The report “Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) – Global Forecast to 2026″, The fuel additives market is projected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% from USD 6.0 billion in 2021. Fuel additives are chemicals that are used to improve the efficiency of fuel. These additives help fuels in meeting emission control standards and improve engine or vehicle performance. Apart from these functions, fuel additives also help in the reduction of corrosion and enhance combustion in various applications in commercial, automotive, industrial, and aerospace sectors. These can be categorized into ten types- deposit control additives, cetane improvers, lubricity improvers, cold flow improvers, stability improvers, octane improvers, corrosion inhibitors, anti-icing fuel additives, dyes & markers and others. Deposit control additives had a larger share in terms of value in 2020 as compared to cetane improvers and others.
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• 361 Market data Tables
• 66 Figures
• 303 Pages and in-depth TOC on “Fuel Additives Market – Global Forecast to 2026”
Some of the prominent key players are:
· Afton Chemical Corporation (US)
· The Lubrizol Corporation (US)
· Innospec Inc. (US)
· BASF SE (Germany)
· Evonik Industries AG (Germany)
· Chevron Oronite Company LLC (US)
· Dorf Ketal Chemicals (US)
· Infineum International Limited (UK)
· Cummins Inc.(US)
· Total SA (France)
Opportunities: Increase in demand for ultra-low sulfur diesel
The increasing use of low sulfur content fuels will boost the growth of newer emissions control technologies like the addition of fuel additives. The use of fuel additives substantially lowers emissions of particulate matter from diesel engines. This was first introduced in the EU and later in North America.
Lubricity improvers is estimated to be the fastest-growing type in the fuel additives market for the forecast period
Lubricity improver fuel additives are added to improve the lubricity of hydro-treated diesel fuels. These additives contain a polar group that is attracted to metal surfaces, which helps to form a thin surface film. The film acts as a boundary lubricant when two metal surfaces come in contact. Most ULSD fuels contain a lubricity additive that is used to meet the various lubricity specifications. As sulfur is a natural lubricant, its reduction in the fuel necessitates the usage of lubricity improvers.
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North America is estimated to be the largest region in fuel additives market
The North American fuel additives market is the largest fuel additives market in the world by value. Globally, it has been leading the market with regards to demand as well as product innovation in terms of quality and application development. Due to stringent environmental regulations, the fuel additives industry is experiencing 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.
Recent Developements :
• In February 2021, LANXESS AG has signed a contract to acquire Emerald Kalama Chemical which is in the US. Based company. It is a leading manufacturer of specialty additives.
• In February 2021, The Lubrizol Corporation announced the launch of new additive which is a part of Lubrizol PV 1500 series which is engineered to provide operational efficiency. Dexos will be available for first licensing by September 1, 2021.
• In April 2021, Innospec Inc. launched a new product named Trident for bunker fuel additive packages to improve fuel stability and combustion efficiency. The types of stability additives under the brand name Trident are Trident 100,120,200,290.