The fuel additives market is projected to reach USD 8.7 billion by 2023, at a CAGR of 3.1% from USD 7.4 billion in 2018.
Deposit control is the largest type of fuel additives.
The deposit control segment accounted for the largest share of the fuel additives market by type, in terms of value, in 2017. The growth of the deposit control segment is expected to continue during the forecast period due to its high use to prevent deposit formation in the injector nozzle of engines. The use of deposit control additives also improves combustion and fuel economy and hence, is widely used in various fuels. Moreover, deposit control additives prevent the accumulation of impurities, thus, improving the performance of the engine.
The diesel segment is estimated to be the largest application of fuel additives during the forecast period.
Diesel is estimated to be the largest application of fuel additives during the forecast period. The market for diesel fuel additives has been driven by the developing economies of APAC. North America and Europe are now focusing on the use of ULSD, which has higher dosing of additives than in the normal diesel.
The global diesel consumption is expected to increase during the forecast period, and the quantity of additives used is likely to increase to meet stringent environmental norms. This is expected to drive the market between 2018 and 2023.
North America is estimated to be the largest market for fuel additives during the forecast period.
North America is expected to be the largest fuel additives market during the forecast period. Globally, the region has been leading the market, in terms of demand as well as product innovation regarding quality and application development. Due to stringent environmental regulations, the fuel additives market is witnessing significant growth. The North American market is highly regulated with the Environment Protection Agency (EPA) playing a key role in the monitoring and commercialization of fuel additives products.
The key market players profiled in the report include Afton Chemical Corporation (US), Innospec Inc. (US), The Lubrizol Corporation (US), BASF SE (Germany), Infinieum Limited (UK), Evonik Industries AG (Germany), Chevron Oronite Company LLC (US), Lanxess (Germany), Dorf Ketal Chemicals (India), Cummins Inc. (US), and Cerion LLC (US).
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Source: ASDReports - Market Research
Date: May 20, 2019