Fuel Additives Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Fuel Additives Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Fuel Additives Market

The Fuel Additives Market size was valued at USD 518.46 billion in 2023, and the market is now projected to grow from USD 542.21 billion in 2024 to USD 886.80 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2023-2030.

The COVID-19 has impacted supply of types for the gasoline additive business. During lockdown, with heavy rules, the fuel additive industry faced chaos on their whole production and supply chain. With the decline in production and related processes the pandemic has badly impacted the market. With passing days when the impact was decreasing, fuel use increased in the automotive industry. This has stabilise the Fuel Additive Market Growth.

The demand for fuel is rising across various industries and the Fuel Additive Market Share is increasing rapidly. The fuel industry demands deeper R&D process, as the demand from companies are specially rising for the process where these companies are converting hydrocarbon and fuels to heat energy for diverse applications such as transportation, electricity production, and others. As a result a wide range of products has been produced. ATC data says, 95% of on-rod retail fuel is treated with performance additives, holding more than of the volume, and the rest is going to refineries and other terminals. As a result the coming output is meeting the criteria of European Government. The is eventually expanding, as the industries are continuously working on research and development in the Ultra-low Sulfur Diesel Business.

The market is trending with the growing focus on Ultra Low Sulfur Diesel (ULSD). It was developed as a response to a number of regulatory activities which are keeping their eye on reducing diesel fuel emissions process. With The Clean Air Act amendment in 1990, industries are need to follow some strict rules, such as emission reductions of hydrocarbons, nitrogen oxides, carbon monoxide, particulate matter and other air-polluting emissions. This Thought of lowering sulfur content effect in diesel has given many positive outcomes which can be observed from the high level of reductions in harmful emissions. The processed fuel is only fuel which is able to achieve this sulphur reduction. This processing is leading towards the situation where there is some less-than-desirable side effects due to changes it makes to the fuel’s chemistry and reduces the lubricity, leading to the high demand for lubricity-improving fuel additives.

Comprehensive Analysis of Fuel Additives Market

The Fuel Additives Market and Chemicals & Advanced Materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the chemical material industry. These segmentations are methodically segregated By Type Analysis and By Application Analysis. The types Analysis include, Deposit Control, Cetane Improvers, Lubricity improvers, Cold Flow improvers, Stability improvers, Octane Improvers, Corrosion inhibitors. However, the applications such as Gasoline, Diesel, Aviation Fuel.

North America is standing in dominant position in global market and estimated to be worth USD 3.07 billion in 2024. The reason for rising market expansion is increasing petroleum exploration operations and increasing demand for fuel from a variety of end-user industries, such as transportation and power production. With number of U.S. government project and growing aerospace and defence sector the region is thriving with prosperity in the additives market.

The top players in the market play a crucial role in the Chemicals & Advanced Materials industry assuring industrial prospectus growth and setting market standards. These players include, BASF SA (Germany), Dow Inc. (U.S.), Lubrizol Corporation (U.S.), Evonik Industries AG (Germany), TotalEnergies (France), Clariant (Switzerland), Chemtura (U.S.), Dorf Ketal Chemicals (India), Innospec Inc. (U.S.) these market players provide a level-playing competitive landscape.

October 2023, The Lubrizol Corporation announced a new distribution contract with a leading global distribution partner, IMCD Group, and formulator of ingredients and specialty chemicals as part of its obligation to serve the growing fuel additives and lubricant market in Bangladesh.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.9% from 2024 to 2032

Unit Value (USD Billion) and Volume (Tons)

Segmentation By Type

Deposit Control

Cetane Improvers

Lubricity improvers

Cold Flow improvers

Stability improvers

Octane Improvers

Corrosion inhibitors

By Application

Gasoline

Diesel

Aviation Fuel

By Region

North America (By Type, By Application, By Country)

◦ U.S. (By Application)

◦ Canada (By Application)

Europe (By Type, By Application, By Country)

◦ Germany (By Application)

◦ U.K. (By Application)

◦ France (By Application)

◦ Italy (By Application)

◦ Rest of Europe (By Application)

Asia Pacific (By Type, By Application, By Country)

◦ China (By Application)

◦ Japan (By Application)

◦ India (By Application)

◦ ASEAN (By Application)

◦ Rest of Asia Pacific (By Application)

Latin America (By Type, By Application, By Country)

◦ Brazil (By Application)

◦ Mexico (By Application)

◦ Rest of Latin America (By Application)

Middle East & Africa (By Type, By Application, By Country)

◦ GCC (By Application)

◦ South Africa (By Application)

◦ Rest of the Middle East & Africa (By Application)


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