Fuel Additives Market
Fuel Additives Market Size, Share & Trends Analysis Report by Product Type (Deposit Control, Cetane Improvers, Lubricity Additives, Antioxidants, Anticorrosion, Cold Flow Improvers, Antiknock Agents, and Other Product Types), and by Application ( Diesel, Gasoline, Jet Fuel, and Other Applications) Forecast Period (2023-2030) Update Available - Forecast 2024-2030
Fuel additives market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period. Fuel additives are widely used to improve the quality and performance of various fuels. The growing demand for fuel across the globe is a key factor driving the growth of the global fuel additives market. According to the US Energy Information Administration, the global liquid fuels consumption will increases by 1.6 million b/d in 2023 and by 1.7 million b/d in 2024, and most expected liquid fuels demand growth is in non-OECD Asia, led by China and India.
The demand growth will bring the global oil market into balance between the third quarter of 2023 (3Q23) and 1Q24 and push the Brent price from current levels back to between $75/b and $80/b. The increasing inclination towards electric vehicles across the globe may hamper the growth of the fuel additives market. The growing demand for ultra-low-sulfur diesel (ULSD) is likely to act as an opportunity for market growth.
Segmental Outlook
The global fuel additives market is segmented based on product type and application. Based on product type, the market is segmented into deposit control, cetane improvers, lubricity additives, antioxidants, anticorrosion, cold flow improvers, antiknock agents, and other product types. Based on application, the market is sub-segmented into diesel, gasoline, jet fuel, and other applications.
Gasoline Segment Holds a Prominent Market Share in the Global Fuel additives Market
The continuous evolution of gasoline engine technologies and fuels is a key factor contributing to the growth of this market segment. The growth in the consumption of gasoline additive largely reflects the requirements of engine design and developments in refinery operations. The additive cost is less than 0.3% of the average retail gasoline price. The fuel additives for gasoline distribution systems include antioxidants, metal deactivators, antistatic agents, corrosion inhibitors, sediment reduction agents, dyes, and de-hazers.
The additives for gasoline vehicle system include deposit control additives, deposit modifiers, friction modifiers, and lubricity improvers. The new gasoline direct injection or GDI technology is becoming standard equipment in many new cars, especially in high-performance vehicles. In this innovative fuel delivery system, the injector is placed inside the combustion chamber, yielding improved combustion to produce better performance, improved gas mileage, and fewer emissions. Deposits in GDI systems are extremely hard to remove and require more fuel additives.
A French-German company, Global Bioenergies is producing bio-based additives for gasoline. The raw material used for bio-based fuel additives is bio-based isobutene, a hydrocarbon from which plastics and elastomers can also be synthesized. Hence, such developments are likely to create new opportunities for the growth of this gasoline fuel additives market.
Regional Outlooks
The global fuel additives market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global fuel additives market. The increasing demand for fuel from the developing countries such as China, India, and South Korea is a key factor driving the demand for fuel additives across the region. Expansion of automobile industry across Europe is contributing to the growth of the European fuel additives market.
Global Fuel Additives Market Growth, by Region 2023-2030
North America Region held Considerable Share in the Global Fuel Additives Market
According to American Petroleum Institute, as of December 2022, cumulatively there are 145,000 fueling locations, with 1.5 million nozzles. Of the 145,000, 116,641 are convenience stores selling fuel, 14,826 are fueling kiosk locations, 6,494 are “big-box” locations such as grocery or mass-merchandise, and the remainder are traditional service stations and small-volume locations, including marinas. In 2021, Americans drove an estimated 3.2 trillion miles on its roads and highways. As per the same source, more than 40 diesel models are available today in the United States from 10 manufacturers and brands. The high demand for fuels along with availability of wide variety of fuels across the region is driving the demand for fuel additive market across the region.
