Biofuel Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Biofuel Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global biofuel additives market size reached US$ 16.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.

Biofuel additives refer to specialty chemicals that enhance the efficacy of biofuels, such as methanol, biodiesel, ethanol, and diethyl ether. They are widely used to improve engine performance and combustion quality and reduce brake-specific fuel consumption (BSFC) and heating. They are commonly available in emulsifiers, antioxidants, octane improvers, corrosion inhibitors, cetane improvers, dyes and markers, detergents, and dispersant variants. Biofuel additives are synthesized from the lignocellulosic feedstock or conventional feedstock and exhibit density, viscosity, and solubility. In comparison to traditional additives, biofuel additives have higher oxygen content, are cost-effective, non-toxic, and do not produce harmful chemicals. As a result, biofuel additives find extensive applications across aviation, automotive, marine, and electric power industries.

Biofuel Additives Market Trends:
Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Globally, the increasing demand for biofuel additives can be attributed to their eco-friendly nature, such as providing enhanced energy conservation, improving air quality, and reducing the emission of greenhouse gasses (GHGs), which, in turn, is favoring the market growth. In addition to this, various technological advancements, such as the development of hydrodynamic cavitation techniques for the manufacturing of biodiesel with enhanced reaction rate and energy efficiency, are providing a considerable boost to the market growth. Apart from this, the rising demand for low-emission engines and the implementation of various government initiatives toward sustainable development are anticipated to drive the market toward growth. Other factors, such as the growing demand for biofuel additives across the aviation, energy, power, and marine sectors and the rising awareness regarding the adverse effects of fossil fuels, are creating a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global biofuel additives market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, biofuel type and application.

Breakup by Type:

Antioxidants
Corrosion Inhibitors
Cold Flow Improvers
Detergents and Dispersants
Octane and Cetane Improvers
Dyes and Markers
Others

Breakup by Biofuel Type:

Bioethanol
Biodiesel

Breakup by Application:

Diesel Fuel Additives
Heavy Fuel Oil Additives
Shipping Fuel Additives
Gasoline Fuel Additives
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Afton Chemical Corporation (NewMarket Corporation), BASF SE, Biofuel Systems Group Ltd., Chemiphase International Ltd., Chevron Corporation, Clariant AG, Eastman Chemical Company, Evonik Industries AG, E-ZOIL, Fuel Quality Services Inc., Infineum International Limited and The Lubrizol Corporation.

Key Questions Answered in This Report:
How has the global biofuel additives market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global biofuel additives market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the biofuel type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global biofuel additives market and who are the key players?
What is the degree of competition in the industry?