Key Market Insights
"Increase use of specialty fuel additives and ban on use of plastic will spur the market revenue growth"
The global specialty fuel additives market accounted for US$ 7.13 Bn in 2018 and is anticipated to grow to US$ 11.20 Bn growing at a CAGR of 5.8% throughout the forecast period from 2019 to 2027.
The rising emphasis to produce clean energy and fuels without compromising the efficiency coupled with rising awareness about conservation of resources and sustainable development are some of the major factors driving the specialty fuel additives market growth. A combination of factors including growing automotive industry, degrading quality of crude oil, and stringent regulatory norms among other are factors proliferating the demand of the global market. The increasing toxin levels across the globe as a result of fuel used in vehicles adversely affects the environment which in turn is having a positive influence on the growth of specialty fuel additives market. Specialty fuel additives helps curb emission of harmful gases and helps in enhancing efficiency of other products such as gasoline, diesel, other fuels.
In addition, the rising trend in North America and Europe to achieve cold flow performance by blending biodiesel and additives is anticipated to drive the demand of specialty fuel additives market. For instance, the US Environmental Protection Act (EPA) has made it mandatory for all heavy vehicles to use cleaner diesel with less sulfur content which is possible by applying cold flow improvers. This in turn is driving the demand of specialty fuel additives market. Apart from this increasing consumption of ethanol is also likely to further boost the demand of specialty fuel additives market. The use of corrosion inhibitors for protecting fuel distribution and storage in automobiles are expected to bolster the market growth.
Market Synopsis
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Product Analysis
"Deposit control additives to dominate the market throughout the forecast period"
Based on product, the specialty fuel additives market is classified into cetane improvers, antioxidants, deposit control additives, lubricity improvers, cold flow improvers, and others (corrosion inhibitors). Deposit control additives segment dominated the market with a share of more than 20% and is expected to grow at a rapid pace. Owing to rising use of detergents as fuel supplements, prevention of deposit formation in the injector nozzle and rising demand for fuel efficient automobiles are factors fueling the demand of the segment.
In contrast, cold flow improvers segment anticipated to expand rapidly throughout the forecast period. Demand for cold flow improvers is mainly driven due to North America and Europe region as there is a high demand of ultra-low sulfur diesel which can be attained by using cold flow improvers.
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Application Analysis
"Diesel segment anticipated to dominate the market during the forecast period"
On the basis of application, the global specialty fuel additives market is further classified into aviation fuel, diesel, gasoline and others. In 2018, diesel segment dominated the specialty fuel additives market and accounted for the maximum share of overall market. The growth in the segment can be attributed to high consumption of diesel globally especially in the emerging economies such as India, China, and Indonesia among others. Diesel is more environmentally hazardous than other materials which in turn presents lucrative opportunities to specialty fuel additives market.
In contrast, increasing use of gasoline majorly in the US and China is anticipated to fuel the demand of gasoline segment in the years to come. However, increasing popularity of diesel over other fuels hampers the market growth of gasoline segment.
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Regional Analysis
"North America appeared as the global leader in specialty fuel additives market"
In 2018, North America region led the global specialty fuel additives market and contributed more than 30% of revenue generated globally. This can be attributed to, product innovation in terms of quality, and stringent environmental regulations among others. The US accounted for a share of more than 75% of the North America revenue share. This is due to the market being highly regulated by the US Environmental Protection Agency which monitors and provides guidelines of fuel additive products.
In contrast, Asia Pacific region is projected to witness highest growth. Owing to the rapid industrialization and huge demand from various end use industries including construction, power generation and automotive among others. Apart from this implementation of stringent regulations for emission control in China, India and Japan among others are further bolstering the market growth in the region
List of Companies Covered:
- Innospec Inc.
- Afton Chemical Corporation
- Evonik Industries AG
- Cummins Inc.
- Dorf Ketal Chemicals Limited
- BASF SE
- Lubrizol Corporation
- Chevron Oronite
- Dow Chemical Company
- Baker Hughes
- Chemtura
Key Industry Development:
- In September 2018, Dorf Ketal Chemical Limited announced the launch of its new manufacturing plant to produce mph and milEx detergents. These are brands launched by Dorf Ketal of performance fuel additives. This has helped company expand its product portfolio and market penetration.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Product Type Segment (2017–2027; US$ Bn)
• Cetane Improvers
• Antioxidants
• Deposit Control Additives
• Lubricity Improvers
• Cold Flow Improvers
• Others (Corrosion Inhibitors)
|
|
Application Segment (2017–2027; US$ Bn)
• Aviation Turbine Fuel
• Gasoline
• Diesel
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, Russia, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
|
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall Specialty Fuel Additives market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the specialty fuel additives market and valuable opportunities for emerging players?
- Estimated forecast and market projections up to 2027
- Which segment accounts for the fastest CAGR during the forecast period?
- Which application segment holds a larger market share and why?
- Are low and middle-income economies investing in the specialty fuel additives market?
- Which is largest regional market for specialty fuel additives?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
- Worldwide market value of the Specialty Fuel Additives market in 2017 and 2018
- Which are the key trends driving the global specialty fuel additives market growth?
- Who are the leading service providers in the specialty fuel additives market worldwide?
