The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Specialty Fuel Additives Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Specialty Fuel Additives Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Specialty Fuel Additives Market are thoroughly studied in the presented market study.
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Growing demand for fuel efficiency continues to remain a key reason contributing towards growth of the global specialty fuel additives market positively. However, imposition of government regulations is predicted to inhibit demand for the specialty fuel additives significantly. A recently compiled report by Fact.MR reveals that the global market of specialty fuel additives is predicted to register a CAGR of 4.9% throughout 2024.
Factors Fuelling Growth of the Global Market
Growth of the global specialty fuel additive market is expected to be bound by several macro and micro economic factors. Surge in demand for fuel efficiency is projected to influence growth of the global specialty fuel additive market positively. Demand for the specialty fuel additives is projected to remain concentrated in the automotive and aviation industry. Specialty fuel additive such as catene improvers continue to witness steady demand attributed to increasing rust and gum formation in the automotive industry.
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Over time, engine in the automotive products accumulate deposits in the intake ports and valves. Increasing accumulation of harmful deposits continue to hinder the operating efficiency of the automotive products. Accumulated deposits could restrict the airflow in the exhaust system, and the combustion chamber. Specialty fuel additives is likely to witness considerable demand for removing and cleaning of the harmful deposits accumulated in the engine of the automotive products. Further, demand for the specialty fuel additives such as catene improvers continues to be concentrated in the automotive and aviation industry in order to protect the equipment from rust and gum formations. Catene improvers, corrosion inhibitors and oxidation inhibitors witness moderate demand in the aviation and automotive industry to ensure protection from gum and rust formations.
While the outlook on specialty fuel additive remain positive, growing concerns regarding products that contribute towards pollution has led to shift in consumer preferences. Imposition of government regulations regarding environment-friendly products is likely to inhibit demand for the specialty fuel additives in the global market. Moreover, the specialty fuel additives does not feature in the approved list of products by the environment protection agency (EPA). This is likely to inhibit demand for the specialty fuel additives in the automotive and aviation industry. Change in consumer perspective and lack of government support can dip in global sales of the specialty fuel additives.
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Catene Improvers to Represent a Leading Segment
Cetane improvers are likely to sell more than the deposit control additives globally. However, demand for antioxidants is likely to grow at a relatively high pace in the global market. Currently, the cetane improvers segment is projected to represent more than US$ 600 Mn by 2024-end.
By application, the diesel specialty segment is projected to represent more than US$ 500 Mn in the global market of fuel additives by 2024-end. Sales of specialty fuel additives is likely to remain high in the diesel specialty products is projected to remain high as compared to gasoline products during the forecast period. Further, the diesel specialty application type segment is projected to register a relatively high CAGR in the global specialty fuel additive market through 2024.
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Market Players
Major players in the global market of specialty fuel additive are Chevron Corp., BASF SE, Ashland Inc., Berkshire Hathaway, Inc., Evonik Industries AG, ExxonMobil Corporation, E. I. du Pont de Nemours and Co, The Dow Chemical Company, Baker Hughes, a GE Co., and Afton Chemical Limited.
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