PRESS RELEASE
Posted on March 23, 2023
Stringent government environmental regulations across the globe are driving the growth of the fuel performance additives market
Reports and Insights has published a new report titled “Fuel Performance Additives Market: Analysis of opportunities and future assessment 2022-2030”
Fuel Performance Additives Market, by Type (Deposit Control Additives, Lubricity Additives, Friction Modifiers, Antifoam Additives, Others (Corrosion Inhibitors, Demulsifiers / Dehazers, Anti-Valve Seat Recession Additives)), by Type by fuel (diesel, gasoline, aviation fuel, Other (domestic diesel additive, non-road diesel)), by application (passenger vehicles, commercial vehicles, off-highway equipment, aircraft, marine, industrial), by by end-use industry (Chemical & Petrochemical, Oil & Gas, Energy & Power, Automotive, Other (Food & Beverage & Healthcare)) and by region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) ) is expected to grow at a significant CAGR during the period between 2022 and 2030.
The Fuel Performance Additives market in 2022 is estimated at more than USD **** million and is expected to reach a value of USD **** million by 2030 with a significant CAGR of **%.
Fuel additives can be understood simply as compounds aimed at improving the efficiency and quality of fuels used in motor vehicles. They act as lubricants or corrosion inhibitors, or increase the octane rating of a fuel, thus allowing the use of higher compression ratios for greater power and efficiency.
There are mainly two types of fuel additives: fuel stabilizers and fuel performance enhancers. Fuel stabilizers keep the fuel intact, preventing any long-term negative effects such as corrosion and solidification. Whereas, fuel performance additives, as the name suggests, serve by adding various substances, such as lubricants, system cleaners, and performance enhancers, to make the fuel achieve a particular goal.
Fuel performance additives have the ability to strengthen a vehicle’s fuel efficiency and performance by purifying fuel injectors, reducing exhaust gases by regulating engine knock, and inhibiting corrosion of fuel lines. fuel Due to these adaptive properties, fuel performance additives are gaining traction in a wide range of applications in different industry sectors such as automotive, chemical, oil and gas, among others, all over the world.
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On top of that, there is a huge demand worldwide for clean and efficient fuels due to increased environmental awareness among people. In addition to this, governments around the world are also contributing to the increased demand by imposing strict environmental regulations in recognition of growing concerns about the adverse effects of greenhouse gas (GHG) emissions. . These factors are expected to increase the demand for fuel performance additives in the markets.
Despite this, The rapid emergence of hybrid vehicles and battery-powered vehicles is likely to hamper the growth of the fuel performance additives market in the coming years.
However, the leading manufacturers in the market are ardently focusing on launching new and advanced products and expanding their production capacity in order to meet all kinds of consumer needs. For example, in January 2020, Innospec reported the development of its new marine fuel additive Innospec’s Octamar, which is designed to serve the shipping industry complying with the new regulations on the maximum sulfur content of marine fuels.
Apart from that, in October 2019, Afton teamed up with the Tsukuba government to expand its Japan Technology Center. This technology center investment and expansion is intended to provide Afton with enhanced mechanical and analytical laboratories to increase lubricant additive testing capabilities. Attributing to these factors, the global fuel performance additives market is estimated to witness major advancements in the coming years.
According to the report, North America is the largest consumer of fuel performance additives market and is positively dominating the market. This is because most of the key players in the fuel performance additives market operate from the US
Further away, APAC was positioned as the second largest consumer of fuel additives in 2020 after North America, due to high economic growth in emerging countries along with rising disposable income of the population, which is making APAC an attractive market for fuel performance additives. Moreover, the exceptional progress in industrial production boosted the trade along with the increase in the number of vehicles are also playing a major role for the high consumption of fuel additives in the region.
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The report and insights study identifies some of the major players involved in the fuel performance additives market globally are BASF SE, Lubrizol Corporation, Croda International Plc, TotalEnergies SE, Evonik Industries AG, Chevron Corporation, Clariant International Ltd., Afton Chemical Corporation (subsidiary of NewMarket Corp), Exxon Mobil Corp, Innospec Inc., among others.
The fuel performance additives market refers to the global market for additives that are used to improve the performance of various types of fuels such as gasoline, diesel, and aviation fuels. These additives are typically added to fuels to improve their quality and performance, such as increasing octane or cetane levels, improving fuel economy, reducing emissions, and preventing engine deposits.
The fuel performance additives market is driven by several factors, including the growing demand for fuel-efficient vehicles, the need for cleaner fuels, and the growing emphasis on reducing emissions. Growth in the transportation industry and growing demand for aviation fuels are also contributing to the growth of the fuel performance additives market.
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