Global Fuel Additive Market was valued at USD 6.3 billion in 2017 and growing at a CAGR of 7.5% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2015 & 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Major Market Competitors/Players: Global Fuel Additive Market
Some of the major players operating in the market are –
- Town of Newmarket,
- BASF SE,
- Infineum International Limited,
- Albemarle Corporation,
- Baker Hughes Incorporated,
- Chevron Oronite Company LLC,
- The Lubrizol Corporation,
- Evonik Industries AG,
- Legal Notice –
- Clariant among others.
Major Market Drivers:
- Growing fuel demand among consumers
- Growing awareness among users regarding the benefits of fuel additives
- Rise in demand of high fuel efficiency
Market Segmentation: Global Fuel Additive Market
The fuel additive market is segmented based on Type, region, end user applications and functions.
Based on type the market is classified into deposit control additives, cetane improvers, antioxidants, corrosion inhibitors, lubricity improvers, dyes and markers, cold flow improvers, stability improvers, octane improvers, anti-icing fuel additives and other fuel additives.
Based on application the market is classified into diesel fuel additives, gasoline fuel additives, aviation fuel additives and other application fuel additives.
On the basis of end user applications the market is classified into gasoline, diesel and others (aviation fuel, marine fuel, and heating oil).
Based on geography the global fuel additive market report covers data points for 28 countries across multiple geographies namely
- North America &
- South America,
- Asia-Pacific and,
- Middle East & Africa.
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The global fuel additive market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of fuel additive market for global, Europe, North America, Asia Pacific and South America.
Market Definition: Global Fuel Additive Market
Fuel additives are compounds formulated to enhance the quality and efficiency of fuels used in motor vehicles. They increase a fuel’s octane rating or act as corrosion inhibitors or lubricants, thus allowing the use of higher compression ratios for greater efficiency and power. Fuel additives can help to avoid problems such as rough idling, weak acceleration, stumbling and stalling. Fuel additives are available in a number of forms, such as liquid, powder or pill. They work in a number of different ways and claim to do various things to the fuel, including: Remove sludge, Control soot, Improve combustion, Act as a biocide etc. Any liquid that is added to the fuel supply of vehicles, either via the filler cap or other parts of the fuel system, is classified as a fuel additive. Fuel additives enhance engine performance, which allows further travel on gas infused with additives than would be possible otherwise. Engine maintenance is another common benefit of fuel additives. They prevent the buildup of sludge and other deposits in different areas of the engine, thereby effectively prolonging the life of the vehicle. Diesel fuel additives often offer the benefit of functioning as an antioxidant that helps to minimize corrosion within the engine as well as antiknock agents to ease the stress on engine pistons. The global fuel additives market intend, stable growth at a rate of around 8% during the forecast period. The industry players are going for partnership and strategic alliances and focusing on development of new fuel additive products to meet the constantly changing industry demands of customers. For instance, in April 2017 – Lanxess specialy chemicals company has completed the acquisition of Chemtura. The acquisition significantly expands the company’s additives portfolio and makes LANXESS one of the world’s leading players in this growth field.In November 2017 –Eni SpA and major car manufacturer and FCA have signed a contract to carry out research and develop technological applications to reduce CO2 emissions. They are conducting new experiments into Green Diesel (hydrotreated vegetable oil or HVO), which will be a fuel in pure form to reduce CO2 emissions and encourage sustainable mobility, a positive step for the environment and people’s health. Eni and FCA’s mutually beneficial partnership involves a range of different technologies.
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