The growing trend of improving fuel efficiency and stringent environmental regulations, are contributing to the growth of the fuel additives market.
Fuel additives are chemicals, which are added to various fuels such as gasoline, diesel, jet fuel, kerosene, and so on, in order to enhance their performance. Fuel additives are also responsible for reducing the corrosion effects caused by fuels and improving the combustion properties of fuels. Additives, when added to any fuel, provide economies of scale in the long run, but, in the short run, these escalate the overall cost of the fuel products.
The various fuel additive types include deposit controllers, cetane improvers, fuel dyes and markers, antioxidants, cold flow improvers, corrosion inhibitors, lubricity improvers, anti icing, and octane improvers, among others.
Browse through the market data tables, figures and detailed ToC on the “North America Fuel Additives Market.”
There are several benefits associated with the use of fuel additives. One of the main advantages has to do with engine performance. With some fuel oil additives, the product is claimed to boost the octane level of the gasoline, providing the engine with more power from the same amount of gas. The end result is the ability to travel further on gas infused with additives than would be possible otherwise.
Engine maintenance is another common benefit cited by the supporters of fuel additives. With these types of enhancement products, the focus is on preventing the buildup of sludge and other deposits in different areas of the engine. Because there is less buildup in the lines and many of the moving parts on the motor, less stress is placed on the engine during operation, effectively prolonging the life of the vehicle.
The fuel additives market is witnessing an increase in demand due to the increasing consumption of ultra-low-sulfur diesel (ULSD), which requires more dosing of additives. Though the gasoline consumption has experienced a dip worldwide, the unleaded gasoline used now-a-days requires more dosing of additives than the regular gasoline. Better and improved aviation fuel also requires heavy dosing of additives.
The fuel additives market is estimated to grow from $5,740.0 million in 2014 to $8,100 million by 2017, at a CAGR of 7.1%, from 2014 to 2019. The market is expected to reach $2,310.1 million in Asia-Pacific by 2019, at a CAGR of 8.03% from 2014 to 2019.
By 2019, North America is projected to lose its current position in the ranking and also a chunk of its present share to become number two with 28.01% market share. Europe will be confined to the third position with 24.2% market share. North America will have a consumption of 59.4 KT by 2019 at a growth rate of 2.40% from 2014 to 2019 and a market value of $297.4 million, at a CAGR of 5.71%, from 2014 to 2019.
Asia-Pacific Fuel Additives Market:
Asia-Pacific will have the fastest CAGR during the next five years, primarily due to the increase in fuel consumption. North America will have a market of $2269.3 million by 2019, at a growth rate of 7.06% from 2014 to 2019, due to the effect of the stricter environmental regulations imposed by EIA.
Asia-Pacific is the global engine of economic growth and is expected to contribute more than 45% of the global energy-related CO2 emissions by 2030, and an estimated 60% by the year 2100. However, there are encouraging signs like voluntary pledges by 10 countries to reduce their emissions by 2020.
Middle East and Africa Fuel Additives Market:
The African & Middle Eastern markets are likely to be better for the fuel additives market due to the significant growth in fuel demand in the transport sector in the region. Due to the development of the South American economies, the fuel additives market also experiences overall growth in the market size. The MEA region is expected to have a growth rate of 6.69% from 2014 to 2019, to reach $136.1 million by 2019 by value, and 26.7 KT in terms of volume by 2019, at a CAGR of 3.39%.
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