Market Overview:

Global Specialty Fuel Additives Market size was USD 8.79 billion in 2023 and is projected to grow from USD 9.29 billion in 2024 to USD 14.47 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period according to a new report by IMIR Market Research.

Due to the rising demand for advanced and improved goods from the car and other end-use sectors, the worldwide market is expected to rise significantly. Stringent restrictions implemented by government businesses are another major factor that is predicted to boost the global market. The market will also benefit from favourable state policies and growing awareness of the need to cut carbon emissions.

The automobile industry has seen a decline in demand because of the shutdown of operating activities, during the pandemic. The European vehicle manufacturers and corporations had to reduce their operational output to deal with the falling demand. Renault, for example, halted production at 12 plants in France, affecting over 18,000 workers. The demand for gasoline greatly reduced because of the strict rules and code of conduct enforced by governments to prevent the spread of infection. Due to the strict lockdown and curfew, demand for fuel and its additives decreased.

In the coming years, the middle class and young people will contribute even more to the additives demand. During the COVID-19 epidemic, there was a minor impact on the supply of types for the gasoline additive business. The whole supply chain and manufacturing process for fuel additives were severely disrupted by the outbreak and the lockdown that followed. However, with the declining impact of the pandemic, fuel use increased in the automotive industry. This resulted in the stabilized additives market.

Market Drivers-

Favourable Regulatory Scenario to Propel Fuel Additives Market Growth

• As more industries are in need of fuel, the demand for fuel additives is expected to grow dynamically in the open market. Regarding the fuel additives industry, there is a lot of scientific work to be done in terms of R&D. To match the interest from hydrocarbon fuels like oil and gas that need to be converted to heat for multiple uses such as transportation, electricity production, and many others a variety of products has been produced. Stats from ATC show 95% of the retail fuel on the highways being treated with performance additives, which makes half of the entire volume, second – refineries and terminals. It does that and guarantees the final product complies with EU standards. Moreover, the Ultra-Low Sulphur Diesel business is going to witness upscaling of research and development in the market expansion context.
• The market development would rely on emission control from vehicles and refineries. One of the very important factors has been the increasing awareness about the air pollution issue arising from the incomplete as well as complete combustion of hydrocarbons. The Clean Air Act for example, specifies the compounds detergents and deposit control additives which aim to reduce emission of carbon monoxide. Finally, the set of a wide range of goods for different kind of fuel gives it a high performance. Engines and machinery can be adversely affected by the fuel; meanwhile fuel efficiency can be solved by the additive application. They are among the materials most used in the manufacture of pipelines that generally include collection facilities in refineries, distribution systems, and storage tanks for vehicles.

Degrading Quality of Crude Oil to Drive Market

• The photochemical degradation of petroleum products and bio-oxidation proceed sharply thanks to the presence of many kinds of microorganisms in the sea that use them as their carbon source. This often happens at the oil-water particles, where a variety of the compounds is being generated that significantly affect the quality of the petroleum oil that has been produced. Both of these factors are working simultaneously to accelerate the oxidation process if they are in the certain environment. Fuel conditioners, on the other hand, remove the awful carbon people from the channel where it boils down. Moreover, another reason for the deterioration of source materials is that companies keep mining their oil fields in a few places so they can accumulate natural gas and crude oil. As the demand for these additives to prolong freshness and meet government policies increases, this market shall move ahead. With the diversification of product and company offerings, along with price and quality driving competitions, the market is expected to expand and accelerate.

Market Trends-

Increasing Research and Usage of Ultra-Low Sulfhur Diesel to Create New Opportunities

• In response to various regulatory initiatives targeted at lowering diesel fuel emissions, Ultra Low Sulphur Diesel (ULSD) was created. In 1990, the Clean Air Act was modified to mandate stricter emission reductions of particulate matter, hydrocarbons, nitrogen oxides, carbon monoxide, and other air-polluting emissions. The envisioned effect of lowering sulfur content in diesel has led to numerous positives that can be observed from the huge reductions in harmful emissions. Unfortunately, to achieve reduced sulfur levels, the fuel must first be processed. This processing has led to some less-than-desirable side effects due to the changes it makes to the fuel’s chemistry and reduces the lubricity, thus creating demand for lubricity-improving fuel additives.
• Sulfur at an Extremely Low-Level Sulfur-free diesel is diesel with a low sulfur content. This is an example of how cutting-edge low-emission technology might be able to decreases the harmful emissions of petrol produced while burning diesel. The European government enacted regulations that required the reduction of diesel sulfur content and the implementation of current ULSD criteria. However, to retain its performance, the ULSD requires lubricity improvers. One of the trends that is predicted to boost the growth rate of this market is the increase demand for low-sulfur fuel.

