Automotive aftermarket fuel additives are petroleum-based supplemental chemicals added to vehicle fuels like gasoline and diesel in small concentrations to enhance fuel performance. Fuel additives help improve fuel economy, reduce emissions, clean fuel systems, and prevent breakdown of fuel. With rising vehicle sales and ageing vehicle fleet, the automotive aftermarket fuel additives provide much-needed protection and performance enhancement to vehicles' powertrains.
The global Automotive Aftermarket Fuel Additives Market is estimated to be valued at US$ 1.97 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing vehicle parc globally is one of the key market trends augmenting the demand for automotive aftermarket fuel additives. Rapid urbanization and growing disposable incomes in developing economies have led to higher vehicle ownership rates in recent years. Additionally, ageing fleet across developed markets requires performance boosting fuel additives to keep vehicles running efficiently for longer. Consequently, an established and rising global vehicle fleet size is propelling the automotive aftermarket fuel additives market growth over the forecast period. The additives help extend the life of old vehicles and improve the efficiency of new vehicles, thereby witnessing widespread adoption.
Segment Analysis
The Global Automotive Aftermarket Fuel Additives Market Size is dominated by gasolines sub segment. Around 60% of the vehicles worldwide are gasoline powered, especially passenger cars. This makes gasoline a highly consumed automotive fuel across the globe. Fuel additives help improve the performance of gasoline vehicles by preventing low temperature waxing, reducing emissions, cleaning fuel systems etc. Hence the demand for gasoline automotive fuel additives is high.
Key Takeaways
The global automotive aftermarket fuel additives market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.38 Bn by 2030 expanding at a CAGR of 8.3% through the period.
Regional analysis
Asia Pacific accounts for the largest share in the global automotive aftermarket fuel additives market currently. The region is home to some of the fastest growing automotive markets such as India and China. Increasing vehicle parc, rising disposable incomes and growing demand for high performance vehicles are driving the consumption of fuel additives in Asia Pacific. The region is estimated to continue its dominance over the forecast period as well.
Key players
Key players operating in the automotive aftermarket fuel additives market are Chevron Corporation, BASF SE, Afton Chemical Corporation, Infineum International Limited, The Lubrizol Corporation, TotalEnergies Additives & Special Fuels, Innospec Inc., Clariant AG, Cerion Energy, BG Products, Inc., Lucas Oil Products, Inc., Red Line Synthetic Oil Corporation, Liqui Moly GmbH, Royal Purple, LLC, STP Products Company. TotalEnergies and Chevron captured over 35% of the total market share in 2023.
For More Insights, Read- https://www.newsstatix.com/automotive-aftermarket-fuel-additives-market-size-share-analysis-2023-2030/
Transparent Market Research (TMR) report illustrates the competitive and distributed market, with major players scattered across the global aftermarket fuel additives market.
They are expected introduce nano technology to produce improved products in global aftermarket fuel additives and compete to capture the competitive market.The Global aftermarket fuel additives market is expected to be fuelled by the regulations limiting vehicular emission.
Increased vehicular traffic and rising emission has led the government to take this regulatory step, driving the market to push towards substantial growth during the forecast period.
The global aftermarket fuel additive market held a market share worth US$628.64 million in 2016.The global aftermarket fuel additive is segmented into types of commercial vehicles such as heavy and light vehicles.
Get PDF Brochure for more Professional & Technical industry insights - https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=30938Improved Engine Performance to Nudge the GrowthAftermarket fuel additives offer an array of benefits to automotive and oil and gas sector.
Therefore, there’s an ample potential for this market to witness astounding growth during the forecast period.Increased performances including gasoline and diesel fuel drives the global aftermarket fuel additive market.
