Global Fuel Additives Market 2016 Size, Share, Trend, Growth, Research, Industry Analysis and Forecast to 2020 by Market Research Store
Deerfield Beach, FL -- (SBWIRE) -- 01/19/2016 -- Market outlook of the fuel additives market
Market research analyst estimates the global fuel additives market to witness a steady growth at a rate of around 8% during the forecast period. The adoption of ethanol and biodiesel is expected to drive the market growth for fuel additives due to the usage of antioxidants, corrosion inhibitors, cold flow improvers, and other products.
The rise in the adoption of hybrid electric vehicles (HEV) is expected to deter the growth of this market during the forecast period. These HEVs are energy efficient and environment-friendly and provide a broad range of performance benefits like increased acceleration and lower maintenance requirements. Usage of these vehicles is increasingly being advocated by governments across the world as it results in lower utilization of conventional fuels and less noise and air pollution.
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Segmentation by application and analysis of the global fuel additives market:
- Blending, shipping, and storage additives
- Gasoline fuel additives
- Aftermarket additives
- Diesel fuel additives
- Heavy fuel oils additives
Blending, shipping, and storage additives account for about two-thirds of the global fuel additives market and is expected to grow at a rate of 9% during the forecast period. These additives are added to diesel, jet fuel, and gasoline, in refinery blend plant and supply chain to enhance their overall quality. They also help in addressing various problems such as equipment corrosion issues, preserving product quality, and fouling prevention occurring in the period of handling, storage, and transportation.
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Geographical segmentation and analysis of the global fuel additives market:
- North America
North America led the fuel additive market with a market share of 39% during 2014. The research report predicts this region to continue as the market leader during the forecast period. The region is a pioneer in advanced additives to comply with the stringent environment regulations. The overall usage of fuel additive will be led by the blending, shipping, and storage additives segment and is anticipated to grow until the end of 2019, due to the growth in the refinery output.
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Competitive landscape and key vendors
BASF is a key global supplier of fuel additives and is one of the worldâ€™s largest chemical companies. It is also the leading provider of fuel performance packages worldwide. Afton, one of the leading vendors in the market offers gasoline performance additives, diesel fuel additives, and lubricity and cold flow improvers.
The leading vendors in the market are:
- Chevron Oronite
Other vendors in the market include Cerion Energy, Chemtura, Energenics Europe, Evonik, Innospec,Fuel Performance, and Total.