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Global Specialty Fuel Additives Market Size was valued at USD 7.5 Billion in 2022. The Specialty Fuel Additives market Product is projected to grow from USD 7.9 Billion in 2023 to USD 12.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023 - 2032). Intense environmental laws and rising demand for low-emission and effective energy sources from industry, aviation, and cars, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Market growth is anticipated to be fueled by stringent environmental regulations as well as increased energy demand from the manufacturing, aviation, and automotive sectors. The environment has been harmed by the rising levels of toxic pollutants caused by the petrol used in cars. Globally, the usage of speciality additives has increased, which lowers the amount of harmful petrol emissions from moving automobiles. They help increase the efficiency of fuels like petrol, distillates, and diesel. It reduces high-temperature combustion and burn rates and avoids serious pollution problems. The growing practise of adding additives to biodiesel blends in North America and Europe to obtain effective cold flow performance is predicted to be the main driver of demand for the product. Industry growth over the coming years is probably going to be adversely affected by continuous price inflation brought on by increasing demand on raw materials.
The continued focus on new product development and innovation in specialty fuel additions to reduce exhaust emissions and improve mileage is projected to support future growth. The development of new engine technology and the quest for higher efficiency are driving the product's growth. The United States, China, and India are thought to dominate the market for additives. Specialty petrol additives boost fuel efficiency and protect the fuel system. It is anticipated that the need to remove and clean harmful deposits from engines will fuel market growth. The power and acceleration of the engine are enhanced by the removal of deposits.
In order to keep their position as industry leaders, producers of specialised petrol additives are focusing on developing solutions that will aid in conserving and boosting fuel quality in storage facilities, throughout distribution, and during transportation. In recent years, there has been a considerable growth in the consumption of biofuels. However, the biggest barrier to using biofuels is the high cost of production. Manufacturers are using effective strategies like the use of catalysts, inexpensive raw materials, and cutting-edge technology to reduce manufacturing costs.
Governments all around the world are enforcing stringent environmental regulations in response to growing concerns about the harmful effects of greenhouse gas (GHG) emissions. Governmental agencies are focusing on utilising efficient and clean fuels. A number of criteria are updated and put into place by the US Environmental Protection Agency (EPA) on a regular basis in order to reduce vehicle emissions and improve the quality and efficiency of fuels. Every fuel marketer and refiner is required to go by stringent rules established by the European Union (EU). The EU directive on the promotion of clean and energy-efficient road transport vehicles has resulted in the introduction of environmentally friendly cars and fuels. Another subject it deals with is the purchase of vehicles for use in public transit. 2011 saw the introduction of several legislation by the UK government to regulate the use of gasoline additives. Section 211 of the US EPA's Clean Air Act mandates that refiners and importers register their goods with the organisation before they are made available for purchase. As part of this registration programme, all manufacturers are required to assess the combustion and evaporative emissions generated by their petrol and fuel additive products. As environmental regulations tighten, there is a greater need to reduce emissions. Thus, driving the Specialty Fuel Additives market revenue.
The global Specialty Fuel Additives market segmentation, based on Application, includes gasoline, diesel, aviation turbine fuel, and others. Diesel segment dominated the global Specialty Fuel Additives market in 2022. Diesel fuel requires more specialised fuel additives to maximise a vehicle's fuel economy because it is more environmentally destructive than other forms of petrol. The diesel market is dominated by developing countries like India, Indonesia, Thailand, and China. Due to the growing usage of ULSD, which requires a considerable amount of fuel additives, there will likely be an increase in the requirement for specialty fuel additives in North America and Europe over the coming years.
The global Specialty Fuel Additives market segmentation, based on Product, includes deposit control, cetane improvers, antioxidants, lubricity improvers, cold flow improvers, corrosion inhibitors, and others. Deposit control segment dominated the global market in 2022. Rising demand for fuel-efficient cars is predicted to drive product consumption over the projection period. Rapid industrialisation and a growing focus on emission control are both expected to increase demand for the market.
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By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Specialty Fuel Additives market dominated this market in 2022 (45.80%). Due to Asia Pacific's growing desire for biofuel, it is projected that demand for the product would rise over the next years. Due to Asian countries' adoption of emission control measures, it is estimated that the market for specialised additives would grow throughout the projected period. Moreover, In the Asia-Pacific region, the Indian Specialty Fuel Additives market had the quickest rate of growth while China's Specialty Fuel Additives market had the greatest market share.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North America Specialty Fuel Additives Market is expected to register significant growth from 2023 to 2032. Currently, the United States has one of the greatest industrial hubs and one of the fastest expanding economies in the world. The manufacturing industry makes a significant contribution to the economy of the country. The American economy is among the largest and most powerful in the world. According to the U.S. Bureau of Economic Analysis, the real gross domestic product (GDP) increased at an annual rate of 1.1% in the first quarter of 2023. The fourth quarter of 2022 had an increase in real GDP of 2.6%. In the first quarter, consumer spending rose, which a decline in inventory investment only partially offset. Further, In the North American area, the U.S. Specialty Fuel Additives market had the biggest market share, while the Canada Specialty Fuel Additives market had the quickest rate of expansion.
