Specialty Fuel Additives Market Size, Share & Trends Analysis Report By Product (Deposit Control Additives, Cetane Improvers), By Application (Gasoline, Diesel, Aviation Turbine Fuel), By Region, And Segment Forecasts, 2023 - 2030

Specialty Fuel Additives Market Size, Share & Trends Analysis Report By Product (Deposit Control Additives, Cetane Improvers), By Application (Gasoline, Diesel, Aviation Turbine Fuel), By Region, And Segment Forecasts, 2023 - 2030

Specialty Fuel Additives Market Growth & Trends

The global specialty fuel additives market size is anticipated to reach USD 19.91 billion by 2030, registering a CAGR of 9.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for low emission and efficient energy sources from the manufacturing, aviation, and automobiles along with stringent environmental regulations is projected to boost the market growth.

The increasing levels of toxic emissions as a result of fuel used in vehicles has led to an adverse impact on the environment. This has led to increased use of specialty additives across the world, which helps curb harmful gas emissions from the vehicle. They help enhance the efficiency of gasoline, distillates, diesel, and other fuels. It reduces combustion and burn rate in high temperatures and avoids dreadful emissions of pollutants.

The constant focus on new product development and innovation in the specialty fuel supplements to reduce exhaust emissions and improve mileage is expected to augment future growth. The introduction of new engine technology and demand for higher efficiency is leading to the growth of the product. The U.S., China, and India are estimated to dominate the additives market.

Factors, such as focus on new product developments and innovation in the specialty fuel supplements in an attempt to reduce exhaust emissions and improve mileage of the vehicle, are expected to augment the future growth. In addition, introduction of new engine technology and the demand for higher fuel efficiency are contributing toward the product growth. Countries, such as the U.S., China, and India, are estimated to dominate the additives market.

Rapid urbanization coupled with the rising automobile industry in the emerging economies of Asia Pacific, such as China and India, is projected to trigger the demand for specialty fuel additives in the region. In addition, the substantial price difference between diesel and gasoline powered vehicles in key markets like India is the major reason responsible for the increased penetration. However, inclination toward electric vehicles in developing as well as developed nations acts as a threat to fossil fuel powered vehicles and thus fuel additives.

Asia-Pacific is projected to grow at the highest CAGR on account of rapid industrialization, demand for increasing efficiency, and implementation of stringent emission control regulation in China, India, and Japan. Rapidly growing automotive industry in Asia Pacific will certainly impact the fuel supplements demand positively over the forecast period.

Specialty Fuel Additives Market Report Highlights

• The diesel segment is estimated to account for the largest share of more than 46%, in terms of revenue, in 2022. Diesel segment is majorly driven by developing countries such as India, Indonesia, Thailand, and China. In North America and Europe, increasing use for ULSD, which requires a large number of fuel additives is expected to drive the demand for specialty fuel additives over the forecast period.
• The aviation turbine segment is estimated to grow at a CAGR of 9.2% from 2023 to 2030.
• Deposit control supplements emerged as the dominant segment account for the largest share of more than 36%, in terms of revenue, in 2022.
• The others segment that comprises dyes & markers and metal deactivators accounted for more than 29.0% of the supplements market in 2022.
• Asia Pacific dominated the specialty fuel additives market and accounted for more than 28.0% share of the global revenue in 2022. Asia-Pacific is projected to grow at the highest CAGR on account of rapid industrialization, demand for increasing efficiency, and implementation of stringent emission control regulation in China, India, and Japan.
• Prominent players operating in the specialty fuel additives 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 among others.

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