According to the new market research report by IndustryARC, the global fuel additives market size was approximately $5,059 million as of 2018, and its value is projected to increment at a considerable CAGR of 4.8% over the forecast period 2019-2025. The analyst of the report has pinpointed America as the key region, which generated 36% of the global fuel additives market demand as of 2018. The report is 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 (2019-2025)”.
Browse 62 Market Tables, 177 Figures spread through 147 slides and an in-depth TOC “Fuel Additives Market(2018 - 2023)”
Key Fuel Additives Market Companies
Some of the major players operating in the fuel additives market are BASF, Afton Chemical Corporation, Chevron Corporation, Evonik Industries, Lanxess, and Total ACS.
The prominent fuel additives market company increased the production capacity of antioxidants that are fuel additives used for lubrication. This is attributed to the increase in global demand for long-life lubricants. The organization has also signed a technology licensing and manufacturing agreement with the Feiya Chemicals Co. for capacity expansion in China. BASF’s latest product, AMIX 1000, has various applications in gasoline and lubricant additives, asphalt additives, and corrosion inhibitors as an intermediate for epoxy hardener systems.
Its Keropur product has both gasoline performance packages and diesel performance packages. These packages are customized solutions for high-performance fuels which keeps the engine and fuel system clean. They outlook for effective engine cleanliness, improved fuel economy, lower emissions, and better driving experience.
- Afton Chemical Corporation:
Afton Fuel Additives are framed to deliver premium fuel performance and offers solutions for areas such as automotive performance, octane, and cetane improvement. These additives are used to reduce energy consumption and emissions of greenhouse gases. It provides both diesel and gasoline performance additives. Its Greenclean Detergent Technology allows highway fleets on to reduce vehicle operating expenses and improves driver satisfaction.
Afton’s HITEC 18940G is a winter diesel additive which improves winter operability by preventing wax formation and improving cold flow capabilities. Its HITEC 6406 is a gasoline performance additive used for exceptional control of fuel injector, intake valve, and combustion chamber deposits. It is also used as the octane requirement increase control. With these esteemed products, Afton is expected to maintain its significant position in the global fuel additives market in the near future.
- Chevron Corporation:
Chevron Oronite’s Singapore plant completed the lubricant additive carboxylate project which will double the global production of the same. Furthermore, the organization has planned to open a new additive plant in Ningbo, China to fulfill future requirements. The facility will previously perform the blending and shipping operations, and it will eventually expand to component manufacturing as the lubricant additive’s demand will grow.
- Evonik Industries:
Evonik offers high performance defoamers for lubricant oil applications. It is optimized to provide good foam control. To reduce energy consumption and extend lubricant service life, Evonik introduced solutions which meets requirements of fuel additives market end users. Its lubricant solutions mainly focus on automotive, hydraulic, and industrial applications.
Its VISCOPLEX defoamer additive offers a patented range of high performance defoamers for lubricating oil applications. These are optimized to provide excellent foam control and tailored for efficient use in multiple lubricant formulations. They also provide robust performance across a wide range of lubricant formulations.
Lanxess is a global manufacturer of additives. Its lubricant additives business offers products for synthetic base fluids to single additives and additive packages. The application of high performance products includes all kind of engines, machinery, and transportation equipment. Its products help customers to obey the increasingly demanding government mandated emissions and fuel economy standards.
Lanxess Additin offers a comprehensive product line of additives and additive packages for industrial lubricants and greases. It is used in various industries which includes automotive, metal and also in steel production. It provides an unmatched level of technical support and customer service.
- Total ACS:
Total is the leading European refiner, managing over 17,000 service stations. The main aim of Total is to provide a response specific to the particular needs of refiners, fuel distribution networks, car manufacturers, and the motorsport world. With over 30 years of experience they are developing performance additives for fuels. Total’s both gasoline and diesel additives offers reduction in fuel consumption, and injector fouling and valve deposit formation.
Total’s ACTISTART is an alkylated gasoline which is used to fuel small machinery fitted with a combustion for 4-stroke and 2-stroke engines. It ensures reduction of eco-friendly maintenance costs. It is used in lawn movers, chain saws, blowers, lawn detachers, and angle grinders.
Automotive Industry leads the Fuel Additives Market during the forecast period:
World Bank estimates that more than 600 million passenger cars travel the roads of the world today. Furthermore, according to the International Organization of Motor Vehicle Manufacturers (OICA), more than 97 million motor vehicles were produced in 2017 with a production growth rate of 2.36% as compared to the previous. The figure translates to billions of liters of fuel utilized on a daily basis across the globe. Now, this fuel utilizes fuel additives, which becomes a major driving factor leading to the fuel additives market growth.
Additionally, fuel additives also increase the service interval durations, which automatically reduces the amount of money spent on vehicle servicing. The application of fuel additives in the automotive industry is estimated to increase with a CAGR of 4.7% during the aforementioned forecast period.
Fuel Additive Market: Key Drivers and Trends
Increasing usage of fuel additives in refineries is driving the growth of the market. Fuel additives are added during the production stage in refineries to improve the quality of fuel. It also increases fuel performance and overall profitability.
The power enhancement of an engine highly depends on the lubrication which helps to the metal contact in engines, and it improves the engine’s overall performance. So, fuel additives are high in demand for performance enhancement of engines.
Growing adoption of the octane rating fuel which is a standard yardstick for measuring the performance of an engine or aviation fuel. The fuel additives act as corrosion inhibitors, oxygenates, and anti-oxidants for some fuels. Their most common applications are as corrosion inhibitors and metal deactivators
The rapidly innovating and robustly growing automotive industry selling 100 million units per annum has been utilizing fuel additives since ages, serving as a crucial employer in the fuel additives market. As these additives are ecofriendly, it has further added to the prosperity of the fuel additives market. Additionally, increasing usage of fuel additives in refineries is driving the growth of the market.
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Bottled Fuel Additives Market: By Type (Detergents, Cetane Improvers, Corrosion Inhibitors, Combustion Improver, Anti-icing, Biocide, Antioxidants, Metal Deactivators, Demulsifiers, Cold Flow Improvers, Octane Improvers and Others); By Application (Diesel, Gasoline, Biofuel, Industrial, Marine Fuel and Aviation Fuel) and By Geography - Forecast (2018-2023)
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