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Key Players Made Expansions/Investments and Product Development their Key Growth Strategies in the Global Automotive Aftermarket Fuel Additives Market
Storage or transportation of fuels can lead to corrosion or oxidation, causing the deterioration of their properties. Fuel additives added to fuels prevents this deterioration during storage and transportation. They are injected into fuels in small concentrations ranging from several ppm to several thousand ppm. The global automotive aftermarket fuel additives (AFA) market is expected to reach USD 1,387.0 Million, by 2021, at a CAGR of 7.15%, from 2016 to 2021. The rising sale of automotives and stringent emission regulations focusing on improving fuel efficiency are the key factors fueling the demand for automotive aftermarket fuel additives around the world.
The key companies profiled in this report include Afton Chemical Corporation (U.S.), BASF SE (Germany), Chevron Oronite Company LLC. (U.S.), Total S.A. (France), Innospec Specialty Chemicals (U.S.), Lucas Oil Products, Inc. (U.S.), Ashland Inc. (U.S.),and BG Products, Inc. (U.S.). The surging demand for fuel additives has encouraged companies to adopt several business strategies to remain competitive in the global market, between 2013 and 2016. Therefore, companies, such as Afton Chemical Corporation (U.S.), Chevron Oronite Company LLC. (U.S.), and BASF SE (Germany) have made expansions/investments and product development their key growth strategies in the global automotive aftermarket fuel additives market.
Afton Chemical Corporation (U.S.) is a leading supplier of industrial additives and packages. Its global coverage helps the company to maintain contact with various industry groups, their customers and OEM partners. The alternative solutions and leading-edge technology provided by the company, helps its customers to always maintain a forefront in their industry sectors. Afton Chemical Corporation adopted expansions and investments as its key strategies in the global automotive aftermarket fuel additives market. For instance, in 2016, Afton Chemical Corporation (U.S.) expanded its chemical additive manufacturing facility in Jurong Island in Singapore. In June 2016, the company also invested in a petroleum additive facility at Bayer Industrial Park, Rio de Janeiro.
BASF SE (Germany) leads in the core chemical and catalyst technologies which helps the company to create practical solutions, further expediting the achievement and performance of the additives. The company has strong manufacturing operations across different regions, supported by global infrastructure which provides it a balanced portfolio of products and services. BASF has adopted product development as its key strategy in the global automotive aftermarket fuel additives market. In September 2015, BASF SE (Germany) launched a new and improved fuel additive, KuaiLePao which will help to keep engines clean and also enable better fuel economy. This product is available at car body shops in China and also has its presence at online stores. The company is promoting greater consumer awareness about fuel additives in China. This awareness will help in solving the problems of deteriorating air quality caused partially due to vehicular exhaust emissions.
Automotive Aftermarket Fuel Additives Market by Application (Gasoline, Diesel), Distribution Channel (Big Stores, 4S Stores, Unauthorized Centers, Gas Stations, and so on), Supply Mode - Global Forecast to 2021
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