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The study comprises drivers and restraints of the Fuel Additives Market and their impact on demand 2015 - 2023
Fuel additives are chemical substances or solutions that are added to fuel in concentration typically less than 1% to improve desirable properties or reduce undesirable properties. These additives are usually used in concentration ranging from 2 ppm to 1000 ppm (parts per million, mg/kg). Availability of a wide range of fuel additives (deposit control additives, cetane improvers, antioxidants, stability improvers, lubricity improvers, corrosion inhibitors, cold flow improvers, and others) reflects the range of fuel types (gasoline, diesel, aviation fuel, heating oil, and marine oil) that can be benefited from additive use along with the range of performance features that can be improved through the use of fuel additives. Fuel additives is an intensive research and development based industry. Most products are exclusively marketed to industrial users. Changing legislations regarding the specification or quality of the fuel is a major factor driving new product development in the fuel additives market. Deposit control additives was the largest product segment of the fuel additives market in 2014. It was followed by cetane improvers, antioxidants, lubricity improvers, and others. Deposit control additives help keep the engine clean. These also inhibit deposit formation and decrease fuel consumption and CO2 emission. These benefits have been driving the demand for deposit control additives since the last few years. Increase in penetration of ultra-low-sulfur diesel (ULSD) in the U.S. and Europe is propelling the demand for cetane improvers and lubricity improvers. Low sulfur content in diesel leads to a decrease in cetane number and low lubricity. This further results in operational issues in diesel engines. Fuel additives such as cetane improvers and lubricity improvers are added to the diesel in order to improve the functional properties of ULSD. These fuel additives help improve cetane number and lubricate high-pressure pumps and injectors, further enhancing fuel mileage and reducing engine wear. Antioxidant additives are used to prevent resin and deposit formation of fuel when stored for long duration. Every fuel additive is targeted toward one or more specific problem and its use is inevitable. This is boosting the demand for fuel additives across the globe. Request Sample Copy of the Report @ In terms of application, gasoline led the fuel additives market with more than 40% volume share in 2014. The fuel additives market for gasoline application is majorly driven by the rising demand for gasoline in the automotive industry (two wheelers, cars, light duty vehicles, etc.). Stringent environmental regulation and increasing demand for efficient fuels are the other major drivers of the gasoline application segment. Diesel fuel was the second largest application segment of the fuel additives market in 2014. Rising penetration of ULSD is a major factor augmenting the market for fuel additives in diesel application. As ULSD requires extra dosage of additives for better functioning due to lack of sulfur content which offers lubricity to the fuel itself. Aviation fuel is anticipated to be the fastest growing application segment during the forecast period. Aviation fuel is used to power gas turbine engines in aircraft. Growth in the global aviation industry is boosting the demand for aviation fuels. North America was the largest consumer of fuel additives in 2014, owing to high demand for transportation fuel and presence of stringent environmental regulations in the U.S. Asia Pacific was the second-largest consumer of fuel additives in 2014, due to increasing demand for fuel in the transportation industry in China, Japan, ASEAN, and South Korea. It is also the fastest growing region for fuel additives market. The fuel additives market in Europe is estimated to expand at a modest rate during the forecast period. Concern of regulatory bodies regarding fuel emission and increasing penetration of ULSD are the major factors driving market growth. However, price sensitive nature of consumers in growing economies, lack of regulatory bodies in many countries, and inadequate awareness about the benefits of fuel additives are the major factors hampering the fuel additives market. Read Complete Report @ Growth in the transportation industry, stringent environmental regulations, and rising penetration of ULSD are expected to propel the fuel additives market in the near future. Furthermore, increase in demand for transportation fuel in countries such as China, Japan, and India in Asia Pacific is projected to act as a major opportunity for market players to expand their presence in the fast growing market. Key players in the fuel additives market include Afton Chemical Corporation, Akzo Nobel N.V., Baker Hughes Incorporated, BASF SE, Chemtura Corporation, Evonik Industries AG, Huntsman Corporation LLC, Innospec, Petroliam Nasional Berhad (PETRONAS), The Dow Chemical Company, The Lubrizol Corporation, and Total S.A. Table of Content 1. Preface 2. Executive Summary 3. Industry Analysis 4. Fuel Additives Market: Price Trend Analysis 5. 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