Global Aftermarket Fuel Additives Market: Snapshot
Stringent regulations predominantly in developed countries that monitor vehicular emissions to be within permissible limits is having a positive impact on the global aftermarket fuel additives market. For instance, in the U.S., the Environment Protection Agency has enforced regulations for reducing vehicular norms and to improve the efficiency of prevalent fuels. This accounts for significant demand for aftermarket products in the U.S.
Aftermarket fuel additives offer a number of advantages which include performance of gasoline and diesel fuel in vehicles and to address vehicular issues pertaining to engine performance, lost fuel economy, poor drivability, and excessive emissions. Apart from this, aftermarket fuel additives are also used for preemptive maintenance of components in vehicles, which helps to enhance overall efficiency.
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Proving to be a roadblock to the growth of global aftermarket fuel additives market are low awareness about aftermarket products among consumers and non-availability of aftermarket products as a retail product in developing countries.
As per a report by Transparency Market Research, the global aftermarket fuel additives market is poised to expand at a CAGR of 7.2% for the forecast period between 2017 and 2025. If the figure holds true, the global aftermarket fuel additives market will become worth US$1,167.9 mn by the end of 2025 from its evaluated worth of US$628.64 mn in 2016.
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Benefits of Improving Engine Performance Account for Leading Demand of Deposit Control Product
The report studies the global aftermarket fuel additives market on the basis of product type, fuel type, end-user, and geography. The segments of the global aftermarket fuel additives market depending upon product are octane booster, cetane improver, corrosion inhibitor, antioxidants, deposit control, cold flow improver, combustion improver, anti-icing, dehazer/demulsifier, biocide, and others. Amongst these, deposit control is employed the most as it unclogs deposits from injector nozzle that affects engine performance.
On the basis of fuel type, the report segregates the global aftermarket fuel additives market into gasoline, diesel, and others. In terms of end-user, the segments into which the global aftermarket fuel additives market is divided in this report are automotive, oil and gas, and others. The segment of automotive is further sub-segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
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Efforts to Reduce Vehicular Emissions Account for High Growth Rate in Asia Pacific in Future
Geography-wise, the global aftermarket fuel additives market is studied across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Vis-à-vis revenue, North America led the global aftermarket fuel additives market in 2016, followed by Europe. The two regions collectively held more than 50% of the overall market in terms of revenue in the same year. However, North America and Europe are expected to display declined share in the market over the forecast period.
Asia Pacific, however, is expected to surpass in terms of growth rate between 2017 and 2025. Expansion of the Asia Pacific aftermarket fuel additives market is owing to economic development and increasing enforcement of norms for reducing vehicular emissions and to increase fuel efficiency in several countries in the region.
Latin America and the Middle East and Africa are relatively small markets for aftermarket fuel additives. However, the demand for aftermarket fuel additives is expected to rise in these regions in the upcoming years. These regions exhibit potential for the growth of the aftermarket fuel additives market due to the expansion of the automotive industry and rising opportunities in the oil and gas industry.
