Albany, NY -- (SBWIRE) -- 01/08/2018 -- The global aftermarket fuel additives market is consolidated with a handful of established players, namely Afton Chemical Corporation, Chevron Corporation, Evonik, Lubrizol Corporation, and Total S.A. that govern this market. The high technical expertise and technology-laden operations of these established players account for their strong influence over this market.
According to a recent market study published by Transparency Market Research (TMR), the global aftermarket fuel additives market is envisaged to post a CAGR of 7.2% between 2017 and 2025. At this pace, the market is expected to be worth US$1,167.9 mn by the end of 2025. The market was evaluated to be worth US$628.64 mn in 2016.
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The report divides the global aftermarket fuel additives market into octane booster, corrosion inhibitor, deposit control, combustion improver, dehazer/demulsifier, cetane improver, antioxidants, cold flow improver, anti-icing, biocide, and others based on product type.
North America held dominance in the global aftermarket fuel additives market in 2016, followed by Europe. The two regions collectively held more than 50% of the overall market vis-à-vis revenue in the same year. However, Asia Pacific is expected to surpass in terms of growth rate for the 2017-2025 forecast period.
Enforcement of Norms for Improving Vehicular Fuel Performance Makes U.S. Key Contributor
"Stringent regulations for vehicular emissions to be within permissible limits is primarily driving the demand for aftermarket fuel additives," says a TMR analyst. Aftermarket fuel additives are employed to improve the performance of gasoline and diesel fuel, which can be responsible for vast amount of carbon emissions. In the U.S., the Environmental Protection Agency (EPA) has enforced various norms for reducing vehicular emissions and to improve the quality and efficiency of prevalent fuels. This, along with the presence of operations facilities of some of the top players in the aftermarket fuel additive market account for U.S. to be a key contributor to the North America aftermarket fuel additives market.
Aftermarket fuel additives offer a number of advantages which is leading to their increased adoption. Apart from improving the performance of gasoline and diesel fuel, aftermarket fuel additives are utilized for preemptive maintenance and to reduce fuel-related issues. Aftermarket fuel additives are useful for vehicles for issues pertaining to engine performance, poor drivability, lost fuel economy, and excessive emissions. Further, aftermarket products are useful to clean the components in which the lubricants operates, which in turn enhances the performance of the lubricant itself.
Low Awareness of Aftermarket Products in Developing Regions Hampers Growth
The low awareness about aftermarket fuel additives among consumers and their limited use primarily in the oil and gas industry is hampering the growth of aftermarket fuel additives market. Moreover, the non-availability of aftermarket fuel additives as a retail product in developing and under-developed countries is limiting their use.
Nevertheless, the aftermarket fuel additives market is benefitting from directives that mandate to reduce the intensity of greenhouse gas from fuel used for road transport. The implementation of Fuel Quality Directive in coherence with the Renewable Energy Directive requires fuel suppliers to reduce the greenhouse gas intensity of fuels used for road transport by 6% by 2020.
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The information presented here is based on the findings of a report by Transparency Market Research, titled "Aftermarket Fuel Additives Market (Product Type - Octane Booster, Cetane Improver, Corrosion Inhibitor, Antioxidants, Deposit Control, Cold Flow Improver, Combustion Improver, Anti-icing, Dehazer/Demulsifier, and Biocide; Fuel Type - Gasoline and Diesel; End-user - Automotive (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) and Oil & Gas) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."