Europe Specialty Fuel Additives market accounted for the healthy market share in 2022. This is due to higher environmental regulations and a rise in the demand for biofuels as industrial drivers in this region. Further, In the European region, the German Specialty Fuel Additives market had the biggest market share, and the U.K. Specialty Fuel Additives market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Specialty Fuel Additives market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Specialty Fuel Additives sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Specialty Fuel Additives sector. Major players in the Specialty Fuel Additives market, including Albemarle, Baker Hughes, Chemtura, Dow Chemical Company, Chevron Oronite, Lubrizol, Total Additives and Special Fuels, Evonik Industries, Dorf Ketal, Eurenco, NALCO Champion, and Clariant, are attempting to increase market demand by investing in research and development operations.
Altivia Oxide Chemical LLC, situated in Houston, Texas, provides chemicals for water treatment. The company supplies ferric sulphate and ferrous sulphate, two iron-based solutions that are often used for treating both municipal and industrial waste water, to enhance the quality of life for its customers. In June 2020, Altivia Oxide Chemical LLC acquired KMCO, LLC, one of the leading suppliers of first-rate specialty chemical manufacturing and toll processing services, for a sum of USD 25 million.
Chevron is a multinational oil company with integrated production, refining, and exploration operations. It is the second-largest oil company in the US, producing 3.0 million barrels of oil equivalent, 7.7 million cubic feet of natural gas, and 1.7 million barrels of liquids every day. Production is done in places including North America, South America, Europe, Africa, Asia, and Australia. Its refineries are situated in Asia and the United States and have a daily capacity of 1.8 million barrels of oil. As of the end of 2022, there were 11.2 billion barrels of oil equivalent in proved reserves, consisting of 6.1 billion barrels of liquids and 30.9 trillion cubic feet of natural gas. According to the firm, phases 1 and 2 of the expansion project for lubricant additives by Chevron Oronite in Singapore were completed in September 2022. One of the main manufacturers of lubricant additives, fuel additives, and chemicals is Chevron Oronite, which has its global headquarters in San Ramon, California.
· Albemarle
· Baker Hughes
· Chemtura
· Dow Chemical Company
· Chevron Oronite
· Lubrizol
· Total Additives and Special Fuels
· Evonik Industries
· Dorf Ketal
· Eurenco
· NALCO Champion
· Clariant
October 2022: Richful Lube Additive Co. proposed investing CNY 1 billion (USD 138.3 million) to develop its lubricant additive facility in Xinxiang, China. Building the necessary equipment would enhance annual production capacity by 460,000 metric tonnes of a range of chemical additive components.
· Deposit Control
· Cetane Improvers
· Antioxidants
· Lubricity Improvers
· Cold Flow Improvers
· Corrosion Inhibitors
· Others
· Gasoline
· Diesel
· Aviation Turbine Fuel
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 7.5 Billion |
|
Market Size 2023 |
USD 7.9 Billion |
|
Market Size 2032 |
USD 12.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.10% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Albemarle, Baker Hughes, Chemtura, Dow Chemical Company, Chevron Oronite, Lubrizol, Total Additives and Special Fuels, Evonik Industries, Dorf Ketal, Eurenco, NALCO Champion, and Clariant |
|
Key Market Opportunities |
Increase in demand for ultra-low-sulfur diesel (ULSD) |
|
Key Market Dynamics |
Growing demand for low-emission and efficient energy sources from manufacturing, aviation, and automobiles and stringent environmental regulations |
The global Specialty Fuel Additives Market was valued at USD 7.5 billion in 2022, and it is estimated to reach USD 12.6 billion by 2032.
The global market is projected to grow at a CAGR of 6.10% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Albemarle, Baker Hughes, Chemtura, Dow Chemical Company, Chevron Oronite, Lubrizol, Total Additives and Special Fuels, Evonik Industries, Dorf Ketal, Eurenco, NALCO Champion, and Clariant
The Deposit Control Product dominated the market in 2022.
The Diesel Application had the largest share in the global market.
Report Code :
RL65199
Published on :
Sep 2023
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