Europe Fuel Additives Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The Europe fuel additives market is expected to grow at a moderate CAGR during the forecast period (2018 - 2023). The market is driven by the enactment of stringent environmental regulations, in addition to the increasing demand for clean and efficient fuel.
Fuel additives are an integral part of the automotive, industrial, and aerospace applications. In this report, the principal end-user industry segments taken into consideration are diesel, gasoline, jet fuel, and others.
Stringent Regulations to Drive the Demand for Fuel Additives
Fuel additives aid in minimizing the emissions and enhancing the performance of the vehicle. Environment-related concerns on the depletion of resources are creating a considerable demand for fuel additives. The EURO emission standards are being modified at regular intervals to further decrease the emissions from motor vehicles in Europe and to encourage the automotive manufacturers to change their manufacturing dynamics. In addition, the EU is planning to introduce the worldwide harmonized light vehicles test procedure (WLTP) for vehicle testing purposes. Currently, there is also an increasing focus on enhancing the fuel economy as per the Corporate Average Fuel Economy (CAFE) standards. Such a shift in the focus has further increased the importance of fuel additives.
Cetane Improvers Witnessing a Stable Growth
The Cetane number of a diesel fuel can be increased naturally or via the use of additives. The natural approach involves the modification of various physical properties of the diesel fuel via changes to the concentration of various diesel fuel components. The result is that multiple properties/components may change at the same time. The growing technological propagation and the amalgamation of Cetane improver products with various applications, such as diesel, aviation fuel, gasoline, etc., are the major factors driving the growth of the European market.
Electric Vehicle Sales to Impact the Growth in Germany
The adoption of electric vehicles in Germany is growing at a consistent rate, the sales of plug-in electric vehicles being approximately 39,100 by the end of September 2017. Many major automotive manufacturers in the country are also focusing on the expansion of the electric vehicles market by developing their electric vehicle sales strategies and the expansion of battery production facilities. The German electric vehicle market is expected to surpass that of Norway, by attaining a share of 3% of the Germany automotive industry. The growing electric vehicle sale is projected to act as a hurdle for the growth of the fuel additives market in Germany in the coming years.
Notable Developments in the Market
January 2018: Acquisition of Fuel Additive Science Technologies Ltd (FAST) by Millers Oils Ltd.
November 2017: Agreement between Eni SpA and, a major car manufacturer, FCA to reduce CO2 emissions.
April 2017: Lanxess completed the acquisition of Chemtura.
Major Players: BASF SE, Afton Chemical Corporation, Chevron Corporation, Evonik Industries, Lanxess, and Total, among others.
Reasons to Purchase this Report
To understand the current and future of the Europe fuel additives market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To identify the segment that is expected to dominate the market
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify 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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