Fuel Additives Market

Afton Chemical Corporation (US) and Innospec Inc. (US) are the Leading Players in the Fuel Additives Market

The fuel additives market size and is projected to reach USD 8.7 billion by 2023 from USD 7.4 billion in 2018, at a CAGR of 3.1% between 2018 and 2023. Stringent governmental regulations for emission control is the key driver for the fuel additives market. On the other hand, huge investments in R&D is likely to restrain the growth of the fuel additives market during the forecast period.

The players in the fuel additives market are mainly concentrating on new product launch, acquisition, and expansion to meet the growing demand for fuel additives from various applications. The strategy of new product launches helps companies strengthen their product portfolio and meet the specific demands of customers.

The growth of the fuel additives market has been largely influenced by new product launch, acquisition, and expansion that took place between 2016 and 2018. Companies such as Innospec Inc. (US), Afton Chemical Corporation (US), Evonik Industries AG (Germany), BASF SE (Germany), Lanxess (Germany), Dorf Ketal Chemicals (India), and Chevron Oronite Company LLC (US) adopted these strategies to enhance their product offerings.

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Afton Chemical Corporation (US) is one of the leading players in the fuel additives market. The company, through its wide range of product portfolio, is able to cater to the specific needs of customers. The company has made a large number of expansions, which have enabled it to strengthen its position in the fuel additives market. For instance, in September 2018, the company completed the expansion of its chemical additive manufacturing facility in Jurong Island, Singapore. This helped the company strengthen its presence in the Asian market. Moreover, In January 2017, the company completed the acquisition of Mexico-based a petroleum additives manufacturing, sales, and distribution company, Aditivos Mexicanos, S.A. de C.V. (AMSA). This helped Afton Chemical Corporation enhance its presence in the Mexican fuel additives market.

Innospec Inc. (US) is another leading manufacturer of fuel additives. The company has adopted new product launch as a part of its growth strategy. For instance, In November 2018, the company launched new gasoline additive technology for direct injection gasoline engines. This helped the company gain additional market share. In October 2018, the company also launched a new range of marine fuel additives that comply with new regulations for the maximum sulfur content of marine fuels.

Related Reports:

Fuel Additives Market by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors), Application (Diesel, Gasoline, Aviation Fuel) Global Forecast to 2023

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Report Code
CH 2536
RI Published ON
5/6/2019
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