In this report, Technavio’s additives, adhesives, and sealants research experts announce their key market highlights for the global fuel additives market. Their findings include:
Global fuel additives market expected to show rapid growth during the forecast period with a CAGR of over 8%
The global fuel additives market is expected to exceed USD 8 billion by 2019, growing at a CAGR of more than 8% during the forecast period. The global revenue generated by the overall fuel additives market includes revenue generated by additives used in diesel, gasoline, HFO, and jet fuel globally. The overall consumption is much less than the fuel consumption but additives play an important role in the performance of the fuels, solving problems in their handling and improving refinery economies.
One of the lead analysts at Technavio for additives, adhesives, and sealants research, Mukesh Chandra Anchuri, says, “A major proportion of fuel additives produced is consumed by the transportation sector, especially the automobile segment. This consumption is expected to increase over the next five years, owing to the gradual increase in the number of vehicles being sold every year.”
The report also states that there has been an increase in the global demand for automobiles in recent years, especially from developing countries, owing to increasing per capita income and economic development. As a result, the global automobile market is expected to witness constant growth in the near future and this will become a major driving force for the consumption growth of fuel and fuel additives.
In terms of geography, North America led the overall fuel additives market with a significant share and is expected to lead the market throughout the forecast period. “The overall use of fuel additives in this region will be led by the blending, shipping, and storage of fuel additives and is anticipated to grow until the end of 2019, owing to the growth in refinery output,” adds Mukesh.
Key trends: rise of biodegradable fuel additives and high-performance additives
Technavio believes a significant rise in the use of biodegradable fuel additives during the forecast period. These additives are produced with the help of sustainable and renewable raw materials. These bio-based products play a huge role in applications such as fuel stabilizers, water emulsifiers, and corrosion inhibitors for biodiesel, gasoline, diesel, and various other biofuels. They provide lubricity, elastomer protection, and corrosion protection for metals such as copper, zinc, aluminum, steel, cast iron, and die cast alloys. They do not contain chlorides, chromates, phosphates, nitrates, or other trace metals.
Another major trend is the use of high-performance additives. Using high-performance additives helps reduce the costs of maintenance, reduce coking issues, and provide optimum high-performance gas turbines. These additives have multi aided benefits and prove beneficial in improving health and safety for maintenance staff by reducing the use of less suitable additive solutions to prevent ice formation and bacteria developing in the fuel system.
From Afton Chemicals to Nalco: top vendors contributing more than 50% revenue share to the overall fuel additives market
The global fuel additives market is dominated by well-established vendors and together they accounted for a market share of more than 50% of the overall market. Afton Chemical, BASF, Chevron Oronite, Clariant, Infineum, Lubrizol, and Nalco are the top leading vendors in this market. As the competition in the market is rigid, these vendors are constantly focusing on innovation and technological advances to expand their market growth globally.
Afton Chemical, Chevron Oronite, Lubrizol, and Nalco are headquartered in the US, BASF is headquartered in Germany, Clariant is headquartered in Switzerland, and Infineum is headquartered in the UK.
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