The global fuel additives market exhibits a moderately
consolidated competitive landscape wherein the top three companies held 28.50%
of the total market share in 2014. Afton Chemical Corporation, Innospec, and
The Lubrizol Corporation are these top three players, and they have established
commendable reckon across the market. Other players who have established
themselves in the market include BASF, Chevron Oronite, Nalco, Clariant, and
Infineum. Amongst these, BASF has been the primary resort for customers who
want to improve the fuel performance because the company offers additives that
are supremely better than the products of other companies. Furthermore, Afton
Chemical Corporation has specialized in providing products for lubrication,
cold flow improvement, diesel fuel, and gasoline performance. Since the market
is closely aligned with the fuel industry, the market players have to be wary
of the requirements of petroleum and gas manufacturers. Moreover, in order to
maintain a continuous flow of demand, the vendors shall have a high level of
penetration into the fuel industry to captivate the buyers. The voluminous
investment required to start a new venture has restricted the entry of new
players.
A
report published by TMR foretells key figures with regards to the growth of the
global market for fuel additives over the coming years. It is estimated that
the market’s CAGR for the period between 2015 and 2023 would settle at a robust
figure of 8.30%. The market value is projected to escalate from US$1.62 bn in
2016 to US$2.64 bn by the end of 2023. The market in North America has attained
supremacy over other regional segments primarily due to the high awareness
levels of the masses about the benefits of fuel additives.
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Need for Fuel Efficiency to Expand Market
Optimizing
the efficiency of fuel engines serves several benefits such as reduced costs,
better running of vehicles and other machines, and increased life of the
engine. Hence, the demand for fuel additives that can enhance the quality of
the fuel is expected to escalate to unprecedented levels in the coming years.
Fuel efficiency is one of the most major concerns of the automotive industry which
is gradually becoming the largest propeller of market demand. The deposits
along fuel lines often choke the injector nozzle and reduce the efficiency of
the engine. To curb this, the government has imposed strict regulations on the
automotive industry to prevent the formation of deposits along fuel lines.
Hence, the market for fuel additives is expected to reap tremendous demand over
the coming years.
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Use of Ultra-Low Sulfate Diesel Escalates Demand
Ultra-low
sulfur diesel has become very popular across the automotive industry, thus,
increasing its usage by the consumers. ULTD is an extremely clean diesel fuel
that is estimated to have 97% lower sulfur than the previous low-sulfur diesel
(LSD) type. Since ULTD requires fuel additives in abundance to function
properly, the market is expected to expand at a robust rate over the coming
years. However, low demand for high-end gasoline and lack of awareness amongst
customers is expected to hamper market growth. Furthermore, the heavy cost of
research and development for fuel additives also poses a threat to market
growth.
The
review is based on a market research report by TMR titled, “Fuel Additives Market (Deposit
Control Additives, Cetane Improvers, Antioxidants, Stability Improvers,
Lubricity Improvers, Corrosion Inhibitors, Cold Flow Improvers, and Others) for
Gasoline, Diesel, Aviation Fuels, and Other Applications - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023”.
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