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Fuel Performance Additives Market Overview
The report is titled as ‘Fuel Performance Additives Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the Fuel Performance Additives market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market.
Fuel Performance Additives Overview
Fuel performance additives, as the name suggests, serve by adding various substances, such as lubricants, system cleaners, and performance enhancers, in order for the fuel to accomplish a particular objective. These fuel performance additives are utilized in small quantities to fuels as they improve the functioning of the fuel by purifying a system and inhibiting buildup for later.
There is a wide range of fuel performance additives, for each kind of needs, including those designed for marine and off-road practice that might not be valid for use on the roads. There are also other types of fuel additives that might be meant for particular environments, such as for high-moisture areas and for cold weather. Having said that, the majority of the fuel performance additives are developed for a day-to-day vehicle that might require a slight something supplementary to get it functioning efficiently.
Rise in demand for clean and efficient fuels
Today, 99.8% of worldwide transport is generated by internal combustion engines (ICEs) and about 95% of transport energy arises from liquid fuels developed from petroleum. Several alternatives comprising fuels like hydrogen and biofuels and battery electric vehicles (BEVs) are being considered. However, all these alternatives are still in their initial phase and encounter significant barriers which ultimately comes down to the fact that approximately 85–90% of transport energy is anticipated to come from traditional liquid fuels generating combustion engines even by 2040. Ergo it is crucial that ICEs are enhanced so as to lower the regional and universal environmental impact of transport. Hence, there are several stringent government regulations and high demand from consumers to reduce vehicle emissions and make the fuels clean and efficient. Thus, the fuel performance additives market is projected to grow at a significant pace in the forthcoming years.
Into the bargain, the leading market manufacturers are also fervently addressing the rapidly growing demand for fuel performance additives all around the world, in order to meet the requirements of their consumers along with expanding their product portfolio across the markets. In order to support this, in August 2022, BASF inaugurated its new production plant for fuel performance additives in Shanghai, China. This new production plant is established with a view to address the rising local demand for fuel performance additives and fetching higher supply security and resilience to consumers in Asia. The latest addition to the BASF’s global network is expected to strengthen its regional manufacturing footprint in Asia. Attributing to such factors, the global fuel performance additives market is estimated to witness major breakthroughs over the coming years.
Regional Market Outlook
In terms of geography, the fuel performance additives market can be divided into six regions – North America, Latin America, Europe, Asia Pacific, Middle-East, and Africa. North America is the largest consumer of the fuel performance additives market and is positively dominating the market. This is attributable to the fact that the majority of the key players of the fuel performance additives market are operating from the U.S.
Further, APAC stood as the second-largest consumer of fuel additives in 2020 after North America, owing to high economic growth in the emerging countries along with the soaring disposable income of the population which is making APAC an attractive market for fuel performance additives. In addition to that, the exceptional progress of industrial production propelled trade, together with the surge in the number of vehicles are also playing a major role for the heavy consumption of fuel additives in the region.
Fuel Performance Additives Market Segmentation
The fuel performance additives market is segmented on the basis of type, fuel type, application, end user and region.
Deposit control additives
Others (Corrosion inhibitors, Demulsifiers/dehazers, Anti-valve seat recession additives)
By Fuel Type
Others (Domestic fuel-oil additive, non-road diesel)
Off Highway Equipment
By End-Use Industry
Chemical & Petrochemical
Oil & Gas
Energy & Power
Others (Food & Beverages and Healthcare)
Fuel Performance Additives Market Key Players
Some of the key participating players in fuel performance additives market are:
Croda International Plc
Evonik Industries AG
Clariant International Ltd.
Afton Chemical Corporation (Subsidiary of NewMarket Corp)
Exxon Mobil Corp
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product developments and launches
Top Companies Historical Growth Rate
Impact of Regulations
Advantages of Fuel Performance Additives
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment where one/two manufacturer(s) dominate the market, its product sales, previous growth rates and market expansion plans are considered to generate market share in the market.
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