agent accounted for the largest share of the global market. However, the Metal Antiknock Agent process is anticipated to grow at the fastest CAGR during the forecast period.
Commercial Vehicles continue to dominate the world’s market in terms of applications.
Commercial vehicles and Passenger cars are some of the major applications of this market. The Commercial Vehicle segment accounted for the largest share 2020 of the world market in 2020. This is largely due to the high demand in the automotive industry.
Frequently asked questions about global gasoline antiknock agent industry
Ether Antiknock Agent and Metal Antiknock Agent are the different product types available
Commercial Vehicle and Passenger Car have high demand for Gasoline Antiknock Agent
Simagchem, Shandong Dongchang Fine Chemical Technology, Wuxi Weite New Engery, CAREX Canada, and Yingkou Tanyun Chemical are the key players operating in this market
Commercial Vehicle application offers tremendous opportunities to players
Asia-Pacific has the largest share owing to various developments happening in this space
