Albany, NY -- (SBWIRE) -- 01/11/2019 -- Biofuels are synthesized from conventional feedstock or lignocellulosic feedstock. Consumption of biofuels has increased across the globe, as they are eco-friendly. However, it carries certain disadvantages such as low oxidation stability, injector deposit & corrosion, and high fuel foaming. Biofuel additives, also known as specialty chemicals, are a special kind of chemicals, which increase the efficiency of biofuels such as ethanol and biodiesel. The biofuel additives market is directly associated with the production of biofuels.
In contrast to traditional gasoline and diesel fuel, biodiesel oxidizes as soon as it is produced. This leads to the need for additives that help solve the complications related to it. Biofuel additives are added in order to address the problems encountered by biofuels including corroded fuel systems, enhanced fuel foaming, and increased wax formation at lower temperature. They are added during different stages of the product's lifecycle. For instance, they are added at refineries, during transit, at terminals, and at the end-user stage.
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The biofuel additives market has developed significantly in the recent years. This can be primarily ascribed to the high performance and increasing recognition of first and second generation biofuels globally. Furthermore, second generation fuels are at the early commercial stage, with major existence in the U.S. and Europe. Diminishing quality of crude oil has boosted the demand for clean and efficient fuel. Thus, consumer preference has shifted toward the usage of biofuels, as they offer high quality. This is anticipated to offer significant growth to the biofuel additives market across the globe.
Decrease in dependency on oil producing nations has boosted the adoption of biofuels. This is anticipated to drive the global biofuel additives market during the forecast period. Furthermore, favorable government policies and the availability of renewable feedstock are projected to further drive the biofuel additives market in the near future. Implementation of certain measures such as vehicle emission directives by the European Union in consultation with the automotive manufacturers and oil companies to enhance the air quality is also likely to augment the biofuel additives market. Additionally, rise in demand for biofuel additives in developing regions is estimated to provide ample growth opportunities to the biofuel additives market in the near future. However, high cost of these additives may hinder biofuel additives market growth during the forecast period.
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Key players operating in the biofuel additives market include BASF, NALCO, Chemiphase Ltd., E-ZOIL Products, Inc., Infineum, Chevron Oronite Company LLC., The Lubrizol Corporation, OBR Joint Stock Company, Afton Chemical, Biofuel Systems Group Ltd., Fuel Quality Services, Inc. (FQS), Clariant AG, Eastman Chemical Company, and Evonik Industries AG.