CHICAGO, July 21, 2021 /PRNewswire/ -- According to the new market research report "Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) - Global Forecast to 2026", published by MarketsandMarkets™, the Fuel Additives Market is projected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% from USD 6.0 billion in 2021.
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Fuel additives are chemicals that are used to improve the efficiency of fuel. These additives help fuels in meeting emission control standards and improve engine or vehicle performance. Apart from these functions, fuel additives also help in the reduction of corrosion and enhance combustion in various applications in commercial, automotive, industrial, and aerospace sectors. These can be categorized into ten types- deposit control additives, cetane improvers, lubricity improvers, cold flow improvers, stability improvers, octane improvers, corrosion inhibitors, anti-icing fuel additives, dyes & markers and others. Deposit control additives had a larger share in terms of value in 2020 as compared to cetane improvers and others.
Diesel is the largest application segment of the fuel additives market. North America was the largest market for fuel additives in 2020, in terms of value. Factors such as stringent governmental regulations and increase in automotive production in emerging economies will drive the fuel additives market.
"Lubricity improvers is estimated to be the fastest-growing type in the fuel additives market for the forecast period"
Lubricity improver fuel additives are added to improve the lubricity of hydro-treated diesel fuels. These additives contain a polar group that is attracted to metal surfaces, which helps to form a thin surface film. The film acts as a boundary lubricant when two metal surfaces come in contact. Most ULSD fuels contain a lubricity additive that is used to meet the various lubricity specifications. As sulfur is a natural lubricant, its reduction in the fuel necessitates the usage of lubricity improvers.
Gasoline was the second major application for the fuel additives market in 2020 in the world"
The fuel additives market size for gasoline accounted for the second-largest share of global fuel additives after diesel, in terms of value, in 2020 this was led by the demand from the automotive industry.
Most of the countries are expected to continue using unleaded gasoline fuel with a relatively higher dosing of additives than normal gasoline. Gasoline consumption is expected to increase worldwide and, subsequently, the consumption of fuel additive is expected to increase to meet the stringent environmental norms, especially in North America. This will drive the market during the forecast period.
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"North America is estimated to be the largest region in fuel additives market in 2020."
The North American fuel additives market is the largest fuel additives market in the world by value. Globally, it has been leading the market with regards to demand as well as product innovation in terms of quality and application development. Due to stringent environmental regulations, the fuel additives industry is experiencing significant growth. The North American market is highly regulated with the Environment Protection Agency (EPA) playing a key role in the monitoring and commercialization of fuel additives products.
The key Fuel Additives Market players profiled in the report include Afton Chemical Corporation (US), The Lubrizol Corporation (US), Innospec Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), LANXESS AG, Chevron Oronite Company LLC (US), Dorf Ketal Chemicals (US), Infineum International Limited (UK), Cummins Inc.(US), Total SA (France), Baker Hughes (US), Clariant AG(Switzerland), Croda International PLC (UK), ENI SPA (Italy), Chempoint Solutions Company (US), Solvay S.A.(Belgium), Huntsman Corporation(US), The Dow Chemical Corporation (US), Eastman Chemical Corporation (US), Petroleum Logistics(US), Iftex Oil & Chemicals Ltd.(India), Eastern Petroleum(India), Lucas Oil Products Inc.(US) and Lubricant Engineers (US).
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