Fuel Additives Market to reach US$9.784 billion by 2021
Knowledge Sourcing Intelligence announces the publication of a new report "Fuel Additives Market - Forecasts from 2016 to 2021 " to their offering. The report has segmented the Fuel Additives market by Type (Deposit Control Additives, Cetane Improvers, Antioxidants, Dyes, Lubricity Additives, Corrosion Inhibitors, And Others), by Application (Gasoline, Diesel, And Others) and by Geography (Americas, Europe Middle East and Africa, and Asia Pacific) and estimates that the global fuel additives market is projected to have been US$6.394 billion in 2015, reaching US$9.784 billion by 2021, growing at a CAGR of 7.35% over the forecast period.
Factors driving growth in the market are stringent government regulations for fuel efficiency and environmental protection, increasing demand for ultra-low-sulphur diesel, robust automobile markets like China and India, high growth in demand for gasoline, continuous up gradation in engine design and development and expanding urbanization leading to high demand for fuels for household personal consumption, industry, aviation, automobile, manufacturing, and transportation among others.
Deposit Control additives to dominate by fuel additive type, while gasoline to lead in the application segment.
High growth in the market for deposit control additives is anticipated due to rising focus on cleaner engines to meet fuel economy and emissions requirements. By reducing the rate of deposits formed along the fuel lines of vehicles, deposit control additives are considered one of the most efficient ways to curb overconsumption of fuel, thus maintain optimal engine performance. Also, rising use of biofuels such as ethanol has led to higher chances of deposit formation, increasing demand for higher additive levels.
Asia Pacific to witness fastest regional market growth during the forecasted period.
In Asia Pacific region, countries such as China and India are projected to witness high market growth due to the favourable regulatory environment and to stricter climate change control measures. High growth in the automobile industry will strengthen further growth. North America is also expected to witness considerable market growth during the forecasted period attributable to high demand for gasoline and rising penetration of ultra-low- sulfur diesel (ULSD).
The key players of global fuel additives market covered in this report include Afton Chemical Corporation, BASF, Lubrizol Corporation, Huntsman Corporation LLC, Akzo Nobel N.V, Chemtura Corporation, Chevron Oronite, National Aluminium Company (NALCO), Baker Hughes Incorporated, and Evonik Industries AG.
This report contains the market analysis on the current trends in the fuel additives market and the opportunities for the vendors over the next six years. It provides deep insights into the drivers and restraints of the industry. The fuel additives market report also consists of in-depth regional analysis. A lot of statistically relevant tools and detailed industry analysis models such as scenario analysis have been used to forecast the market trends and forecasts up to the year 2021.
The report also talks about the strategies adopted by the industry leaders to gain an advantage over competitors and the recent deals that they have gone into to position themselves better in this market.
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