Fuel Performance Additives Market Analysis, Segmentation, Industry Outlook, and Forecasts, 2030

Rapid advancements and innovation in fuel performance additives cleaning technologies is a major factor driving market revenue growth

VANCOUVER, BC, CANADA, July 5, 2023/EINPresswire.com/ -- The Global Fuel Performance Additives Market size was USD 6.01 Billion in 2021 and is expected to register a revenue CAGR of 4.15% during the forecast period, according to latest analysis by Emergen Research. Favorable government regulations to enhance fuel efficiency is a major factor driving market revenue growth. Fuel additives are substances, which improve performance and quality of fuels used in automobiles. They enable use of higher compression ratios for improved economy and power by raising octane rating of a gasoline, acting as corrosion inhibitors or lubricants, or both. Fuel additives have several advantages for engines that go far beyond simple fuel system cleansing. Popular products include additives that claim to improve gas mileage, especially, when gas prices climb. Fuel injection cleaners remove carbon buildup on fuel injectors, which reduces gas mileage. This issue is more prevalent in certain high-end vehicles with overhead cam setups, which can cause additional carbon buildup.

In addition, increasing investments by major manufacturers and startup companies is also driving market revenue growth. For example, BASF SE has begun producing fuel performance additives, at its Pudong facility in Shanghai, China. The new facility meets rising regional market growth for fuel additives and offers customers in Asia more supply security and supply flexibility. This facility has recently been incorporated into BASF's global network, enhancing its regional manufacturing presence in Asia.

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Key Companies Profiled in the Report:

BASF SE

Evonik

Afton Chemical

LANXESS

The Lubrizol Corporation

Dorf Ketal

Cummins Inc.

Chevron Corporation

ChemPoint

Solvay

Dow

However, high price of fuel performance additives, price fluctuations, and rising demand for alternative fuels for hybrid vehicles are major factors hampering revenue growth of the market. In addition, rising aviation fuel prices is also restraining revenue growth of the market. Jet fuel prices typically fluctuate owing to their seasonal demand. For instance, demand for petroleum rises in the U.S., during the thanksgiving holidays, as more people drive distances to meet their families.

Some Key Highlights From the Report

The gasoline segment accounted for largest revenue share in 2021. Main purpose of gasoline additives is to improve a vehicle's performance and fuel efficiency by cleaning fuel injectors, controlling engine knocking to reduce exhaust emissions, and preventing fuel line corrosion. All these activities contribute significantly to increasing engine's durability while also raising performance and fuel efficiency.

The octane boosters segment accounted for a significant revenue share in 2021 owing to rising demand from refineries to achieve octane number criteria since they are cost-effective.

The North America market accounted for largest revenue share in 2021 due to rising demand for advanced fuel performance additives from the aerospace and automotive industry. In addition, rising demand for advanced fuel performance additives from the agriculture industry is also expected to drive market revenue growth in this region.

On 06 November 2022, Rotary introduced fuel stabilizers and additives for light engines. The 2023 Master Parts Catalog from Rotary includes a full range of products, such as STA-BIL, Ethanol Shield, PRI-G, Sea Foam, B3C, Helix, and pre-mixed VP Fuels. Techron, a fuel treatment for Powersports and small engine fuel systems that stabilize fuel for up to two years with corrosion protection, is one of a few new products. The alcohol-free composition eliminates gum and varnish buildup, removes carbon deposits, and prevents formation of new deposits.

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Emergen Research has segmented the global fuel performance additives market based on type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2019–2030)

Deposit Control Additives

Lubricity Improvers

Antioxidants

Cold Flow Improvers

Anticorrosion

Cetane Improvers

Antiknock Agents

Gasoline Stabilizers

Octane Boosters

Others

Application Outlook (Revenue, USD Billion; 2019–2030)

Gasoline

Aviation Fuel

Diesel

Others

End-use Outlook (Revenue, USD Billion; 2019–2030)

Chemical & Petrochemical

Automotive

Oil & Gas

Power & Energy

Food & Beverages

Others

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Regional Outlook (Revenue, USD Billion; 2019–2030)

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Radical Highlights of the Fuel Performance Additives Market Report:

Comprehensive overview of the Fuel Performance Additives market along with analysis of the changing dynamics of the market

Growth Assessment of various market segments throughout the forecast period

Regional and global analysis of the market players, including their market share and global position

Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market

Impact of the technological developments and R&D advancements on the Fuel Performance Additives market

Information about profit-making strategies and developmental strategies of major companies and manufacturers

Insightful information for the new entrants willing to enter the market

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