Global Fuel Additives Market 2019-2023 | 7% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Oct 10, 2019--
The global fuel additives market size is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global fuel additives market 2019-2023. (Graphic: Business Wire)
The increasing adoption of ultra-low sulfur diesel (ULSD) is expected to drive the growth of the global fuel additives market during the forecast period. The adoption of ULSD helps in achieving near-zero emissions of exhaust gases of particulate matter and ozone precursors. ULSD also improves combustion efficiency and enables quick start of the engine during cold weather conditions. However, ULSD requires high use of fuel additives to reduce fuel consumption, noise, smoke exhaust, and emissions. ULSD is already available as diesel fuel type in countries such as the US, France, Canada, Germany, the UK, and others.
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As per Technavio, the growing demand for multifunctional additives will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Fuel Additives Market: Growing Demand for Multifunctional Additives
The consumption of biofuels has been increasing significantly in recent years. However, the high cost of production is the biggest challenge in the adoption of biofuels. Hence, manufacturers are using efficient strategies such as use of catalysts, cheap raw materials, and advanced technologies to bring down production costs. The use of multifunctional additives plays a vital role in the cost-effective production of biofuels. Multifunctional additives deliver multiple benefits in a single additive package. Therefore, the growing demand for multifunctional additives is one of the key trends that will boost the growth of the fuel additives market over the forecast period.
“Apart from the growing demand for multifunctional additives, other factors such as the increasing popularity of mobile power plants, and new developments in fuel additives will have a positive impact on the fuel additives market growth during the forecast period, ” says a senior analyst at Technavio.
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Fuel Additives Market: Segmentation Analysis
This market research report segments the fuel additives market by type (deposit control additives, cetane improvers, antioxidants, cold flow improvers, lubricity improvers, corrosion inhibitors, and other types), application (diesel fuel additives, gasoline fuel additives, aviation fuel additives, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. The market dominance of APAC can be attributed to the increase in the use of fuel additives for applications, such as diesel, gasoline, and aviation. The emergence of India and China as a manufacturing hub is expected to further increase fuel consumption in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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PUB: 10/10/2019 11:30 PM/DISC: 10/10/2019 11:30 PM