Global Aftermarket Fuel Additives Market - Segmented by Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The aftermarket fuel additives market is expected to register a moderately high growth rate during the forecast period, 2018-2023. In 2017, North America dominated the global aftermarket fuel additives market.
Deposit Control Additives - The Majorly Used Aftermarket Fuel Additive
Fuel additives are used to enhance the qualities of the base fuel or to add new required performance features. In 2017, deposit control additives dominated the global aftermarket fuel additives market. The addition of deposit control additives (DCA) helps to keep the whole fuel system completely clean and free of extraneous matter. If they are not in adequate quantity in gasoline, harmful deposits can build up inside the engine. Owing to such factors, and various other advantages provided by them, they have acquired a significant importance in the aftermarket fuel additive market.
Gasoline - The Largest Application Market
In 2017, gasoline application dominated the global market. The growing demand for high performance gasoline owing to stringent emission regulations is driving the need for continuous advancements in equipment technologies, which, in turn, is driving up the need for aftermarket fuel additives in gasoline through the years. Furthermore, with ethanol usage rising continuously, the need for high performance gasoline has increased more than ever.
North America - the Dominating Regional Market
North America accounted for the largest market for aftermarket fuel additives primarily owing to the stringent emission regulations laid down by the Environmental Protection Agency (EPA). Furthermore, growing demand for improved fuel economy, more engine power, and better equipment protection by the consumers too has added to the growing market of aftermarket fuel additives in North America.
May 2017: Cummins, Inc., the world’s largest manufacturer of diesel engines, officially endorsed and recommended two Power Service products (fuel additives) - Diesel Kleen + Cetane Boost and Diesel Fuel Supplement + Cetane Boost - for use in diesel engines
Major Players: Chevron Oronite Company LLC, The Lubrizol Corporation, Afton Chemical Corporation, Total S.A. , Innospec Inc, BASF SE , Infineum International Ltd., Evonik Industries AG, and BG Products, Inc., among others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand which type, application, and end-user industry will dominate the market
To identify which countries 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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