The report titled “Global Marine Fuel Additive Market- Global Demand Analysis and Opportunity Outlook 2027” delivers detailed overview of the global marine fuel additives market in terms of market segmentation by additive type, by fuel, by application and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The need for better potential of engines for longer duration with minimum maintenance cost has increased the demand for marine fuel additives that could improve fuel efficiency coupled with reduced emission rates. The accurate proportion of fuel additives results in better combustion and prevent the sludge formation and deposition in engine area, thereby prolonging the life of the vehicle. There are numerous additives, for instance, dispersant, demulsifiers, combustion improver additives and corrosion inhibitor additives which are used at different stages to improve the vehicle performance. The use of marine fuel additives resulting in petroleum conservation, improved fuel economy, reduction in emission, revenue enhancement, vehicle performance enhancement and environment safety are expected to drive the market growth during the forecast period i.e. 2019-2027. Further, the stringent government rules and regulation to curb the sulphur emission is anticipated to improve the market growth.
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The global marine fuel additives market is segmented by additive type, by fuel, by application and region. The additive type segment is further segmented into pre combustion, post combustion and combustion, out of which, the pre combustion segment is anticipated to have leading shares on account of the fact that additives added at the time of fuel storage results in reduced stratification and sludge formation. On the basis of fuel, the market is segmented into diesel, gasoline and others, out of which, the gasoline segment is anticipated to have leading shares in market owing to increased use of gasoline fuel in the marine product.
Geographically, the market is segmented into North America, Asia-Pacific, Europe, Latin America and Middle East & Africa. The markets in North America and Europe are anticipated to have leading shares during the forecast period owing to strict rules and regulations regarding the emission of fuels and environment safety. The market in Asia-Pacific region is anticipated to witness a significant market growth owing to increase in new developments and expansion of existing industries in the region.
Growth of Marine Industry Expansion to Boost the Demand for Marine Fuel Additives Market
The expansion of marine industrycoupled withincreasing demands of bio fuels in various applications are anticipated to increase the product demand. The stringent government rules and international fuel standards, for instance, ISO specifications are expected to improve the marine fuel additive consumptions. Additionally, the increase industrialization and urbanization during the forecast period is anticipated to result in economic growth, increase resource demand and increase in consumption levels thereby needing better solutions for exports and imports and e-commerce sector.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Marine Fuel Additives Market
The cost of using additives in the marine industry coupled with availability of better engine manufacturing techniques are anticipated to hinder the market growth. Further, the technological advancements in the engine manufacturing has resulted in production of engines that require less fuel intake coupled with advancements in fuel technology which provides fuels that performs better even without the application of additives.
This report also provides the existing competitive scenario of some of the key players of the global marine fuel additives market which includes company profiling of C EVONIK Industries, BASF SE, Chevron Oronite Company LLC, Bioborfuels Additives, Afton Chemical Corporation, Chemtura Corporation, Baker Hughes, West Marine Lubrizol Corporation and other prominent players.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global marine fuel additives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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