Industry Trend Analysis
In 2014, the global specialty fuel additives market was evaluated around USD 5.67 billion and is expected to reach approximately USD 9.95 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 6.44% over the forecast period. Rising demand for efficient and low emission energy resource from the automobiles, manufacturing, and aviation combined with the strict environmental policies are estimated the drive the growth of the global market. The rising toxic emissions levels as an outcome of fuel utilized in vehicles have contributed to the adverse effects on the environment. This has directed to an amplified utilization of specialty additives around the globe, which aids to control the emissions of harmful gas from the automobile. They assist in enhancing the efficiency of diesel, distillates, gasoline, and other fuels. It abbreviates burning and combustion rate in elevated temperatures as well as avoids terrible pollutants emissions. The increasing trend of supplements in biodiesel mixture in the European and North American regions to gain proficient cold flow performance is anticipated to fuel the demand for the product. The constant rise in price owing to rising pressure on staples is likely to impact the market growth unfavorably over the approaching years. The continuous concentration on new product innovation and development in the specialty fuel additives to trim down exhaust emissions as well as amend mileage is anticipated to boost the potential growth. The advent of new engine technology, as well as demand for superior efficiency, is directing to the product growth. The United States, India, and China are anticipated to rule the global specialty fuel additives market.
Product Outlook and Trend Analysis
According to the product, the global market is split into cold flow improvers, cetane improvers, deposit control additive, lubricity improvers, corrosions inhibitors, antioxidants, and other products like metal deactivators and dyes & markers. In 2015, deposit control supplements appear as the leading segment reporting for USD 607-kiloton of the overall market volume. The deposit control section is anticipated to grow at high compound annual growth rate on an outcome of the growing utilization of detergents as fuel supplements. In 2015, the others section that includes metal deactivators and dyes & markers reported for around 30% of the additives industry. Rising preference for biofuel in Europe and the North America is anticipated to fuel the market demand for the product during the approaching years. Emission control policies enforced in the Asian and European countries are also estimated to encourage the specialty additives market growth over the projected period.
Application Outlook and Trend Analysis
Key applications of these additives are aviation fuels, gasoline, and diesel. The diesel section is expected to report for the leading share of 46%, concerning volume, over 2024, emerging at the highest compound annual growth rate during the forecast years. Rising gasoline intake mostly in China and the U.S. is anticipated to be a key driver for gasoline applications of specialty fuel additives. Though, owing to increasing diesel popularity, the gasoline demand has become inactive in other regions of the globe. Aviation turbine section is expected to grow at a compound annual growth rate of 5.4% over the forecast period. Modification in trend for electric vehicles in developing as well as developed countries will most likely pose a hazard to the available IC engine vehicles and hence the fuel supplements.
Regional Outlook and Trend Analysis
Asia-Pacific region is expected to rule the global specialty fuel additives market. Asia-Pacific is anticipated to grow at the top compound annual growth rate owing to the demand for increasing efficiency, rapid industrialization, and enforcement of strict emission control guideline in India, Japan, and China. Speedily developing automotive industry across the Asia Pacific region will positively impact the demand for fuel supplements over the projected period. Asia Pacific regional automotive sales have experienced a growth of around 7% over the forecast period, with South East Asian economies possessing the majority of the growth potential. North American region is anticipated to seize the subsequent highest share complied by the Middle East and Europe. The European regional specialty fuel additives industry growth is expected fuel owing to growing environmental policies along with rising biofuels demand are predicted to boost the regional market.
Competitive Outlook and Trend Analysis
The top companies operating in the global market are occupied in research and development activities to gain product improvement and a competitive advantage. A few of the key companies are BASF SE, NewMarket, Infineum, and Innospec. Other market players in the distribution and manufacturing of the product are Baker Hughes, Albemarle, NALCO Champion, Chemtura, Chevron Oronite, Dow Chemical Company, Lubrizol, Evonik Industries, Total Additives and Special Fuels, Dorf Ketal, Clariant, and Eurenco among others.
The global specialty fuel additives market is segmented as follows –
Deposit control additives
Cold flow improvers
Aviation turbine fuel
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2014 and forecast from 2014 to 2023?
· What will be the industry market growth from 2014 to 2023?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?