The global market for specialty fuel additives is expected
to reach USD 8,517.6 million by 2020, according to a new study by Grand View
Research, Inc. Dynamic regulatory trends, particularly in North America and
Europe has prompted fuel marketers to use specialty fuel additives which is
expected remain a key driving factor for the market over the forecast period.
In addition, ban on MTBE in the U.S. is expected to further push the demand for
fuel additives over the next six years. However, emergence of alternative fuel
such as autogas (LPG) and CNG owing to eco friendly characteristics is expected
to hamper the market growth over the next six years.
Deposit control additives emerged as the leading market
products and accounted for 39% of total global volume in 2013. Increasing
demand for detergent as an additive is expected to fuel the demand for deposit
control additives over the forecast period. However, cold flow improvers are
expected to be the fastest growing product segment at an estimated CAGR of 7.9%
from 2014 to 2020. Positive outlook on biodiesel demand, especially in regional
markets of North America and Europe is expected to boost cold flow improver
sales over the next six years. The global demand for cetane improvers is
projected to reach 209.6 kilo tons by 2020, at an estimated CAGR of 5.7% from
2014 to 2020.
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Further Key findings from the study suggest:
- The global market for specialty fuel additives was 1,383.4 kilo tons in 2013 and is expected to reach 2,066.4 kilo tons by 2020, growing at a CAGR of 46% from 2014 to 2020.
- Gasoline dominated the global application market for specialty fuel additives, accounting for 46.2% of total market volume in 2013. High gasoline demand, mainly in the U.S. is expected to drive the demand for specialty fuel additives used in gasoline. However, owing to surging demand for ULSD, diesel is expected to surpass gasoline to emerge as the leading application market for specialty fuel additives by 2020. On the aforementioned factors, diesel is also expected to be the fastest growing application market for specialty fuel additives at an estimated CAGR of 6.5% from 2014 to 2020.
- North America dominated the global market for specialty fuel additives and accounted for 27.8% of total market volume in 2013. Clean fuel program initiated by the U.S. EPA is expected to drive the regional demand for specialty fuel additives. However, rapid strides by countries such as India and China in fuel consumption are expected to turn Asia Pacific as the most attractive market which is projected to grow at an estimated CAGR of 7% from 2014 to 2020. In addition, Asia Pacific is expected to surpass North America to become the largest market for specialty fuel additives by 2020.
- Global market for specialty fuel additives is moderately concentrated with top four companies including NewMarket, Innospec, BASF and Infineum accounting for 48.5% of total market in 2013. Other companies operating in the global specialty fuel additives market include, Lubrizol, Baker Hughes, Chevron Oronite, Albemarle, Chemtura, Clariant, Dow Chemical Company, Evonik Industries, Eurenco, Total Additives & Special Fuels, Dorf Ketal and NALCO Champion among others.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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