Fuel Additives Market

Analysis from GMI Research finds that the Fuel Additives Market earned revenues of USD 6 million in 2022 and estimated to touch USD 8 million in 2030 will grow at a CAGR of 3.2% from 2023-2030.

To have an edge over the competition by knowing the market dynamics and current trends of “Fuel Additives Market” request for Sample Report here

Major Fuel Additives Market Drivers

The major factors driving the fuel additives market includes increasing need for fuel additives in products like diesel, gasoline, aviation fuels, and others. The government regulations to use clean, and safe fuel will propel the market for gasoline additives. Moreover, government are adopting environmental regulation because of the increasing concerns about the harmful effects of greenhouse gas emissions across the globe. Moreover, various businesses had adopted the strict environmental regulations worldwide. Governmental agencies are focusing on efficient and clean fuels consumption. In addition, the market for petrol additives is being driven by the growth of the automotive, aerospace, defence, and construction industries.

European Union introduced various rules and regulations for fuel refiner and marketer, which are periodically updated and enforced alongside many requirements for reducing vehicle emissions and improving the quality and efficiency of fuels by the US Environmental Protection Agency (EPA). The usage of fuels with low sulphur content will increase, which will encourage the development of improved emissions control techniques such adding gasoline additives. Vehicle penetration is increasing, and this will contribute significantly to the industry growth throughout the forecast period. Usually, these additives are added to fuel to improve its quality and efficiency for use in automobiles. Growing preference for high-end vehicles among consumers and an increase in transportation activities both contribute to the market expansion. Increased R&D spending and the implementation of strict government regulations for reducing carbon emission levels are also creating profitable opportunities for fuel additive market.

Moreover, the demand for the fuel additives is expected to increase in the next seven years due to the growing environmental consciousness around the globe. Due to the less carbon emissions are produced by the fuel additives, which results in energy production with minimal environmental damage. Additionally, increasing knowledge regarding the benefits of using clean energy sources among people will further support the industry growth over the next seven years. For example, Indian Brand Equity Foundation predicted that the capacity for renewable energy in India is projected to increase significantly by 2021. However, increasing demand for battery electric cars in countries like United States, China, and Germany may hamper the market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Based on product, lubricants segment will boost the fuel additive market

Lubricants segment is driven by the rising government regulations regarding the usage of fuel emissions to reduce the sulfur levels in fuel among manufacturers. The lubricity of fuel declines as sulfur concentration is reduced. As a result, the need for lubricity improvers in the area is increasing. Moreover, lubricity enhancers are used to extend engine life and improve fuel efficiency. For instance, several restrictions implemented by the European Union, which prohibited the use of 10 ppm sulfur in diesel and gasoline starting in 2009 (for on-road cars) and 2011 (for non-road vehicles).

Based on Application, Gasoline is projected to grow at fastest rate over the forecast period.

The gasoline segment is projected to grow at a high rate, major drivers of this segment are meet to engine design requirements and enhanced refinery operation. The gaining popularity of GDI engine, and continuous research and development in fuel delivery technologies are helping in upsurging the fuel additives market. Due to compatibility of Gasoline direct injection engine and being used in over 75% of luxurious and non-luxurious cars, boosting demand for fuel additives. GDI engines are used in cars such as Hyundai, BMW, Lexus, Buick, Nissan, Ford, Honda, Volkswagen, and more. For instance, the Volkswagen shared their annual manufactured report, which show 5.24% up from 2021 manufactured automobiles, and manufactured about 8.7 million automobiles in 2022.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Customization here

Based on Region, North America region is anticipated to dominate the market.

In North America, the market for fuel additives was majorly dominated by the American players. The US is fastest growing economy and largest production hub across the globe. However, less consumption of gasoline results in an increase in the price of petrol in the US. For example, as per the Energy Information Administration, 5% reduction in the usage of gasoline as compared to 2021. In addition, 8.7 million barrels of gasoline every day is being consumed by the US, as per the 2022 data. It is further predicted that a decline in gasoline consumption may impact on the market growth over the forecast period. The United States is the second-largest automobile sales and manufacturers across the globe. As per the OICA, the US automobiles production has increased by 10% and reach to 1,00,60,339 units in 2022, which will benefit fuel additives market in future.

Fuel Additives Market Leaders 

Some of the major players operating in the global fuel additives market includes Afton Chemical Corporation, Baker Hughes, The Lubrizol Corporation, Innospec Inc., BASF SE, Clariant AG, Evonik Industries AG, LANXESS AG, Chevron Oronite Company, Dorf Ketal Chemicals, Infineum International Limited, Cummins Inc., among others.

Key developments

• • In 2022, Richful Lube Additive announced to make 1 billion investments in Xinxiang, China. This investment will expand the market reach of Richful Lube, while expanding business to produce different types of chemical additives components and have estimated to increase the production by 460,000 metric tons per annum.
  • In 2022, Cheveron oronite has completed the 1 and 2 stage of expansion in Singapore involves lubricant additives projects. Chevron Oronite, manufacturer of lubricant additives and fuel additives.
  • In 2022, Richful Lube Additive announced to invest USD 138.3 million in China. This investment will expand the market reach of Richful Lube, while expanding business to produce different types of chemical additives components and to increase the production by 460,000 metric tons every year.
  • In 2022, Cheveron Oronite manufacturer of lubricant additives, fuel additives and chemicals completed the expansion of lubricant additives projects includes phase 1 and 2 stage in Singapore.

Segments covered in the Report:

The global Fuel Additives market has been segmented on the basis of product, application, and region. Based on product, the market has been segmented into Lubricity Additives, Cetane Improvers, Anticorrosion, Deposit Control, Antioxidants, Cold Flow Improvers, Antiknock Agents and Others. Based on the application, the market has been segmented into Diesel, Gasoline, Jet fuel and Others.

For detailed scope of the “Fuel Additives Market” report request a Sample Copy of the report

Market Segmentation

Global Fuel Additives Market by Product

• • Deposit Control
  • Cetane Improvers
  • Lubricity Additives
  • Antioxidants
  • Anticorrosion
  • Cold Flow Improvers
  • Antiknock Agents
  • Others

Global Fuel Additives Market by Application

• • Diesel
  • Gasoline
  • Jet fuel
  • Others

Global Fuel Additives Market by Region

• • North America Fuel Additives Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Fuel Additives Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Fuel Additives Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Fuel Additives Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Fuel Additives (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Afton Chemical Corporation
  • Baker Hughes
  • The Lubrizol Corporation
  • Innospec Inc.
  • BASF SE
  • Clariant AG
  • Evonik Industries AG
  • LANXESS AG
  • Chevron Oronite Company
  • Dorf Ketal Chemicals
  • Infineum International Limited
  • Cummins Inc