The North America fuel additives market was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 4% during 2023–2031. The growth of the market is attributed to authorization of stringent environmental regulations.
Fuel additives are a group of chemical compounds that are auxiliary to enhance the functional properties of the fuel. The key functions of these chemicals include corrosion inhibitors, friction reducers, anti-foaming and antioxidation. It is constructed by a liquid-phase reaction of ethanol (EtOH) and isobutene (IB) with a strong acidic macroporous ion exchange resin. It can avert several fuel delivery system problems.
They enhance the efficiency and quality of fuels used in motor vehicles based on the product, the market is classified into Deposit Control Additives, Cetane Improvers, Antioxidants, Dyes & Markers, Lubricity Improvers, Cold Flow Improvers, Stability Improvers, Octane Improvers, Corrosion Inhibitors, Anti-icing fuel additives, and Others. They are used in numerous applications such as Aviation, Diesel, Gasoline, and Others.
The Covid-19 pandemic had an adverse impact on the North America fuel additives market. The market observed inadequate supply of raw materials; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
Growth in automotive industry leading to the demand for diesel and gasoline is anticipated to boost the market during the forecast period
Growing demand for low emission & efficient energy sources from the aviation, manufacturing, and automobiles are expected to propel the market of fuel additives in the coming years.
Trend of using additives in biodiesel blends and the introduction of new engine technology and demand for higher efficiency are projected to spur the market growth over the predicted years.
Increasing price inflation due is likely to impede the market.
R&D investment and technological advancement in fuel additives market are expected to offer lucrative opportunities for the market players.
Scope of Fuel Additives Market Report
The report on North America fuel additives market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Fuel Additives Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Type (Deposit Control, Cetane Improvers, Lubricity Additives, Antioxidants, Anti-corrosion, Cold Flow Improvers, Antiknock Agents, and Others), Application (Diesel, Gasoline, Jet Fuel, and Others)
United States, Canada, Mexico, and Rest of North America
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Afton Chemicals, The Lubrizol Corporation, Innospec Inc. and BASF SE
North America Fuel Additives Market Segment insights
The deposit control segment is projected to constitute a large market share
Based on product type, the North America fuel additives market is segregated into deposit control, cetane improvers, lubricity additives, antioxidants, anti-corrosion, cold flow improvers, antiknock agents, and others. The deposit control segment is expected to account for a key share of the market during the forecast period owing to its increasing demand from numerous applications.
The gasoline segment is expected to register a substantial CAGR
Based on application, the North America fuel additives market is divided into diesel, gasoline, jet fuel, and others. The gasoline segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to increasing popularity of new age fuel delivery systems, like gasoline direct injection (GDI) system.
GDI technology is becoming typical equipment for many high-performance vehicles. In this innovative fuel delivery system, the injector is placed inside the combustion chamber yielding improved combustion to produce improved gas mileage, better performance, and fewer emissions; however, diesel segment is anticipated to expand at a rapid pace during the forecast period owing to the robust demand for diesel fuel additives all across the globe
United States is expected to dominate the market
In terms of geography, the market is broadly classified into United States, Canada, Mexico, and Rest of North America. The market in United States is anticipated to expand at a robust CAGR during the forecast period. Strong exports of aerospace components to countries, such as China, France, and Germany, along with robust consumer spending in this region are expected to drive the market growth in near future.
The North America fuel additives market has been segmented on the basis of:-
- Deposit Control
- Cetane Improvers
- Lubricity Additives
- Cold Flow Improvers
- Antiknock Agents
- Jet Fuel
- United States
- Rest of North America
Key players competing in the North America fuel additives market include Afton Chemicals, The Lubrizol Corporation, Innospec Inc. and BASF SE
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.