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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