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Specialty Fuel Additives Market in North America to reach US$6 Bn by 2023

Author : Ronak Bora | Published Date : 2019-04-03 

North America specialty fuel additives Market is set to grow over USD 6 billion by 2023. Regulatory initiatives by U.S. Environment Protection Agency against rising gasoline and diesel consumption will boost the industry growth. Gasoline fuel additive industry will witness maximum gains at over 6% by 2023.

Europe Specialty fuel additives market is set to grow at over 5% by 2023. Focus towards the expansion of additive production to meet the standards governed by regulatory agencies will augment the industry. Climate Action – European Commission target of reducing carbon emission to 40% from vehicles will drive the industry growth.

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Resource availability in China coupled with expansion of automotive sector will enhance the Asia Pacific specialty additive industry growth. Increasing commercial vehicles in developing countries will boost the demand for Diesel consumption. Diesel additives market will witness maximum regional growth at over 8% by 2023.

Middle East and Africa specialty additives market will witness significant growth at over 6% by 2023. Government of Dubai initiated the adoption of EURO IV standards for public buses to promote sustainable environment.

Deposit control specialty fuel additives market is set to grow over 6% by 2023. Increasing vehicle manufacturing facilities will positively impact the business growth. Global motor vehicle production form 80 million units in 2011 to 90 million units in 2015. Cetane number is the most important component of a fuel. Improvers are added to diesel to reduce ignition delays in engine. Global cetane improvers market is set to exceed USD 970 million by 2023 subject to increased ultra-low sulfur diesel consumption.

Gasoline fuel additives market is projected to surpass 1,100 kilo tons of consumption by 2023. Top Tier Detergent Gasoline (TTDG) formation will drive the business growth in the U.S. TTDG is a performance specification designed and followed by automobile manufacturers. Diesel application will witness substantial growth in the Asia Pacific with projected gain of over 6% by 2023 subject to significant diesel consumption in Asia, primarily in China, India and Indonesia.

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Specialty Fuel Additives Market is set to exceed USD 10 billion by 2023. Growing high toxic emissions subject to increasing diesel and gasoline fueled vehicles will drive the specialty fuel additives market. Rising adoption of biofuel as an additive will boost the industry growth. Global annual consumption of ethanol as an additive to gasoline has increased from 21.8 billion gallons in 2012 to 25.6 billion gallons in 2015. Shift towards the adoption of cleaner fuel with low sulfur content requires specialty fuel additive that includes cold flow improvers. Protection of fuel distribution and storage systems will demand the adoption of corrosion inhibitors which is a type of additive.

Notable industry participants in LNG bunkering industry are Infineum, New Market, BASF, Innospec, Angus, Afton, Albemarle, Baker Hughes, Chemtura, Evonik, Chevron Oronite, EURENCO, Clariant International and Lubrizol.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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