As per the report by Global Market Insights, Inc., “Worldwide Specialty Fuel Additives Market was valued USD 6 billion in 2018 and will surpass a revenue collection of USD 10 billion by 2024 with an annual growth rate of 6.5% over 2018 to 2024.”
North America industry volume was over 25% of the global consumption in 2015. Regulatory initiatives by the EPA, U.S. along increasing diesel and gasoline consumption will trigger the industry growth. North America specialty fuel additives market from gasoline will surpass USD 1 billion.
APAC specialty fuel additives market from diesel is estimated to surpass USD 1 billion by 2023, with estimated CAGR over 7%. Expansion in automotive industry owing to resource availability China and India will enhance the overall regional industry growth.
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These additives are chemical formulations which enhance the preferred properties of the fuel. Emphasis on bio fuel will work as a driving force for the growth of this market. Worldwide consumption of ethanol was 297.91 million gallons in the year 2007, and touched 513.04 million gallons in the year 2011. Likewise, annual consumption of biodiesel was 63.77 million gallons in the year 2007 and reached 151.18 million gallons by 2011.
Emergence of standards for controlling emissions especially in countries like U.S., China, and EU, will propel specialty fuel additives trend which is projected to touch 2,482 kilo tons till 2023. Possibility of getting a good upsurge in this market is high as the world is looking for substitute of LPG and CNG and these additives can act as best replacements. Size of deposit control additives market is anticipated to touch 3,829 kilo tones till 2023 with a CAGR of 6.4%. These controllers are employed in various types of fuels and are used to restrict formation of deposit on injectors. Cetane improvers (CI) are mixed with fuels for improving their Cetane number, thereby accelerating performance. It is projected that the market of Cetane will cross 975 million till 2023.
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Specialty Fuel Additives Market SizeAlong with Cetane and Deposit control, cold flow improvers will take a giant leap in specialty fuel additives market share. It is expected to have 8% growth in volume and more than 7.5% of overall consumption of volume till 2023. Gasoline additives are expected to touch 1,100 kilo tones till 2023. Diesel is heavier than gasoline, and releases poisonous gases in the environment, thus everyone’s attention is moving towards fuel additives market. Countries like India, China, Indonesia, Pakistan and Thailand have greatest consumption of diesel and owing to its toxic emission specialty fuel additives market are gaining high demand and are growing at a CAGR of 6.7% till 2023.
Specialty fuel additives market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2012 to 2023, for the following segments:
Specialty Fuel Additives Market By Product
- Deposit Control Additives
- Cetane Improvers
- Corrosion Inhibitors
- Lubricity Improvers
- Cold Flow Improvers
Specialty Fuel Additives Market By Application
- Aviation Turbine Fuel
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.