- The specialty fuel additives market is likely to cross USD 8 million by 2020. Increasing environmental concerns owing to emission of poisonous gases into the atmosphere has driven various governments to add these additives to transportation tools.
The market stood over 1, 380 kilo tons in 2013. It would exceed 2, 065 kilo tons by 2020. The specialty fuel additives market is estimated to grow at a CAGR over 46% from 2014 to 2020. These additives improve the efficacy of distillate fuels, diesel, gasoline, and others.
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The global market is focused on product developments and technological innovations. Both these factors lead to escalation in the performance and efficiency of fuels. These also assist in reducing environmental hazards. Augmenting gasoline consumption especially in the U.S. is likely to remain a major specialty fuel additives market propeller.
Rising diesel consumption in European and Asian countries would also steer market sales. General additives are divided on the basis of specialty fuel additives and raw material-based oxygenates. Some of the market products comprise lubricity enhancers, fuel anti-oxidants, deposit control stabilizers, and fuel system icing inhibitors.
The remaining ones include oxidization inhibitors, cold flow enhancers, metal deactivators, and cetane number enhancers. The dominating product in 2013 was deposit control stabilizers. This segment contributed over 39% of the market volume. The second largest product was cetane number enhancers. This product accounted for over 10% of the market volume.
Cold flow enhancers will display fast expansion over the forecast period. The applications of the specialty fuel additives market are petroleum additives, aviation turbine fuel additives, diesel additives, and others. Enhanced demand for specialty fuel additives across these applications would propel market income.
Diesel additives would be the biggest application in the coming five years. This will be on account of boosting consumption of fuel in Asia Pacific and accentuating demand for ultra-low sulfur diesel. The geographical regions into which the market is sliced are Asia Pacific, North America, rest of the world, and Asia Pacific.
North America occupies the leading share. Europe and North America are developed regions and have attained saturation. The Asian Pacific specialty fuel additives market will show reasonable expansion in the five years ahead.
Information Source: Grand View Research
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