Global Specialty Fuel Additives Market is Expected to Reach USD 7.02 billion in 2019: Transparency Market Research
ALBANY, New York, September 6, 2013 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Specialty Fuel Additives (Deposit Control Additives, Cetane Improver, Antioxidants, Lubricity Improvers, Cold Flow Improvers, Corrosion Inhibitors and Other) Market for Gasoline, Diesel, ATF and Other Liquid Fuels - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019", the global market for specialty fuel additives was valued at USD 4.69 billion in 2012 and is expected to reach a market worth USD 7.02 billion by 2019, growing at a CAGR of 6% from 2013 to 2019. In terms of volume the market was 1,201.8 kilo tons in 2012 and is expected to grow at a CAGR of 5.3% from 2013 to 2019.
Browse the full Report with TOC at http://www.transparencymarketresearch.com/specialty-fuel-additives.html.
Growing environmental concerns regarding the emission of toxic gases into the atmosphere during ignition of transportation fuel has been prompting regulatory bodies of various governments to mandate the use of specialty fuel additives. In addition, the growing consumption of biofuels in blending of liquid transportation fuel in the U.S. and Europe is expected to drive the market over the forecast period. However, growing demand for CNG and LPG as transportation fuels has been acting as one of the major factors inhibiting the market growth.
Deposit control additives dominated the additives market globally and accounted for over 35% of the total demand in 2012. The growing demand for detergents as additives in fuel is one of the major factors driving the sale of deposit control additives. Deposit control additives were followed by cetane improvers with 9.8% of the total demand in 2012. Growing consumption of ULSD (ultra low sulfur diesel) in North America and Europe is expected to contribute to the growth of cetane improvers over the forecast period. Cold flow improvers are expected to be the fastest growing additives at an estimated CAGR of 7.3% from 2013 to 2019. Growing biodiesel consumption in the U.S. is expected to drive the cold flow improvers market.
Gasoline emerged as the leading fuel, consuming specialty fuel additives, and accounted for 45.6% of the total demand in 2012. However, the demand for gasoline based specialty fuel additives has been witnessing growth only in the U.S. due to the country's growing consumption of gasoline. In other regions around the world, gasoline demand has been stagnant on account of which the demand for specialty fuel additives used in diesel have been gaining popularity. Diesel accounted for 45.3% of the total demand in 2012 and is expected to surpass gasoline to become the leading fuel consuming specialty fuel additives by 2019. Other fuels for which specialty fuel additives are being used include ATF, marine fuel, heating oil, etc.
North America emerged as the leading consumer for specialty fuel additives and accounted for 29.9% of the total market in 2012. Growing consumption of ULSD and biofuels has been acting boosting the demand for specialty fuel additives in the region. North America was followed by Asia Pacific and is expected to be fastest growing market at an estimated CAGR of 6.2% from 2013 to 2019. Asia Pacific is expected to lead the global market with highest market share by 2019. The growing environmental intervention to reduce emission of harmful gases into the atmosphere has been driving the market for specialty fuel additives in Europe.
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The top four companies operating in the market including NewMarket (including Afton Chemical), Innospec, BASF and Infenium accounted for over 45% of the total market in 2012. Some of the other companies operating in the global market include Albemarle, Baker Hughes, Chemtura, Chevron Oronite, Clariant, Dow Chemical Company, Eurenco, Evonik Industries, NALCO Champion, Rheochemie GmbH and Total Additives & Special Fuels among others.
The report segments the global specialty fuel additives market as:
Specialty Fuel Additives Market: Product Segment Analysis
- Deposit control additives
- Cetane improvers
- Antioxidants
- Lubricity improvers
- Cold flow improvers
- Corrosion inhibitors
- Other (including dyes & markers, metal deactivators, etc.)
Specialty Fuel Additives Market: Application Analysis
- Gasoline
- Diesel
- Aviation Turbine Fuel (ATF)
- Other (including marine fuels, heating oil, etc.)
Specialty Fuel Additives Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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