The global market for fuel additives shows a medium level of
consolidation. The top three players – Innospec, Afton Chemical
Corporation, and The Lubrizol Corporation – collectively took up
28.5% of the global market value in 2014.
As stated in a research report released by Transparency Market
Research, one of the key reasons for the consolidation of the global
fuel additives market is the intensive amount of research and
development required by the companies to stay ahead of the curve.
Regulatory pressure is very high on manufacturers of fuel additives
and can keep new players from entering this market. At the same time,
research and development efforts can be highly capital intensive,
further restricting players from proliferating in the market.
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The global market for fuel additives is expected to expand at a CAGR
of 8.3% in terms of revenue, within a forecast period from 2015 to
2023. This revenue is expected to reach US$1.62 bn by the end of 2016
and US$2.64 bn by the end of 2023.
Deposit control fuel additives have consistently enjoyed high
priority by the automotive industry, owing to the excessive amount of
overconsumption that occurs due to the formation of deposits on
injector nozzles. By the end of 2023, deposit control fuel additives
are expected to reach US$4.26 bn in revenue.
North
America Dominates Fuel Additives Consumption
North America has consistently been the leading consumer of fuel
additives over the past few years. It is expected to remain the
dominant region till 2023, owing to very strict regulations and
emission standards being followed by the auto industry. By the end of
2023, North America is expected to generate US$1.52 bn in revenue for
fuel additives manufacturers.
This region is also showing a very optimistic growth rate in its
demand for fuel additives due to the growing consumption of
ultra-low-sulfur diesel variants, which require a high amount of fuel
additives.
Asia Pacific on the other hand, is showing a higher growth rate in
its demand for fuel additives. Between 2015 and 2023, Asia Pacific is
expected to display a CAGR of 9.2% in terms of revenue.
High
Awareness is Key to Greater Consumption of Fuel Additives
“Two of the key reasons why the consumption of fuel additives is
exceptionally high in North America and Europe are awareness and
regulatory pressure. Consumers in both regions are more aware of the
presence of various types of fuel additives due to the varied nature
of fuel type requirements,” states a TMR analyst.
Both regions are also subject to very high regulatory pressure in
terms of emission rates and pollution control. The rising amount of
greenhouse gases in the atmosphere is pressuring governments to come
up with stricter regulations pertaining to emissions and usage rates
of nonrenewable fuels.
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Presence
of Alternatives Hampers Growth of Fuel Additives
The high rate of research and development in eco-friendly fuel
alternatives are expected to act as a barrier to the growth in
consumption of fuel additives over the coming years. Fossil fuel
alternatives such as biodiesel, propane, natural gas, hydrogen cells,
and even ethanol are being seriously considered at feasible options
to be used in automobiles. The complication is that these alternative
fuels do not require much in terms of additives to improve efficiency
or lower emission rates.
“This could change in the future, as the growing scope of
applications of bio-based chemicals can be extended to fuel additives
as well. Bio-based fuel additives are in fact, expected to pose a
serious threat to synthetic fuel additives over the coming years,”
adds the analyst.
The information presented in this review is based on a Transparency
Market Research report, titled, “Fuel Additives Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 -
2023.”
Key
Takeaways:
- Deposit control fuel additives expected to generate US$4.26 bn in revenue by 2023.
- Application of fuel additives in gasoline expected to reach US$4.91 bn in revenue by 2023.
- North America expected to consume US$3.93 bn worth of fuel additives by 2023.
Key
segments of the Global Fuel Additives Market
Global
Fuel Additives Market, by Product
- Deposit control additives
- Cetane improvers
- Antioxidants
- Amines
- Stability improvers
- Lubricity improvers
- Corrosion inhibitors
- Cold flow improvers
- Others (Including dyes and markers, metal deactivators, fuel dehazers, etc.)
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