Fuel Additives Market | Key players: Key players operating in the fuel additives market include Afton Chemical Corporation, Innospec Inc., The Lubrizol Corporation, BASF SE, Infinieum Limited, Evonik Industries AG, Chevron Oronite Company LLC, Lanxess, Do

According to recent market research "Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) Global Forecast to 2023", The fuel additives market is projected to reach USD 8.7 billion by 2023, at a CAGR of 3.1% from USD 7.4 billion in 2018.

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The fuel additives market size is projected to reach USD 8.7 billion by 2023, at a CAGR of 3.1% between 2018 and 2023. The growth of the automotive industry drives the demand for fuel additives. The production of passenger cars, light commercial vehicles, and heavy commercial vehicles have witnessed growth across the globe. The increase in automotive sales increases the demand for gasoline and diesel and, consequently, drive the demand for fuel additives. North America is the key market for fuel additives, globally, followed by APAC and Europe. The growing demand for ultra-low sulfur diesel is expected to provide opportunities for the market.

Deposit control is expected to be the largest type of fuel additives during the forecast period.

On the basis of type, the fuel additives market has been segmented into deposit control, cetane improvers, lubricity improvers, octane improvers, stability improvers, cold flow improvers, corrosion inhibitors, dyes & markets, anti-icing, and others. The deposit control segment is estimated to register a moderate CAGR, in terms of value, of the overall fuel additives market. The growth of the deposit control segment is expected to continue during the forecast period due to the increasing demand from various applications.

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The fuel additives market size and is projected to reach USD 8.7 billion by 2023 from USD 7.4 billion in 2018, at a CAGR of 3.1% between 2018 and 2023. Stringent governmental regulations for emission control is the key driver for the fuel additives market. On the other hand, huge investments in R&D is likely to restrain the growth of the fuel additives market during the forecast period.

The players in the fuel additives market are mainly concentrating on new product launch, acquisition, and expansion to meet the growing demand for fuel additives from various applications. The strategy of new product launches helps companies strengthen their product portfolio and meet the specific demands of customers.

The growth of the fuel additives market has been largely influenced by new product launch, acquisition, and expansion that took place between 2016 and 2018. Companies such as Innospec Inc. (US), Afton Chemical Corporation (US), Evonik Industries AG (Germany), BASF SE (Germany), Lanxess (Germany), Dorf Ketal Chemicals (India), and Chevron Oronite Company LLC (US) adopted these strategies to enhance their product offerings.

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Afton Chemical Corporation (US) is one of the leading players in the fuel additives market. The company, through its wide range of product portfolio, is able to cater to the specific needs of customers. The company has made a large number of expansions, which have enabled it to strengthen its position in the fuel additives market. For instance, in September 2018, the company completed the expansion of its chemical additive manufacturing facility in Jurong Island, Singapore. This helped the company strengthen its presence in the Asian market. Moreover, In January 2017, the company completed the acquisition of Mexico-based a petroleum additives manufacturing, sales, and distribution company, Aditivos Mexicanos, S.A. de C.V. (AMSA). This helped Afton Chemical Corporation enhance its presence in the Mexican fuel additives market.

Innospec Inc. (US) is another leading manufacturer of fuel additives. The company has adopted new product launch as a part of its growth strategy. For instance, In November 2018, the company launched new gasoline additive technology for direct injection gasoline engines. This helped the company gain additional market share. In October 2018, the company also launched a new range of marine fuel additives that comply with new regulations for the maximum sulfur content of marine fuels.

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