Global Specialty fuel additives Market is valued approximately at USD 6.24 billion in 2022 and is anticipated to grow with a growth rate of more than 3.4% over the forecast period 2023-2030. The specialty fuel additives involve production and distribution of additives specifically designed to enhance the performance and efficiency of fuels. These additives are formulated to address various challenges such as improving fuel quality, reducing emissions, enhancing lubricity, and preventing deposit formation. The Specialty fuel additives market is expanding because of factors such as, rising transportation emissions and rising industrial activities. Moreover, the growth of industrial activities has a significant influence on the Specialty fuel additives, as industries require additives to enhance fuel performance and meet regulatory standards. Also, the increasing demand for fuel efficiency, emission control, and equipment protection increase the adoption of specialty fuel additives in various industrial sectors.
The rise in transportation emissions has a significant influence on the Specialty fuel additives market, increases the demand for additives that improve fuel efficiency and reduce emissions. According to Statista, in 2021, carbon dioxide emissions from fossil fuels and industry globally amounted to 37.12 billion metric tons (GtCO₂). It is expected that these emissions may see a slight increase of 0.9 percent, reaching 37.5 GtCO₂ in 2022. China and the United States are the largest contributors, with 11.47 and 5.01 GtCO₂ emissions in 2021, respectively. The United States leads in transportation emissions, emitting 1.67 GtCO₂e. In addition, increase in demand for ultra-low sulfur diesel and stringent emission control regulations by government in anticipated to create a lucrative growth opportunity. However, growing demand of hybrid vehicles and increasing battery price parity stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Specialty fuel additives Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominates the market with largest market share during the forecast period owing to the, expanding petroleum exploration operations and increasing fuel demand from industries such as transportation and power generation. Additionally, the market is influenced by the growth of the aerospace and defense sectors and various government initiatives in the United States. Asia Pacific is fastest growing region during the forecast period, owing to factors such as, high economic growth, increasing disposable income, and rapid industrialization. The region experiences high usage of fuel additives driven by the growth of industrial production, trade, and the rise in the number of vehicles in the region.
Major market player included in this report are:
Afton Chemical Corporation
The Lubrizol Corporation
Evonik Industries AG
Chevron Oronite Company LLC
Infineum International Limited
Croda International PLC
The Dow Chemical Corporation
Recent Developments in the Market:
Ø In February 2021, The Lubrizol Corporation unveiled a new additive, Dexos, as an addition to their PV 1500 series. Dexos is designed to enhance operational efficiency.
Ø In April 2021, Innospec Inc. has introduced a new product called Trident, which offers bunker fuel additive packages to enhance fuel stability and combustion efficiency. Trident comprises various stability additives, including Trident 100, 120, 200, and 290, catering to different requirements in the market.
Global Specialty fuel additives Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Cold Flow Improvers
Middle East & Africa
Rest of Middle East & Africa