The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fuel Additives Market.
It was estimated prior to this unanticipated outbreak that the Fuel Additives Market was expected to grow at a CAGR of 3.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Fuel Additives are a class of performance modifiers that are added to various applications like diesel, gasoline, aviation fuel, etc. to enhance certain properties and provide additional properties not present in the application. These are used as combustion modifiers, antioxidants, corrosion inhibitors and deposit control detergents. Increasing environmental regulations to become stringent and the necessity to reduce the emissions are driving the fuel additives market. The focus of government agencies on the usage of clean and efficient fuels is increasing day by day. Also, the norms for reducing vehicular emissions and improving the quality and efficiency of fuels are modified regularly. This can only be achieved by adding more efficient and effective fuel additives.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the additive type, the market is segmented as deposit control, dyes & markers, cetane improvers, lubricity improvers, cold flow improvers, octane improvers, corrosion inhibitors, stability improvers, anti-icing, and others. The deposit control segment held the largest share of the market in 2019, and is expected to register a moderate CAGR during the forecast period. The extensive use of deposit control additives in various applications is driving the growth of this segment.
Based on the application type, the fuel additives market is segmented as diesel, gasoline, aviation fuel, and others. The diesel segment is expected to dominate the market during the forecast period. The increasing demand for diesel fuel in military, farms & construction, and other major industries is likely to drive the growth of the segment.
In terms of regions, North America is estimated to be the largest as well as fastest-growing fuel additives market during the forecast period, with the US being the largest fuel additive consumer in the region. The country is one of the matured markets for fuel additives. The high regulation of the Environmental Protection Agency (EPA) plays a major role in the commercialization of fuel additive products in the region.
Some of the major players in the fuel additives market are-