Increasing fuel consumption and concern to meet stringent environmental norms is anticipated to fuel the global specialty fuel additives market growth over the forecast period. Many countries have implemented environmental regulations on greenhouse gases emission during fuel combustion which led market participants to use high quality and clean fuel. This trend is expected to drive specialty fuel additives demand worldwide. Increasing fuel consumption in various end-use industries is expected to foster the specialty fuel additives market growth over the next six years.
Specialty fuel additives are manufactured to enhance particular characteristics such as efficiency, quality, and emission regulation. Original equipment manufacturers are using particular specialty fuel additive grades for their products which are different from other conventional specialty fuel additives. This specialty diversifies the products and drives the global market over the forecast period owing to increasing OEM’s demand.
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Growing demand for better quality fuel additives owing to increasing disposable income in emerging economies is projected to bolster the specialty fuel additives market growth over the next six years. Crude oil reserves depletion is also expected to have positive impact on specialty fuel additives market growth in near future. Rising fuel additives substitute demand is anticipated to hinder the market growth over the forecast period.
Stagnant gasoline demand is expected to curb gasoline additives market share. Huge R&D investment in developing more alternative fuel additives is likely to hamper the specialty fuel additives market growth over the foreseeable future. However, rising diesel additives demand on account of increasing consumption in end-use industries is projected to drive the market over the next six years.
Majorly used specialty fuel additives can be segmented on the basis of product as antioxidants, cold flow improvers, cetane improvers, octane improvers, corrosion inhibitors, lubricity improvers, anti-icing, deposit control additives and stability improvers. Cold flow improver was the major product segment of global specialty fuel additives market in 2013. Cold flow improvers are used to reduce diesel engineswax precipitation in low temperature operating conditions which enhances engine efficiency. This additive modifies the shape and size of wax crystals which makes smooth diesel flow in the pipeline.
Based on applications fuel additives have been classified as gasoline additives, diesel additives and other fuel additives. Diesel fuel additive was the largest application segment of specialty fuel additives in 2013. Asia Pacific and Europe are expected to be the major markets for specialty fuel additives such as cetane improvers over the forecast period owing to increasing diesel consumption in these regions. Growing automobile demand in Asia Pacific owing to rising disposable income is expected to boost the specialty fuel additives market growth over the next six years.
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Crude oil price sensitivity in emerging economies such as India, Indonesia and China may hinder the specialty fuel additives market growth due to more concerns regarding fuel cost rather than quality. Ban on MTBE (Methyl tertiary butyl ether) in U.S. is anticipated to foster the specialty fuel additives market growth. Increasing bio fuels demand in Europe and U.S. owing to stringent regulations related to environment is expected to have positive impact on specialty fuel additives market growth.
Key players in specialty fuel additives market include The Lubrizol Corporation, BASF Corporation, Afton Chemical Corporation, InnospecInc.,Fuel Performance Inc., Chevron Oronite Company LLC, Cerion Energy, Cummins Filtration Inc., Evonik Industries and Total Petrochemicals and Refining. Customized fuel additives for OEM’s may generate immense opportunities for the global specialty fuel additives market. Innovative developments related to cost effective and more efficient specialty fuel additives are projected to gain competitive advantage in the market in near future. New fuel additives development for biofuels are expected to drive the specialty fuel additive market growth over the next six years owing to increasing applications in many industries replacing synthetic fuel additives.
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