Market Highlights
Global Fuel Additives Market is projected to be valued at over USD 10,294.37 Million by the end of 2025 and exhibit a healthy CAGR of over 3.66% during the assessment period.
Global Fuel Additives Market is projected to register a significant growth rate during the review period. This growth is attributed to the expanding automotive production in developing countries and the growing demand for lightweight commercial vehicles globally. The increasing environmental regulations to reduce carbon footprint is also likely to drive the demand for fuel additives to enhance fuel efficiency.
Growing demand for ultra-low sulfur diesel to reduce harmful emissions and to expand industrialization in the developing countries are likely to offer significant growth opportunities to the market players. The growing automotive industry in Latin America and the Middle East & Africa is also expected to drive the demand for fuel additives and create lucrative growth opportunities for the players operating in the global market.
However, the fluctuation in crude oil prices and the high cost associated with the R&D activities are likely to pose a threat to the market growth. Also, the growing preference for alternate fuels, such as ethanol, hydrogen, biodiesel, liquid nitrogen, methanol, natural gas, and electricity, together with the rising adoption of electric vehicles is projected to hamper market growth during the review period.
Segment Analysis
Global Fuel Additives Market share has been segmented based on Type, Fuel Type, Application and Region.
By Type, the global market has been categorized into three segments, namely deposit control, cetane & octane boosters, lubricity improvers, cold flow improvers, stability improvers, corrosion inhibitors, and others. The deposit control segment was valued at USD 3,816.69 million in 2018 and is expected to register a CAGR of 4.00% during the review period. Deposit control additives are used to reduce the deposit build-up within the engine inlet system and eliminate the potential emission problems caused by the build-up. The use of deposit control additives keeps the engine clean and maintain long-term vehicle performance.
By fuel type, the global market has been segmented into diesel, gasoline, aviation fuel, and others. The diesel segment emerged as the largest segment and was valued at USD 3,644.28 million in 2018. It is projected to register a CAGR of 3.94% during the assessment period. Diesel fuel releases more energy on combustion than equal volumes of gasoline, so diesel engines generally produce better fuel economy than gasoline engines. Diesel emits tiny amounts of carbon monoxide, hydrocarbons, and carbon dioxide.
Based on application, the global fuel additives market has been segmented into passenger vehicles, commercial vehicles, off-highway equipment, aircraft, marine vessels, industrial, and others. The commercial vehicles segment is expected to register the highest CAGR of 4.03% during the forecast period. Transport of goods across the logistics chain drives the demand for goods carrying commercial vehicles.
Regional Analysis
Global Fuel Additives Market, by region, has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
As per MRFR analysis, the market in Asia-Pacific held the largest market share of 43% with a market value of USD 3,453.83 million in 2018 and is expected to register 4.32% CAGR during the review period. The market growth can be attributed to the growth of the major end-use industries, including automotive, aviation, and power generation. The market in Europe accounted for the second-largest share in 2018 and is expected to register 2.90% CAGR during the review period. The market in North America was valued at USD 1,742.87 million in 2018 and is projected to register a 3.79% CAGR during the review period. The market in Latin America and the Middle East & Africa is expected to register a considerable CAGR during the forecast period owing to the growing automotive industry.
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Key Players
MRFR has identified the following companies as the Key Players in the Global Fuel Additives Market— Innospec (US), The Lubrizol Corporation (US), Afton Chemical (US), BASF SE (Germany), Chevron Corporation (US), LANXESS (Germany), Clariant (US), Infineum International Limited (UK), BARDAHL Manufacturing Corporation (US), and Wynn's (Belgium).
Key Findings of the Study
The global fuel additives market is projected to reach over USD 10,294.37 million by 2025 at a 3.66% CAGR during the review period of 2019 to 2025.
Asia-Pacific accounted for the largest market share, with China being the major contributor to the growth of the market.
The diesel fuel type segment is projected to register the highest CAGR during the review period
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Aircraft fuel systems are designed to provide uninterrupted and uncontaminated free fuel regardless of the aircraft’s attitude.
As fuel load take a significant portion of airliner’s weight, a sufficiently strong airframe is designed in a way to control fuel loads and shifts in weight.
The implementation and functional characteristics play a critical role in design, certification, and operational aspects of both military and commercial jets.
Aviation sector is responsible for 12% of CO2 emissions in transportation industry as compared to 74% emitted by road transport.
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The global fuel injection systems market experienced a remarkable growth in the past few years as a result of increasing environmental regulations and concerns relating to carbon emissions.
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It should be well regulated to take full advantage of the efficiency and engine power and to diminish consumption of gases.Request a Free Sample Copy of Fuel Injection Systems Market Report @ https://www.millioninsights.com/industry-reports/fuel-injection-systems-market/request-sampleGasoline direct injection is an innovative system of injection for gasoline engines and provides enhanced performances and huge reductions in fuel emission and consumption.
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