Fuel Additives Market to Hit $8.01 Billion by 2029, Growing at 3.6% CAGR
The report "Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) - Global Forecast to 2029", size was USD 6.71 billion in 2024 and is projected to reach USD 8.01 billion by 2029, at a CAGR of 3.6%. The automotive industry is undergoing substantial change due to the growing awareness of vehicle maintenance among the customers, and fuel additives are crucial in this regard. Fuel additives help to improve the overall combustion process along with maintaining the engine clean. The production of toxic pollutants, a reduction in power output, and decrease in fuel efficiency may arise from incomplete combustion. Certain fuel additives increase the fuel's combustion properties, ensuring that the engine operates more effectively.
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- 378 Market data Tables
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Some of the prominent key players are:
- Innospec Inc. (US)
- Infineum International Limited (UK)
- Chevron Oronite Company LLC (US)
- Afton Chemical Corporation (US)
- BASF SE (Germany)
- The Lubrizol Corporation (US)
- Evonik Industries AG (Germany)
- LANXESS AG (Germany)
- Dorf Ketal Chemicals LLC (India)
- Clariant AG (Switzerland)
Driver: Increase in automotive production in emerging economies
Automotive production in South America, Africa, and Asia Pacific is driving the fuel additives market. The growing markets are, therefore, quite invaluable to international automotive makers. Some industries are also setting up manufacturing factories in these regions to meet the demand of customers, resulting in lower overall costs. Other factors that have contributed to this expansion include policy support in the form of favorable taxation and subsidies for automobile production and the construction of infrastructures.
Lubricity Improvers segment is projected to register the highest CAGR, in terms of value, of the global fuel additives market during the forecast period.
Lubricity improvers segment is the fastest growing segment in the fuel additives market during the forecast period. The key objective of these additives is to improve the lubricating qualities of the fuel, offering adequate safety against wear and tear for vital engine parts including fuel injectors and pumps. With the world moving towards cleaner, low-sulfur diesel fuels, the need for these additives has increased. Diesel engines are naturally lubricated to some extent by the sulfur compounds in the fuel. However, the natural lubricity of diesel has diminished due to stricter regulations, with the usage of minimum to zero level of sulfur in some regions. This factor has necessitated the growing use of lubricity improvers.
Middle East & Africa is projected to register the second highest CAGR, in terms of value, during the forecast period in the fuel additives market.
Middle East & Africa is projected to register the second highest CAGR in the fuel additives market, in terms of value, during forecast period due to several factors. The rapid urbanization and economic development in the MEA countries owing to their extensive infrastructural development is one of the primary drivers of the high growth rate of fuel additives market. The need for fuel additives rises as these nations develop their industrial bases, make investments in transportation infrastructure, and support non-oil industries. Fuel additives play a crucial role in bolstering these rapidly growing sectors by improving the performance and efficiency of fuels, ensuring enhanced engine performance, minimized emissions, and optimal fuel usage overall.