Asia-Pacific Fuel Additives Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific fuel additives market is expected to register a healthy CAGR during the forecast period, 2018 - 2023. The market is driven by factors, rising passenger traffic in the region contributing to the growth of the aviation market, and increasing demand for clean and efficient fuel.
Fuel additives are an integral part of automotive, industrial, and aerospace applications. In this report, the following principal end-user industry segments taken into consideration are diesel, gasoline, jet fuel, and others.
Rising Passenger Traffic to Drive the Market
The air travel passenger traffic in the Asia-Pacific is increasing at a rapid rate due to the growing consumer spending and decreasing air fares in the region. China is expected to outstand United States as the world’s largest aviation market, with Indonesia, Japan and India also witnessing commendable growth in their aviation sectors. According to the International Air Transport Association (IATA), the annual passenger number transported to and from Asia-Pacific region is expected to increase by 1.8 billion by 2035. The demand for aviation fuel additives are expected to increase at a strong rate in the region. ,
Diesel Fuel Additives Witnessing Stable Growth
The Asia-Pacific diesel fuel additives market is exhibiting stable growth on account of increasing applications, technological advancements, and the growing demand from the end-user industries. Diesel additives are the major application of fuel additives. Fuel additives are designed to meet the increasingly stringent environment norms, as several countries are implementing regulations to control emissions. These regulations, increasing demand for clean and efficient fuel, and depleting crude reserves are the main market drivers for the market. The diesel additives market is witnessing an increase in demand due to the increasing consumption of Ultra-Low-Sulfur Diesel (ULSD), which requires higher concentration of additives.
Increasing Sales of Electric Vehicles in China to Hamper Demand
The sales of electric vehicles in China has been increasing at a significant rate since the past few years. In 2017, the sales of new plug-in electric vehicle sales in China were about 605,500 between January to December with the imports being 24800. Almost 50% of the global plug-in passenger cars are being sold in China. Most of the demand for these vehicles are witnessed from mega-cities with the number of electric buses also increasing at a consistent rate. On the whole, the market for fuel additives is expected to take a slight hit due to the increasing adoption of electric vehicles in the country during the forecast period.
Notable Developments in the Market
April 2017: Lanxess has completed the acquisition of Chemtura
Major Players: BASF SE, Afton Chemical Corporation, Chevron Corporation, Evonik Industries, Lubrizol, and Total, among others.
Reasons to Purchase this Report
Current and future of the Asia-Pacific fuel additives market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Countries that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel).
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