Global Fuel Additives Market 2017-2021
About Fuel Additives
Fuel additives are fuel-soluble chemicals added in small quantities to enhance the properties of the fuel. They help in improving fuel handling and performance. Typically, additives are derived from petroleum-based raw materials, and their chemistry and function are highly specialized. They are used in varying proportions in gasoline, diesel, and aviation fuels. Fuel additives are added in small quantities that are often measurable in parts per million (ppm). They help in improving properties such as fluidity, stability, lubricity, volatility, non-corrosivity, and cleanliness.
Technavio’s analysts forecast the global fuel additives market to grow at a CAGR of 6.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global fuel additives market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fuel Additives Market 2017-2021
Technavio recognizes the following companies as the key players in the global fuel additives market: Afton Chemical, BASF, Chevron Oronite, Innospec, and The Lubrizol Corporation.
Other Prominent Vendors in the market are: Clariant, The Chemours Company, Cummins Filtration, Evonik, Dorf Ketal Chemicals, Fuel Performance Solutions, Hammonds, LANXESS, NALCO, Shell, The Dow Chemical Company, and Total.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for multifunctional additives. Growing demand for multifunctional additives for gasoline and diesel is expected to foster the market growth. They provide an efficient and cost-effective way of delivering multiple benefits in a single additive package.”
According to the report, one driver in the market is rising demand for ultra-low-sulfur diesel (ULSD). ULSD is refined diesel fuel with around 15 parts per million (ppm) sulfur content. It lowers harmful emissions caused due to diesel combustion. The use of ULSD, in conjunction with emissions control devices, can reduce the exhaust gases of particulate matter and ozone depletion precursors to near-zero levels. The use of ULSD reduces the harmful emissions from both on-road and off-road diesel sources by more than 90%.
Further, the report states that one challenge in the market is growing demand for electric vehicles from automotive industry. The growing demand for electric vehicles is expected to hinder the global fuel additives market. The growing environmental and sustainability concerns have led manufacturers to switch to electric vehicles. In 2015, the total emissions in the US alone accounted for 6,587 million metric tons of carbon dioxide equivalent. In the US, the transportation sector accounted for 27% of the total GHG emission. The automobile segment is the major segment contributing to carbon dioxide emission.
Afton Chemical, BASF, Chevron Oronite, Innospec, The Lubrizol Corporation, Clariant, The Chemours Company, Cummins Filtration, Evonik, Dorf Ketal Chemicals, Fuel Performance Solutions, Hammonds, LANXESS, NALCO, Shell, The Dow Chemical Company, and Total.