This market research report presents the segmentation of the global fuel additives market by application (blending, shipping, and storage additives, gasoline fuel additives, aftermarket additives, diesel fuel additives, heavy fuel oils additives) and by geography (APAC, EMEA, North America, and ROW). The key vendors analyzed in this market analysis report are Afton, BASF, Chevron Oronite, Clariant, Infineum, Lubrizol, and Nalco.
Technavio’s market research analysts estimate the global fuel additives market to grow at a CAGR of around 8% between 2015 and 2019. Increased usage of antioxidants, corrosion inhibitors and cold flow improvers is expected to drive the market growth for fuel additives. North America leads the fuel additive market, accounting for 88% of the global demand. The region is a pioneer in advanced additives to comply with the stringent environment regulations. Also, the growth in sales of steam cracker products has led increased revenue generation from this region.
“The market is witnessing increased inclination towards high performance additives, owing to their multi-faceted benefits. These additives reduce maintenance costs, improve thermal stability and are environment friendly. Also, the use of biodegradable fuel additives are on rise. These additives are produced through sustainable and renewable raw materials and provide lubricity, elastomer protection, and corrosion protection to the metals,” says Sriram Mohan, Lead Analyst, Chemicals & Materials, Technavio Research.
The blending, shipping, and storage additives account for about two-thirds of the global fuel additives market. The segment is expected to grow at a rate of 9% during the forecast period. These additives are added to diesel, jet fuel, and gasoline, in refinery blend plant and supply chain to improve their overall quality. They also help in addressing various problems such as equipment corrosion issues, preserving product quality, and fouling prevention occurring in the period of handling, storage, and transportation.
Global fuel additive market segmentation by application
Source: Technavio Research
The leading vendors in the global fuel additives market include Afton, BASF, Chevron Oronite, Clariant, Infineum, Lubrizol, and Nalco. BASF is a key global supplier of fuel additives and is one of the world’s largest chemical companies. It is also the leading provider of fuel performance packages across the world.
A more detailed analysis is available in the Technavio report, Global Fuel Additives Market 2015-2019.
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