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Specialty fuel additives are one of the most prolific innovations of liquid engineering as well as material science, giving natural fuel sources additional properties. While fuel additives are mainly associated with additives to gasoline and oil-based fuels, the revolution around additives has a broader impact of being able to change, alter or boost specific attributes of a fuel whether liquid, solid or gas. Specialty additives are developed to increase combustion rates, as anti-oxidants, to effect burn rates, to enable fuels to work under harsh temperatures, reduce harmful emissions and more. Over the years, numerous hybrid compounds and blends have been engineered to create better fuels for industries and commercial use. The global specialty fuel additives market has gained sustainable growth owing to increasing demand for clean & efficient fuel. Furthermore, the overall market is also being propelled by the swiftly increasing demand generated from emerging countries.
stringent environmental regulations and growth of the automotive industry are some of the major factors responsible for this growth. The market is further boosted by technological advancements in specialty fuel additives by various vendors across the globe. Some of the prominent trend witnessed by the market includes increase in demand for ultra-low-sulphur diesel (ULSD) in specialty fuel additives. However, the global specialty fuel additives market is hampered by stagnant demand for high-end gasoline and availability of alternate fuels. Moreover, huge investment in research & development and technology are also creating an aversion among vendors regarding certain specialty fuel additives. The report analyses the specialty fuel additives market based on products, application and geography. Based on product, the global specialty fuel additives market is segmented into deposit control additives, cetane improvers, antioxidants, lubricity improvers, cold flow improvers, corrosion inhibitors, others (metal deactivators, octane enhancers etc.). Among all products, the deposit control additives accounted for the largest share of the specialty fuel additives market. Deposit control additives are used in gasoline and diesel to control and remove deposits such as soot and sludge which cause harm to the vehicle engine and reduce performance. Increasing global motor vehicle production will positively impact specialty fuel additives market share.
Based on application, the specialty fuel additives market is divided into gasoline, diesel, aviation turbine fuel and others. The diesel segment is projected to account for the largest share in 2024, growing at the highest CAGR over the estimate period on account of rising demand for ultra-low-sulphur diesel. Moreover, cumulative gasoline intake majorly in the United States and China is expected to remain a significant driving factor for specialty fuel additives in gasoline applications. By geography, specialty fuel additives market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions which includes Latin America, and Middle East & Africa. North America is estimated to account for the largest share, followed by Asia-Pacific and Europe. Factors such as rising environmental regulations coupled with increasing demand for biofuels are fuelling the growth in North America. In addition to this, the demand for specialty fuel additives is increasing in emerging markets such as China and India due to rising disposable income and reforms in foreign policies. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to rapid industrialization, demand for increasing efficiency, and implementation of stringent emission control regulations. Furthermore, China is projected to grow at a lucrative growth rate over the estimate period.
Some of the market players in the specialty fuel additives market include Albemarle Corp, Baker Hughes Inc., BASF SE, Chemtura Corporation, Chevron Oronite Company LLC, Clariant Corporation, Evonik Industries AG, Infineum International Ltd., Innospec Inc., The Dow Chemical Company, The Lubrizol Corporation, TOTAL SA among others. New product launches and endorsements are the key growth strategies adopted by major players to reinforce their positions in the international market. Furthermore, strategies such as expansions, as well as partnerships and agreements were also implemented by numerous market players to expand their R&D competences and geographic presence in the global market. The report gives a summary of key market forces boosting and restraining market growth. Furthermore, the report also helps to identify and analyse the emerging trends along with major drivers, challenges and opportunities in the global specialty fuel additives market.
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