Global Specialty Fuel Additives Market Projected to Grow At a CAGR of 5.8% during the Forecast Period
The latest market report published by Brisk Insights “Specialty Fuel Additives Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the Specialty Fuel Additives market was valued at US$ 7.13 Bn in 2018 and expected to reach US$ 11.20 Bn by 2027 at a CAGR of 5.8% throughout the forecast period from 2019 to 2027.
"Increasing usage for specialty fuel additives to reduce emission will spur revenue growth during the forecast period"
With rising inflation in prices of fuel globally customers continues to scramble the ways to increase fuel efficiency. The rising need to clean and remove the harmful deposits on engines proliferates the demand of specialty fuel additives market globally. The combination of benefits offered by specialty fuel additives including petroleum conservation, exhausts emission, enhanced safety, cost saving, and performance enhancement among others are burgeoning the demand of the specialty fuel additive market. Moreover, rising spending on research and development of fuel additives coupled with changing regulatory norms are further propelling the market growth. However, development of new additives to satisfy demand of current and future fuels incurs significant costs. This in turn hampers the growth of specialty fuel additives market.
Additionally, demand of specialty fuel additives in the aviation industry for deposit control additives, and cleanliness additives among others are driving the demand of the market. Many countries have also adopted biofuels mandates as a way to reduce consumption of petroleum products. In order to meet regulatory standards of biofuel level many countries are anticipated to increase level of ethanol and biodiesel. However, increase in demand of substitute products such as CNG, LPG and electric vehicles are factors anticipated to hinder the market growth.
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In June 2018, Dorf Ketal Chemical Limited announced the launch of new fuel performance additive product line. This in turn will help the company to further expand its product portfolio and market penetration.
Key Market Movements
• In 2018, the global specialty fuel additives market accounted for US$ 7.13 Bn and continues to expand at a CAGR of 5.8%. It is estimated to reach US$ 11.20 Bn by 2027.
• Based on application, the market is classified into aviation fuel, diesel, gasoline and others. Diesel segment dominated the global market followed by gasoline. The preference of gasoline powered vehicles especially in the North America region due to significant price difference is driving the growth of gasoline segment.
• The global shift towards electric vehicles in both developed and developing economies act as a challenge for the market growth of specialty fuel additives market.
• Asia Pacific region anticipated to witness significant growth in the global specialty fuel additives market and may overtake North America in the years to come. This can be associated with rapid industrialization in the emerging nations of the region due to liberalization of foreign trade and investments and changing industrial policies. This in turn is positively influencing the demand of the specialty fuel additives market.
List of Companies Covered:
• Innospec Inc.
• Afton Chemical Corporation
• Evonik Industries AG
• Cummins Inc.
• Dorf Ketal Chemicals Limited
• BASF SE
• Lubrizol Corporation
• Chevron Oronite
• Dow Chemical Company
• Baker Hughes
The Global Specialty Fuel Additives Market is Segmented into:
Product Type Segment (2017–2027; US$ Bn)
Application Segment (2017–2027; US$ Bn)
Geography Segment (2017–2027; US$ Bn)
*Complete segmentation list is on report page