Fuel Additives Market Outlook On Latest Trends & Potential Growth Strategies by 2029 | Strict Rules Inflicted by Government Officers to Thrust Market Growth

 The global fuel additives market size was USD 8.14 billion in 2021. The market is projected to grow from USD 8.62 billion in 2022 to USD 12.87 billion by 2029 at a CAGR of 5.9% during the 2022-2029 period.

This information is published by Fortune Business Insights™, in its report, titled, “Fuel Additives Market, 2022-2029.”

The growing demand for advanced and enhanced goods from the car and other end-use sectors, the global fuel additives market is predicted to expand considerably.

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Segmentation  

Gasoline Segment to Hold a Significant Share Due to Growth in Automotive Sector

Based on type, the market is segmented into deposit control, cetane improvers, lubricity improver, cold-flow improver, stability improver, octane improver, and corrosion inhibitors.

The market is segmented into gasoline, diesel, and aviation fuel in terms of application. The gasoline segment constituted the primary market share.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Driving Factors  

Strict Rules Inflicted by Government Officers to Thrust Market Growth

Owing to the augmented demand for fuel from numerous industries, the market for fuel additives is anticipated to increase promptly. The industry of fuel additives is one that needs extensive research and advanced development. To fulfill the demand from corporations that transform hydrocarbon into fuels to heat energy for different applications such as transportation, electricity production, and others, an extended variety of products has been produced.

The market expansion will be assisted by severe releases control from autos and refineries. Among many aspects endorsing growth and development in the product portfolio of fuel, additives are raising apprehensions about air pollution triggered by the incomplete and complete combustion of hydrocarbons.

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Regional Insights

North America to Lead Global Share Backed by Increasing Petroleum Exploration

North America held the largest fuel additives market share and was worth USD 2.70 billion in 2021. North America presently dominates the market and is estimated to do so during the forecasted period.

In regards to volume, Europe is anticipated to grow substantially. The market is predicted to be navigated by the well-settled automotive manufacturing sector and increasing demand for passenger vehicles.

Asia Pacific is among the most flourishing regions. Owing to growing demand from nations such as China and India, the fuel additives sector is estimated to be a considerable driver for the market.

Competitive Landscape

Inventive Product Presentations by Prime Players to Boost Market Growth

The pivotal players embrace numerous tactics to bolster their position in the market as dominating companies. One such major approach is procuring companies to spur the brand value among users. Another effective notion is launching innovative products from time to time with a methodical study of the market and its target customers.  

Notable Industry Development:

December 2021: BASF unveiled a novel multiuse diesel additive below the brand name KEROPUR-D in South Korea. It is a high performance versatile diesel additive that eradicates deposits from the engine and avoids the formation of novel deposits.

List of Key Players Covered in the Report

• BASF SA (Germany)
• Dow Inc. (U.S.)
• Lubrizol Corporation (U.S.)
• Evonik Industries AG (Germany)
• TotalEnergies (France)
• Clariant (Switzerland)
• Chemtura (U.S.)
• Dorf Ketal Chemicals (India)
• Innospec Inc. (U.S.)

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