Fuel Additives Market worth $8,100 Million by 2019
DALLAS, June 20, 2014 /PRNewswire/ --
According to a new market research report, "Fuel Additives Market by Application (Diesel, Gasoline & Aviation), Types (Deposit control, Antioxidant, Corrosion inhibitor, Lubricity & Cetane improvers, others) - Global Trends & Forecast to 2019" published by MarketsandMarkets, The Fuel Additive Market size in terms of value is expected to grow to $8,100 Million by 2019, at a significant CAGR from 2014 to 2019.
Browse 137 market data Tables and 38 Figures spread through 298 Pages and in-depth TOC on "Fuel Additives Market"
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The growing trend of improving fuel efficiency and stringent environmental regulations, amid accelerating fuel consumption along with escalating fuel prices has significantly contributed to the growth of fuel additives. A majority of fuel additives are consumed in diesel fuel applications. The diesel fuel additive market has been driven by the increasing Ultra Low Sulphur Diesel (ULSD) and bio-based diesel demand which requires significant amount of dosing.
The fuel additive market is currently led by North America, but will continue to grow at a rapid pace in Asia-Pacific. By 2019, Asia-Pacific is expected to move ahead of North America in terms of consumption of fuel additives. One of the key factors contributing to this growth is the increased use of fuel additives in the emerging Asia-Pacific economies, due to increasing fuel demand from the developing economies such as China, Japan, and India. The North American market for fuel additives will also continue to grow at a healthy rate due to stricter enforcement of environmental regulations. The South American market is expected to grow at high rate, partly due to low base effect, and also due to the growing economies of Brazil and Argentina. The Middle East and African region is likely to register sound growth due to the abundance of oil producing nations in the region.
The Fuel Additive Market is highly competitive with the presence of many major companies and some smaller companies with regional footprint. The industry is highly fragmented in terms of the segments to which the products are offered. Due to the presence of a large number of small players, the companies are constantly fighting to capture more and more market share. Innospec Inc. (U.S.), BASF SE (Germany), and The Lubrizol Corporation (U.S.), are the most active companies in the fuel additives market. The top five companies together comprise nearly 40% of the market share.
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The report also covers the fuel additive market and its trends on the basis of applications which are gasoline, diesel, and aviation. The market for diesel fuel additives is the highest among all the applications and is likely to continue to grow. Although gasoline demand has been more or less stagnant and the requirement of fuel additives is less, the fuel additives market is driven by the use of unleaded gasoline which requires relatively higher dosing.
The commonly used additives are deposit control additives such as detergents, carrier fluids, antifoam, dehazers, cetane improvers, antioxidants, dyes & markers, lubricity improvers, cold flow improvers, stability improvers, corrosion inhibitors, octane improvers, and anti-icing. The deposit control additives capture the maximum market share followed by cetane improvers, lubricity improvers, antioxidants, and cold flow improvers. The market for stability improvers is anticipated to increase due to its extensive requirement in bio-based diesel.
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