Market Players Outlook
The major companies serving the global fuel additives market include Afton Chemical Corp., The Lubrizol Corp., Innospec Inc., BASF SE, and Chevron Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2022, Hot Shot’s Secret introduced a new complimentary formulation developed specifically for use during cold weather. EDT+ Winter Defense provides all the benefits of EDT fuel additive including improved power, performance, and MPG, but also prevents gelling and icing when temperatures start to drop and has industry leading lubricity protection with the addition of LX4 Lubricity Extreme.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global fuel additives market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Afton Chemical Corp.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. The Lubrizol Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Innospec Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Fuel Additives Market by Product Type
4.1.1. Deposit Control
4.1.2. Cetane Improvers
4.1.3. Lubricity Additives
4.1.4. Antioxidants
4.1.5. Anticorrosion
4.1.6. Cold Flow Improvers
4.1.7. Antiknock Agents
4.1.8. Other Products
4.2. Global Fuel Additives Market by Application
4.2.1. Diesel
4.2.2. Gasoline
4.2.3. Jet Fuel
4.2.4. Other Applications
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Afton Chemical Corp.
6.2. Baker Hughes (General Electric)
6.3. BASF SE
6.4. Chevron Corp.
6.5. Clariant AG
6.6. Croda International PLC
6.7. Dorfketal Chemicals (I) Pvt. Ltd
6.8. Eni SpA
6.9. Evonik Industries AG
6.10. Exxon Mobil Corp.
6.11. Infineum International Ltd.
6.12. Innospec Inc.
6.13. LANXESS AG
6.14. Qatar Fuel Additives Company Ltd. (QAFAC)
6.15. Royal Dutch Shell PLC
6.16. The Lubrizol Corp.
1. GLOBAL FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE,2022-2030 ($ MILLION)
2. GLOBAL DEPOSIT CONTROL IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
3. GLOBAL CETANE IMPROVERS IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL LUBRICITY ADDITIVES IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL ANTIOXIDANTS IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL ANTICORROSION IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL COLD FLOW IMPROVERS IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL ANTIKNOCK AGENTS IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL OTHER TYPE IN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
10. GLOBAL FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY APPLICATION,2022-2030 ($ MILLION)
11. GLOBAL FUEL ADDITIVES FOR DIESEL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL FUEL ADDITIVES FOR GASOLINE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL FUEL ADDITIVES FOR JET FUEL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL FUEL ADDITIVES FOR OTHER FUELS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. NORTH AMERICAN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
17. NORTH AMERICAN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2022-2030 ($ MILLION)
18. NORTH AMERICAN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
19. EUROPEAN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
20. EUROPEAN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2022-2030 ($ MILLION)
21. EUROPEAN FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
22. ASIA-PACIFIC FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
23. ASIA-PACIFIC FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2022-2030 ($ MILLION)
24. ASIA-PACIFIC FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
25. REST OF THE WORLD FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
26. REST OF THE WORLD FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2022-2030 ($ MILLION)
27. REST OF THE WORLD FUEL ADDITIVES MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
1. GLOBAL FUEL ADDITIVES MARKET SHARE BY PRODUCT TYPE, 2022 VS 2030 (%)
2. GLOBAL DEPOSIT CONTROL IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL CETANE IMPROVERS IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL LUBRICITY ADDITIVES IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL ANTIOXIDANTS IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
6. GLOBAL ANTICORROSION IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL COLD FLOW IMPROVERS IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
8. GLOBAL ANTIKNOCK AGENTS IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
9. GLOBAL OTHER TYPE IN FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
10. GLOBAL FUEL ADDITIVES MARKET SHARE BY APPLICATION, 2022 VS 2030 (%)
11. GLOBAL FUEL ADDITIVES FOR DIESEL MARKET SHARE BY REGION, 2022 VS 2030 (%)
12. GLOBAL FUEL ADDITIVES FOR GASOLINE MARKET SHARE BY REGION, 2022 VS 2030 (%)
13. GLOBAL FUEL ADDITIVES FOR JET FUEL MARKET SHARE BY REGION, 2022 VS 2030 (%)
14. GLOBAL FUEL ADDITIVES FOR OTHER FUEL MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. GLOBAL FUEL ADDITIVES MARKET SHARE BY REGION, 2022 VS 2030 (%)
16. US FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
17. CANADA FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
18. UK FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
19. FRANCE FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
20. GERMANY FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
21. ITALY FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
22. SPAIN FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
23. REST OF EUROPE FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
24. INDIA FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
25. CHINA FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
26. JAPAN FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
27. SOUTH KOREA FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF ASIA-PACIFIC FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
29. REST OF THE WORLD FUEL ADDITIVES MARKET SIZE, 2022-2030 ($ MILLION)
