Global Specialty Fuel Additive Market is expected to foresee significant growth. APAC to lead the growth!

Specialty fuel additives consist of chemical compounds which are intended to improve fuel efficiency and quality. Deposit control agents, antioxidants, corrosion inhibitors, metal deactivators, and antiknock agents are the properties attributed to specialty fuel additives. In recent times, specialty fuel additives witnessed significant demand due to the increasing demand from OEM to meet the challenging demand along with the decrease in the exhaust pollution level, increase demand for the specific power output, increase in fuel efficiency, greater reliability, and increased service interval duration. Additionally, to balance the temperature and improve other qualities, specialty fuel additives are commonly utilized in a variety of fuels, including diesel, gasoline, and jet fuel.

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The Specialty Fuel Additive Market is expected to grow at a steady rate of around 7% owing to the increasing demand for fuels from different industries including automotive, oil & gas, and aviation industry among others coupled with the government regulations to reduce the emission. Major companies in the market are focusing to provide specialty fuel additives with enhanced properties to maintain the temperature balance and entering the partnership and acquisitions to make a wider presence across the globe. For instance, in December 2019 PolyOne Corporation announced an agreement with Clariant AG and acquired its global business of the additive masterbatch and color segment.

Based on the product, the market is segmented into cetane improvers, antioxidants, deposit control additives, corrosion inhibitors, cold flow improvers, and lubricity improvers. The deposit control additive segment is expected to witness a significant CAGR during the forecast period owing to their use in petrol and diesel. The deposit control additive is designed in a way to prevent and removes the deposit within the vehicle fueling system. Additionally, the increasing research & development coupled with technological advancement and growing investment in the automotive industry propel the demand for the fuel deposit control additive to improve efficiency.

Based on application, the market is categorized into diesel, gasoline, aviation turbine fuel, and others. The diesel segment is expected to witness a significant market share during the forecast period owing to the requirement for improved efficiency. It is designed and added to the base fuel to minimize the risk of explosion caused by the charge of static electricity and to maximize the fuel stability of the vehicle. Also, to reduce wear and tear reduction, lower efficiency, increase fuel efficiency, and obtain peak performance specialty fuel additives are widely used in diesel fuel vehicles and associated machinery.

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For a better understanding of the market adoption of the specialty fuel additive industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to expanding industrialization, the rising need for efficiency and optimized performance, and strict government emission laws. Additionally, it is anticipated that the market for specialty fuel additives would grow due to the rising demand from manufacturing and the automotive sectors globally. Additionally, the region’s market for specialty gasoline additives is anticipated to develop as a result of the strict government regulations regarding the emissions that the vehicle produces. Also, countries around the world launched several laws and regulations related to emissions from vehicles and other sources. For instance, Morocco implemented 24 policies & laws, the USA implemented 36 policies & laws, Spain implemented 65 policies, whereas Germany implemented 48 policies attributed to the emission among others. Additionally, the increasing investment and R&D activities for fuel blending and the increasing adoption of biodiesel are expected to propel the market growth in the region. For instance, according to the IEA, the total demand for biodiesel was 146728 million liters and 155430 million liters for the years 2020 and 2021 respectively whereas the demand for ethanol was 96565 million liters and 102107 million liters for the years 2020 and 2021 respectively.

Some of the major players operating in the market include Total Energies, BASF SE, LANXESS, Dow Chemical Company, Evonik Industries, NALCO Champion, Baker Hughes, Innospec, Lubrizol, and Dorf Ketal.

Global Specialty Fuel Additive Market Segmentation

Market Insight, by Product

· Cetane Improver

· Antioxidants

· Deposit Control Additive

· Corrosion Inhibitors

· Cold Flow Improver

· Lubricity Improvers

Market Insight, by Application

· Diesel

· Gasoline

· Aviation Turbine Fuel

· Others

Market Insight, by Region

· North America

o US

o Canada

o Rest of North America

· Europe

o Germany

o United Kingdom

o France

o Italy

o Spain

o Rest of Europe

· Asia-Pacific

o China

o Japan

o India

o Rest of Asia-Pacific

· Rest of the World

Top Company Profiles

· Total Energies

· BASF SE

· LANXESS

· Dow Chemical Company

· Evonik Industries

· NALCO Champion

· Baker Hughes

· Innospec

· Lubrizol

· Dorf Ketal