Fuel additives market to reach USD 8.62 billion by 2031
The global market of fuel additives is projected to reach USD 8.62 billion by 2031 witnessing a CAGR of 6.9% between 2022 and 2031. Fuel additives are projected to witness tremendous growth between 2022 and 2031 driven by increasing demand for efficient and clean fuel for better performance of vehicles and less greenhouse gas (GHG) emissions across the globe.
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Diesel fuel application to dominate the market among all applications
Diesel fuel application is projected to account for the largest market size among all the applications and is estimated to register market share of 65% in 2031. The fuel additive for diesel fuel application is witnessing a high growth due to the increasing demand for Ultra Low Sulfur Diesel (ULSD) across the globe. The ULSD requires extra dose of fuel additives.
Asia-Pacific to be global leader in the fuel additives market by 2031
Asia-Pacific is expected to be at the forefront, among all regions by 2031. This is due to growth of automotive sector and rising demand for efficient fuels from various verticals such as manufacturing and transportation across various industries in China and India. The demand for fuel additives in Asia-Pacific is expected to rise with a backdrop of high performance fuels for automobiles.
The primary interviews were conducted to gather the market insights from industry experts in fuel additives market across small, mid and large size companies present in different regions of the world. The breakdown of primary interviews is as given below
• By Company Type – Tier 1 – 38 %, Tier 2 – 36% and Tier 3 – 26%
• By Designation – C level – 43%, Director level – 31%, Others – 26%
• By Region – North America – 39%, Europe – 20%, APAC – 25%, RoW – 16%
This report also includes market dynamics, such as drivers, restraints, opportunities, burning issues, and winning imperatives. The major companies involved in this market such as The Lubrizol Corporation (U.S.), Chevron Oronite Company LLC (U.S.), Innospec (U.S.), BASF SE (Germany), Afton Chemical Corporation (U.S.), Dorf Ketal Chemicals India Pvt. Ltd. (India), Infineum International Ltd. (U.S.), Fuel Performance Solutions Inc (U.S.) Evonik Industries AG (Germany), Cummins Inc ( U.K.), Cerion LLC (U.S.) and Chemtura Corporation (U.S.) and others have been comprehensively profiled in this report.
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Reasons to buy this report:
• Detailed analysis and forecast in terms of volume and value provided for various applications, such as diesel, gasoline and aviation
• Detailed and comprehensive competitive landscape of top market players will provide insights about various growth strategies of various companies in fuel additives market
• The various market drivers, restraints and opportunities have been discussed in detail in this report.
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