Specialty fuel additives are chemical compounds formulated to improve fuel quality and efficiency. Specialty fuel additives help in burning of the fuel within the cylinder after combustion and help in knocking. The engine operates smoothly as a result of the impact resistance of special fuel additives. Antifreeze treatment chemicals, cold flow additives, and fuel antioxidants are the most widely used specialty fuel additives in various end-use sectors. The increase in popularity of the biofuel industry as well as a strong focus on improving fuel efficiency, particularly in terms of efficiency and emissions, promote the development of the global specialty fuel additive market.
COVID-19 Impact Analysis
- The COVID-19 outbreak has widely disrupted the automotive industry. It has resulted in the shutdown of manufacturing facilities and decline in the sales volume. Furthermore, the demand for both commercial and passenger vehicles exhibited a decline in 2020. Furthermore, the pandemic has led to the disruption of the supply chain and the decline of oil prices. All these factors have hampered the growth of the fuel additive market. The budget allocation for R&D is likely to be less, which hampers the innovation in specialty fuel additives market. However, companies are taking precautionary measures to tackle the adverse effects of the outbreak.
Top Impacting Factors
Stringent government regulations, rise in high toxic emissions due to expansion in the manufacturing sector and increase in ethanol consumption drive the growth of the global specialty fuel additives market.
Growth in demand of hybrid vehicles, increase in battery price parity and surge in usage of alternative fuels like compressed natural gas (CNG) and liquid petroleum gas (LPG) hinder of the global specialty fuel additives market.
Increase in demand for ultra-low-sulfur diesel (ULSD) provides lucrative opportunities for the global specialty fuel additives market.
Market Trends
Growing Demand for Multifunctional Fuel Additives
- Specialty fuel additives are chemical compounds intended to improve fuel quality and efficiency. To maintain the leading position, specialized fuel additives manufacturers are focused on developing solutions that will help in protecting and improving fuel e quality in storage systems, throughout distribution, and throughout transportation. There is a significant increase in the consumption of biofuels in recent years. The high production cost, however is the biggest challenge in using biofuels. Manufacturers are using effective strategies such as the use of catalysts, low-cost raw materials, and advanced technology to reduce production costs. The use of multifunctional additives is crucial in economical manufacture of biofuels. Multifunctional additives deliver provide multiple benefits in one additive package. It helps in reduction of maintenance and improvement of fuel economy. Therefore, the growing demand for multifunctional additives is one of the main trends that drive the growth of the global fuel additives market during the forecast period. Other reasons for the increase in demand for multifunctional additives, such as the increasing popularity of mobile power plants and the new development of fuel additives will have a favorable influence on the growth of the fuel additives market during the forecast period.
Key Benefits of the Report:
- This study presents the analytical depiction of the specialty fuel additives industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of specialty fuel additives market.
- The current market is quantitatively analyzed to highlight the growth scenario of the specialty fuel additives market.
- The report provides a detailed specialty fuel additives market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Specialty Fuel Additives Market Research Report:
- Who are the leading market players active in the specialty fuel additives market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the specialty fuel additives market?
- What are the future projections that would help in taking further strategic steps?
Specialty Fuel Additives Market Report Highlights
| Aspects | Details |
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 Key Market Players | Total, Evonik Industries, Albemarle, Chemtura, Clariant, NALCO Champion, Chevron Oronite, Baker Hughes, Dorf Ketal, BASF, Infineum, Lubrizol, Eurenco, Dow Chemical Company, Innospec |
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