Market Restraining Factors-

Rise in Demand for Alternative Fuels May Hamper Demand

• The past few years have seen the growing of these alternative energy sources which are known as the clean energy sources. Whether it be about carbon emissions, air pollution or rapidly depleting resources, the reasons to use sustainable sources of energy have bloomed into a robust field of sustainability. Among the most recent innovations done to guarantee sustainable way of living is the application of batteries in cars and other motor vehicles. Organizations, industry, and people who give supply Static offers for the green energy sources practice environmental responsibility and support the use of EV’s.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Specialty Fuel Additives Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

By Type (Deposit Control Additives, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors, Anti-icing Fuel Additives, Dyes & Markers, Others), By Application (Diesel, Gasoline, Aviation Fuel, Others)

Report Scope and Segmentations:

Key Companies in the Market Include:

• BASF SA
• Dow Inc.
• Lubrizol Corporation
• Evonik Industries AG
• TotalEnergies
• Clariant
• Chemtura
• Dorf Ketal Chemicals
• Innospec Inc.
• Infineum
• Chevron Oronite
• Albemarle
• Baker Hughes
• NALCO Champion
• Eurenco

Key Industry Developments:

In October 2023, The Lubrizol Corporation announced a new distribution contract with a leading global distribution partner, IMCD Group, and formulator of ingredients and specialty chemicals as part of its obligation to serve the growing fuel additives and lubricant market in Bangladesh.

In August 2022, BASF one of the leading producers of fuel additives, started production of fuel performance additives at its Pudong site in Shanghai, China. The new plant was constructed as a response to the growing regional demand for fuel performance additives and to bring better flexibility and supply security to clients in Asia.

Market Segment Insights:

The market scope is segmented because of by Type, by Application.

By Type

• Deposit Control Additives
• Cetane Improvers
• Lubricity Improvers
• Cold Flow Improvers
• Stability Improvers
• Octane Improvers
• Corrosion Inhibitors
• Anti-icing Fuel Additives
• Dyes & Markers
• Others

Based on type, the market is segmented into deposit control, cetane improvers, lubricity improver, cold-flow improver, stability improver, octane improver, corrosion inhibitors, anti-icing fuel additives, dyes & markers and others. Cetane number is the parameter used to indicate the ignition properties of a fuel relative to the standard cetane number. Cetane improvers are highly employed in diesel fuel. Its exothermic decomposition led to fuel reactions which results in the start of combustion at lower temperature.

Octane improvers is the major segment. Higher octane number of a fuel indicates higher performance. Increasing demand for octane improvers from refineries due to its cost-effectiveness to meet the octane number specifications shall boost its demand. Deposit control additive and stability improvers are in demand attributed to the decreasing quality of crude oil and petroleum oils.

By Application

• Diesel
• Gasoline
• Aviation Fuel
• Others

The market is segmented into gasoline, diesel, and aviation fuel in terms of application. The gasoline segment constituted the primary market share in 2023. Growing demand for gasoline fuel supported by the increasing automotive production is one of the prime reasons driving the market. Besides increasing demand for aviation fuel for commercial application owing to the increasing tourism is expected to drive the market's growth.

Regional Snapshots:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

The total fuel additives market, which was estimated at USD 3.07 billion in 2023 in North America, is North America’s biggest fuel additives market. Currently, North American region has its lion's share of the global market, and it is expected to claim the largest part during the next few years. Expanding oil industry efforts on exploration and rising number of fuel consumers with different industries, for instance, transportation and power systems, will boost growth in the industry. The unprecedented advancing aerospace and defense industry and the US government's major projects promise to boost the business sector, the region and the nation at whole.

One indicative measure that Europe will probably gain more in terms of volume is the matter of number. The market at the front with the long-established automotive manufacturing industry sector and the increasing amount of demand for passenger automobiles. Factors affecting the expansion of 3D printing would in addition include the establishment of groups such as The Additive Technical Committee (ATC), a committee that seeks to further the growth of the manufacturing industry.

Regarding the developing and industrialized areas of the Asia Pacific region, Asia is one of most the enriched regions. The markets will be pushed up due to the increase in demand from countries such as China and India. Therefore, fuel additives will be an essential source of profit; consequently, the market will have a very positive outlook. The rising importance of manufacturing improvement and its presentation in automakers such as Tata, Bajaj, Ashok Leyland etc. will stimulate the demand for automobiles.

It is the market of Brazil, Mexico, Argentina, Colombia, and Chile that is mainly expected to experience growth as they have a solid base of manufacturing sector. The growth of the oil and gas production in Brazil and other parts Latin America will continue to fuel the demand and hence, will most likely support the market growth.

Overall, urban development and the growing tourism industry associated with staging of mega-events are the core factors attributed to the dynamics of the fuel market. Sustaining more tourists in society and constructing more transport services will be a positive influence in their demand. The two countries, the UAE and Qatar are regarded to be the very good places for production of fuel and additives since they are working hard to accelerate tourism that is shaped by Expo 2021 and FIFA World Cup 2022.

Brazil, Mexico, Argentina, Columbia and Chile are the major growth countries for the market due to their robust manufacturing sector. Increasing mining activities in Brazil and other Latin American region is driving the demand for fuels further supporting the market growth.

Population growth and growing tourism due to the hosting of mega-events are key growth factors for the fuel industry. Increasing tourism and transportation is shall positively impact market growth. The UAE and Qatar are expected to lucrative countries for the fuel additive industry as they move on with initiatives to support tourism ahead of the Expo 2021 and FIFA World Cup 2022.

_{Specialty Fuel Additives Market Report is also available for below Regions and Country Please Ask for that}

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Specialty Fuel Additives Market valued?
• Which region has the largest share in 2024 for the global Specialty Fuel Additives Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of the Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million