Rising biofuel consumption coupled with growing need to control green house gas emission is anticipated to drive specialty fuel additives market
The market size of specialty fuel additives market is anticipated to cross USD 10.4 billion till 2023, with a CAGR of 6.8% between the years 2016 to 2023 as per the study done by Global Market Insights. These additives are chemical formulations which enhance the preferred properties of the fuel. Emphasis on bio fuel will work as a driving force for the growth of this market. Worldwide consumption of ethanol was 297.91 million gallons in the year 2007, and touched 513.04 million gallons in the year 2011. Likewise, annual consumption of biodiesel was 63.77 million gallons in the year 2007 and reached 151.18 million gallons by 2011.
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Emergence of standards for controlling emissions especially in countries like U.S., China, and EU, will propel specialty fuel additives trend which is projected to touch 2,482 kilo tons till 2023. Possibility of getting a good upsurge in this market is high as the world is looking for substitute of LPG and CNG and these additives can act as best replacements. Size of deposit control additives market is anticipated to touch 3,829 kilo tones till 2023 with a CAGR of 6.4%. These controllers are employed in various types of fuels and are used to restrict formation of deposit on injectors. Cetane improvers (CI) are mixed with fuels for improving their Cetane number, thereby accelerating performance. It is projected that the market of Cetane will cross 975 million till 2023.
Along with Cetane and Deposit control, cold flow improvers will take a giant leap in specialty fuel additives market share. It is expected to have 8% growth in volume and more than 7.5% of overall consumption of volume till 2023. Gasoline additives are expected to touch 1,100 kilo tones till 2023. Diesel is heavier than gasoline, and releases poisonous gases in the environment, thus everyone’s attention is moving towards fuel additives market. Countries like India, China, Indonesia, Pakistan and Thailand have greatest consumption of diesel and owing to its toxic emission specialty fuel additives market are gaining high demand and are growing at a CAGR of 6.7% till 2023.
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Let’s take a look on some of the highlighting figures of fuel additives market. U.S. market is predominantly captured by gasoline and is anticipated to touch 2.5 billion till 2023. Europe market size was USD 1.58 billion in the year 2015 and is likely to rise with a CAGR of 5.9% in near future. Middle East market will go beyond 1.3 billion till 2023.