This information is based on a recent business intelligence report from IndustryARC, titled “
Fuel Additives Market: By Type (Anti-Freeze, Octane Boosters, Corrosion Inhibitors, Anti-statics, Anti-foams, Metal Deactivators, Others); By Application (Automobile, Aviation, Industrial, Marine, Home heating Fuels, others); By Geography – Forecast (2018-2023)
Energy sources play a prominent role in the modern economy as their utilization resembles the economic growth of a country. The BP Statistical Review of World Energy states that in 2017, the primary energy consumption growth averaged 2.2%. This increment is owing to the growing consumption of fuel and natural gas. Moreover, according to the International Organization of Motor Vehicle Manufacturers (OICA), sales of 96.8 million new vehicles in 2017 witnessed an evident increase of 3.09% from 2016.
With increasing sales of new vehicles every year, the demand for fuel additives is on the rise. These products are designed to improve a vehicle’s fuel economy. They act as combustion modifiers, antioxidants, corrosion inhibitors, and deposit control detergents. In 2018, scientific and engineering research found that xtreme fuel treatment (XFT) additive enhances the fuel economy of engines by reducing fuel consumption. Manufacturers are working on innovative solutions that develop fuel additives for renewable fuel applications. Depletion of fossil fuel and increasing demand for renewable energy resources is influencing the growth of the fuel additives market.
Empowerment of fuel stability and compatibility is useful in a wide range of applications such as on/off-road, home heating, marine, railways, and in power generation. These additives ensure engine cleanliness and long shelf life which increases the octane number and operational reliability of the engine. It also engages with low-temperature operability, lubricity improvement, combustion improvement, and corrosion protection.
Browse 62 Market Tables, 177 Figures spread through 147 slides and an in-depth TOC on “
Fuel Additives Market
(2018 - 2023)”
Global Fuel Additives Market: Competitive Analysis
- BASF SE, Innospec Inc, Cortec, The Lubrizol Corporation, and Baker Hughes Inc are some of the key players.
- BASF SE provides “KEROPUR Fuel Additives,” which includes gasoline and diesel performance packages. They are majorly applied in powertrain and chassis. These additives mainly focus on enhancing the engine performance with lower emissions and additionally, it optimize the driving experience which results in better fuel economy.
- In 2018, Innospec Inc launched marine fuel additives which are more useful for the shipping industry. These products comply with the International Maritime Organization (IMO) regulation regarding the reduction of sulfur content in marine fuels.
- The Lubrizol Corporation is a provider of leading-edge additive technologies. It offers a diverse range of fuel additives such as gasoline, diesel, biofuel, and residual fuel additives. These are used in applications which includes diesel, home heating oils, gasoline, industrial fuel, biofuels, and marine fuel
- In 2019, next generation of corrosion inhibiting fuel additives “VpCI-707” is specially formulated by Cortec. It protects metal surfaces, fuel tanks, and other systems from corrosion.
Fuel additives are the corrosion inhibitors which are majorly chosen to improve the engine performance and fuel economy. Rising sales of vehicles every year is influencing the usage of these additives in the automotive industry. Major players’ innovative product solutions are also opening new opportunities.
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