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Fuel additives market: Expected to experience dynamic growth due to increased fuel demand in emerging regions
Globally, the demand for fuels is ever-increasing and so is the demand for fuel additives. The benefit of using fuel additives is that they help to meet the increasingly stringent environment norms as different countries are implementing regulations to control emissions. Rigorous environmental regulations along with increasing demand for clean & efficient fuel, and depleting crude reserves are the main market drivers of the fuel additives market.
The fuel additives market has no specific set of raw materials or ingredients. Every fuel additive is different from the other in many ways and every manufacturer uses own set of raw materials and ingredients to manufacture these additives. The industry also lacks the need for bulk supplier; the raw materials used in bulk are very general chemicals like hydrocarbons and certain common metals like magnesium, cerium, and so on. It is very easy for manufacturers to get raw material. Moreover, large quantities of the ingredients are being sold in the open market, which implies that it would be easy for fuel additives producers to switch suppliers.
Expansion is a popular growth strategy among the players in the fuel additives market. The fuel additives manufacturers are focusing on expansion activities to cater to the increasing demand for fuel additives in various end-user industries in the emerging economies. The companies are also increasing their R&D activities, to develop new products such as bio-based fuel additives and Ultra Low Sulphur Diesel (ULSD), and to improve their production technologies. Some of the fuel additives manufacturers are acquiring other companies to increase their market share and strengthen their market condition. At the same time, the companies are forced to increase the price of their fuel additives-based products, due to an increase in the price of raw material and energy costs.
There are many global players that operate in this market. Leading players of this industry have been profiled with their recent developments and other strategic industry activities. These include, The Lubrizol Corporation (U.S.), Innospec Inc. (U.S.), Afton Chemical Corporation (U.S.), Infineum International Ltd (U.K.), Fuel Performance Inc. (FPS) (U.S.), BASF Corporation (Germany), Cerion Energy (U.S.), Chevron Oronite Company LLC (U.S.), Cummins Filtration Inc. (U.S.), Chemtura Corporation (U.S.), Total Petrochemicals and Refining (France), Evonik Industries AG (Germany), Dorf-Ketal Inc.(India), and Albemarle Corp.(U.S.)
Fuel Additives Market by Applications (Diesel, Gasoline & Aviation), Types (Deposit control, Antioxidant, Corrosion inhibitor, Lubricity & Cetane improvers and others) - Global Trends & Forecast to 2019
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