Technavio has announced the release of their research report on the global fuel additives market for the forecast period 2019-2023. This global fuel additives market analysis report segments the market by type (deposit control additives, cetane improvers, antioxidants, cold flow improvers, lubricity improvers, corrosion inhibitors, and other types), application (diesel fuel additives, gasoline fuel additives, aviation fuel additives, and others), and geography (APAC, Europe, MEA, North America, and South America).
Global fuel additives market size will grow by almost USD 4.16 billion during 2019-2023, at a CAGR of over 7%. The consumption of biofuels has been increasing significantly in recent years. However, the high cost of production is the biggest challenge in the adoption of biofuels. Hence, manufacturers are using efficient strategies such as use of catalysts, cheap raw materials, and advanced technologies to bring down the production costs. The use of multifunctional additives plays a vital role in the cost-effective production of biofuels. Multifunctional additives deliver multiple benefits in a single additive package. Therefore, the growing demand for multifunctional additives is one of the key trends that will boost the growth of the fuel additives market over the forecast period.
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Rising demand for ULSD
The adoption of ULSD helps in achieving near-zero emissions of exhaust gases of particulate matter and ozone precursors. ULSD also improves combustion efficiency and enables quick start of the engine during cold weather conditions. However, ULSD requires high use of fuel additives to reduce fuel consumption, noise and vast smoke exhaust, and emissions. ULSD is already available as diesel fuel type in countries like the US, France, Canada, Germany, the UK and others. The increasing adoption of ULSD is expected to drive the growth of the global fuel additives market during the forecast period.
The increase in middle-class income and purchasing power parity in the APAC countries has increased fuel consumption in the automotive, construction, and power industries. Moreover, the growing population and changing lifestyles are contributing to the growth of the market in the APAC region. The European market will witness faster growth during the forecast period. The presence of prominent vehicle manufacturers in Europe such as Mercedes-Benz, BMW, and Volkswagen are driving the demand for fuel additives. Also, the stringent emission standards in the region have increased the use of fuel additives. All these factors are expected to drive the global fuel additives market during the forecast period, says an analyst at Technavio.
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This global fuel additives industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several fuel additive manufacturers including –
- Afton Chemical
- BASF SE
- Chevron Corporation
- The Lubrizol Corporation
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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