About Fuel Additives
Fuel additives are compounds formulated to enhance the quality and efficiency of fuels used in vehicles. Fuel additives typically act as corrosion inhibitors or lubricants. They increase fuel’s octane rating to allow for greater efficiency and power. Fuel additives aim to improve the performance of vehicles along with better engine maintenance. They prevent the build-up of sludge and other deposits in the engine area thus improving the life of the engine.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The fuel additive market is fragmented. Industry leaders lead in innovation but medium players have also found their niche. Supply chain management and marketing is the key to success in this market. Consumers can buy products according to their needs but a lack of awareness among Asian countries means low sales in that region. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Fuel Additives market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
The Lubrizol Corporation (United States), INNOSPEC Inc. (United States), Afton Chemical Corporation (United States), Infineum International Ltd (United Kingdom), Fuel Performance Inc (United States), BASF (Germany), Cerion Energy (United States), Chevron Oronite Company (United States) and Cummins Filtration Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Dorf Ketal (India), Fuel Ox LLC (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Fuel Additives market by Type (Diesel, Gasoline, Aviation Fuel and Others), Application (Deposit control additives, Lubricity additive, Friction modifiers, Antifoam additives, Corrosion Additives, Demulsifies Additives and Others) and Region.
On the basis of geography, the market of Fuel Additives has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Fuel Additives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Surging demand of Deposit Control Additive for Better Health of Vehicle and Growing Demand to Lower the Particulate Matter from Diesel Engines
Market Growth Drivers:
Rising Demand to Improve Performance and Efficiency of a Vehicle and Increasing Use of Fuel Additives for Better Lubrication of the Engine
Challenges:
Rising Market Share of Electric Vehicles and Lack of Awareness about Benefits of Fuel Additives
Restraints:
Increasing Prices of Crude Oil
Opportunities:
Growing Demand For Improved Ignition Quality and Legislation Specifying For Ultra-Lower Sulphur Fuel Which In Turn Increased Demand For Fuel Additives To Comply With The Legislation
Market Leaders and their expansionary development strategies
In January 2023, Dorf Ketal Chemicals, through its wholly-owned subsidiary Dorf Ketal FZE, has acquired Canada's Fluid Energy Group's global modified and synthetic acid business, including the Triton industrial business.
In March 2021, Fuel Ox LLC, a maker of next-generation fuel additive used to improve truck, boat, and heavy equipment’s operating efficiency; announced a solution to maximize equipment performance and sustainability called “Infinity Lube”. According to Fuel Ox, it is a line of lubricants formulated with a disruptive, patented technology that goes beyond simple lubricity to substantially improve performance and longevity for engines and virtually any other metal machinery.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Fuel Additive Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.