“Stringent emission regulations worldwide drives the automotive aftermarket fuel additives market”
The global market of the automotive aftermarket fuel additives is estimated to reach USD 1,387.0 million by 2021 at a CAGR of 7.15%. Governments all over the world are pressing harder for stringent environmental regulations. The U.S. Environmental Protection Agency (EPA) has been regularly modifying and enforcing several norms for vehicular emissions and also for improving the efficiency and prevalent quality of the fuels used. For example, the Clean Air Act (CAA) of the U.S. is an exhaustive federal law which regulates air emissions from mobile and stationary sources. This law also authorizes the EPA to establish National Ambient Air Quality Standards (NAAQS) to protect public welfare and health and also to regulate emissions of hazardous air pollutants. Also, the European Union (EU) framework has emission regulations for van trucks, coaches, buses and cars. For light duty vehicles (cars and vans), the current standard is Euro 6 while that for heavy vehicles, it is Euro VI.
Whereas, high R&D costs involved in terms of man hours, technology and materials hampers market growth. Moreover, the introduction of Alternative Fuel Vehicles (AFVs) such as electric cars prove a restraint for this market.
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“Cetane improvers: The fastest growing segment in the automotive aftermarket fuel additives market”
The cetane improver is the fastest growing segment of the global automotive aftermarket fuel additives market. The high growth is attributed to its use to improve the cetane count of the fuel. The increase in cetane number, especially in cold regions, shortens the ignition delay period for the fuel. It is always better therefore that fuel has a relatively high cetane count.
“Diesel fuel additives to experience maximum growth”
The fuel additives market has been driven by diesel fuel additives and will continue to do so in the future. This is due to the robust growth of demand for diesel fuel additives from regions such as the Asia-Pacific and Europe. Diesel fuel additives are the most used fuel additives due to the increased demand for Ultra Low Sulphur Diesel (ULSD), which requires heavy dosages of additives.
“4S stores, big stores and e-commerce are the preferred distribution mode for this market”
In North America and Europe, big stores and 4S stores are the major supply channels for this market. Whereas in the Asia-Pacific region, 4S stores and gas stations are the most preferred supply channels. E-commerce is expected to exhibit high growth as compared to other distribution channels, due to high internet penetration among consumers.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews is given below.
• By Company Type – Tier 1 – 20%, Tier 2 – 32%, and Others – 48%
• By Designation – C level – 18%, Director level – 27%, and Others – 55%
• By Region – North America – 35%, Europe – 30%, Asia-Pacific – 20%, the Middle East & Africa – 10%, and South America – 5%
The key companies profiled in this market research report are Afton Chemical Corporation (U.S.), Chevron Oronite Company LLC. (U.S.), Total S.A. (France), BASF SE (Germany), Lucas Oil Products, Inc. (U.S.), Ashland Inc. (U.S.), BG Products, Inc. (U.S.), Lubrizol Corporation (U.S.), and Infineum International Ltd. (U.K.).
Related Report:
Fuel Additives Market by Application (Diesel Gasoline Aviation & Others) by Type (Deposit Control Antioxidant Corrosion Inhibitor Lubricity & CETANE Improvers & Others) and by Regions - Global Trends & Forecasts to 2020
Fuel additives market to reach USD 8.62 billion by 2020
The global market of fuel additives is projected to reach USD 8.62 billion by 2020 witnessing a CAGR of 6.9% between 2015 and 2020. Fuel additives are projected to witness tremendous growth between 2015 and 2020 driven by increasing demand for efficient and clean fuel for better performance of vehicles and less greenhouse gas (GHG) emissions across the globe.
Diesel fuel application to dominate the market among all applications
Diesel fuel application is projected to account for the largest market size among all the applications and is estimated to register market share of 65% in 2020. The fuel additive for diesel fuel application is witnessing a high growth due to the increasing demand for Ultra Low Sulfur Diesel (ULSD) across the globe. The ULSD requires extra dose of fuel additives.
Read More: https://watchersofmarkets.com/products/fuel-additives-market-by-application-diesel-gasoline-aviation-others-by-type-deposit-control-antioxidant-corrosion-inhibitor-lubricity-cetane-improvers-others-and-by-regions-global-trends-forecasts-to-2020
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