The speciality fuel additives market is projected to reach USD 9.50 billion by 2027, at a CAGR of 7.3 % from USD 5.8 billion in 2020. Specialty fuel additives are chemical compounds that are formulated to improve both quality and efficiency of fuels. Various specialty fuel additives such as antifreeze treatment chemicals, cold flow additives, and fuel antioxidants are most commonly used across a wide range of end-use industries.
Leading manufacturers in the specialty fuel additives market are focusing on offering products that are formulated to protect and improve fuel quality in storage systems, during distribution, as well as in transports, in order to stay ahead of the game.
In the coming years, the adoption of innovative techniques to introduce multi-functional and bio-sourced specialty fuel additives for reducing maintenance and improving fuel economy, will emerge as a megatrend in the global market.
Though the automotive industry has witnessed its ups and downs, various characteristics regarding manufacturers’ techniques as well as buyers’ demands have drastically changed over the past few years. The awareness about the negative impacts of harmful fuel deposits on engines on the overall automotive performance is growing today, more than ever, and this is pushing manufacturers to dive deeper into improving the quality of fuels, especially the ones used in the automotive industry.
Specialty fuel additives that facilitate unclogging of the blocked injectors, minimize duel deposits in the injector nozzle of engines, eliminate knocking, and offer other parameters of fuel safety and quality, are likely to remain high demand across the automotive industry. Furthermore, leading players in the global specialty fuel additives market are also aiming to offer specialty fuel additives that not only enhance and protect the quality and efficiency of fuels, but also maintain a temperature balance when fuels are exposed to extreme temperatures. Evidently, improving versatile characteristics of specialty fuel additives is likely to emerge as a formula to win in the global market, in the foreseeable future.
Taking into consideration the changing outlook of the automotive industry, manufacturers in the specialty fuel additives market are increasing focus on diversifying their product portfolios. Customers are becoming more aware about the ecological impact of their commercial and industrial activities, which is triggering market players to introduce specialty fuel additives that offer significant environmental benefits.
Furthermore, changing automotive designs indicate the changing preferences of buyers regarding various aspects of vehicles such as power trains, electronics, as well as interiors and exteriors. This is further encouraging manufacturers and suppliers of specialty fuel additives to modify the features of their offerings to suit the end-user demand for automotive designs and comfort.
The global market for specialty fuel additives is segmented into geographic regions - North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa. Growth opportunities in North America as well as Asia Pacific will trigger a majority of stakeholders to bolster their investments in these regions. Improving growth prospects for automotive manufacturers owing to increasing automotive sales in the Asia Pacific region are likely to create opportunities to win for specialty fuel additives manufacturers in Asian countries.
Furthermore, stakeholders are finding immense potential for growth in North America, followed by Europe. Stringent environmental regulations that impose limitations of automotive emissions are triggering end users to resort to specialty fuel additives in most of the western countries. Nevertheless, manufacturers in the North American specialty fuel additives market must comply with the rules and policies established by the Environment Protection Agency (EPA) for the purpose of regulating and monitoring the commercialization of products.’
The leading companies operating in the industry are engaged in research and development activities to achieve product innovation and gain a competitive edge. Some of the major companies include NewMarket, BASF, Innospec, and Infineum.
Other companies engaged in the manufacture and distribution of the product include Albemarle, Baker Hughes, Chemtura, Dow Chemical Company, Chevron Oronite, Lubrizol, Total Additives and Special Fuels, Evonik Industries, Dorf Ketal, Eurenco, NALCO Champion and Clariant among others.
Report : Speciality Fuel Additives Market - By Product (Deposit Control Additive, Cetane Improvers, Lubricity Improvers, Antioxidants, Corrosions Inhibitors, Cold Flow Improvers, Dyes & Markers and Metal Deactivators), By Application (Gasoline, Diesel, and Aviation Fuels) and Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027