Home >> News >> Specialty Fuel Additives Market will be growing at a CAGR of 5.8% during the forecast 2019 to 2027

Specialty Fuel Additives Market will be growing at a CAGR of 5.8% during the forecast 2019 to 2027

The latest market report published by Acute Market Reports, Inc. “Specialty Fuel Additives Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Specialty Fuel Additives market was valued at US$ 7.13 Bn in 2018 and expected to reach US$ 11.20 Bn by 2027 at a CAGR of 5.8% throughout the forecast period from 2019 to 2027. 

Market Insights

“Increasing usage for specialty fuel additives to reduce emission will spur revenue growth during the forecast period” 

With rising inflation in prices of fuel globally customers continue to scramble the ways to increase fuel efficiency. The rising need to clean and remove the harmful deposits on engines proliferates the demand for specialty fuel additives market globally. The combination of benefits offered by specialty fuel additives including petroleum conservation, exhausts emission, enhanced safety, cost-saving, and performance enhancement among others are burgeoning the demand of the specialty fuel additive market. Moreover, rising spending on research and development of fuel additives coupled with changing regulatory norms are further propelling the market growth. However, the development of new additives to satisfy the demand for current and future fuels incurs significant costs. This, in turn, hampers the growth of the specialty fuel additives market. 

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/specialty-fuel-additives-market

Additionally, the demand for specialty fuel additives in the aviation industry for deposit control additives, and cleanliness additives among others are driving the demand of the market. Many countries have also adopted biofuels mandates as a way to reduce the consumption of petroleum products. In order to meet regulatory standards of biofuel levels, many countries are anticipated to increase the level of ethanol and biodiesel. However, the increase in demand for substitute products such as CNG, LPG, and electric vehicles are factors anticipated to hinder the market growth. 

Industrial Developments 

In June 2018, Dorf Ketal Chemical Limited announced the launch of a new fuel performance additive product line. This, in turn, will help the company to further expand its product portfolio and market penetration. 

Key Market Movements

• In 2018, the global specialty fuel additives market accounted for US$ 7.13 Bn and continues to expand at a CAGR of 5.8%. It is estimated to reach US$ 11.20 Bn by 2027.

• Based on the application, the market is classified into aviation fuel, diesel, gasoline, and others. Diesel segment dominated the global market followed by gasoline. The preference of gasoline-powered vehicles especially in the North America region due to significant price difference is driving the growth of the gasoline segment.

• The global shift towards electric vehicles in both developed and developing economies act as a challenge for the market growth of specialty fuel additives market.

• Asia Pacific region anticipated to witness significant growth in the global specialty fuel additives market and may overtake North America in the years to come. This can be associated with rapid industrialization in the emerging nations of the region due to the liberalization of foreign trade and investments and changing industrial policies. This, in turn, is positively influencing the demand for the specialty fuel additives market. 

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List of Companies Covered:

• Innospec Inc.

• Afton Chemical Corporation

• Evonik Industries AG

• Cummins Inc.

• Dorf Ketal Chemicals Limited

• BASF SE

• Lubrizol Corporation

• Chevron Oronite

• Dow Chemical Company

• Baker Hughes

• Chemtura

Market Segmentation: 

By Product Type Segment

 • Cetane Improvers

 • Antioxidants

 • Deposit Control Additives

 • Lubricity Improvers

 • Cold Flow Improvers

 • Others (Corrosion Inhibitors)

 By Application Segment

 • Aviation Turbine Fuel

 • Gasoline

 • Diesel

By Geography Segment

 • North America (the U.S., Rest of North America)

 • Europe (U.K., Germany, Russia, Rest of Europe)

 • Asia Pacific (Japan, China, India, Rest of Asia Pacific)

 • Rest of the World (the Middle East & Africa, Latin America)

Access Free Sample Copy of Research Report: https://www.acutemarketreports.com/sample-request/60215

About Acute Market Reports (Original Publisher)

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