Kenneth Research, in its repository of market research reports, have recently added a report on the Global Fuel Additives Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Fuel Additives Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Fuel Additives Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Global Fuel Additives Market is valued approximately USD 5.6 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.2 % over the forecast period 2020-2027. Fuel additives are chemicals that are used in various refinery fuels to increase the performance characteristics of fuel. Fuel additives improves efficiency and performance of various end-use applications and emissions caused by fuel are very harmful for human health and environment. So, these fuel additives help efficiency of fuels, improvement in octane number, reduced emissions, improved cetane number, and others. Fuel additives can reduce corrosion effects caused by the fuel inside engines and improves combustion properties of fuels. The global Fuel Additives market is being highly effected due to the closure of oil refining activities because of COVID-19 pandemic. This pandemic results the economic recession, the lockdown in major countries and temporary closure of operations, there is a huge barrier in the supply chain, creates a negative growth of fuel additives market. However, stringent governmental regulations and degrading quality of crude oil are the factors responsible for the growth of the market over the forecast period. Moreover, the strategic alliance by various market players for the satisfying the demand of consumer will create a lucrative growth of the market. For instance:
On 28th October 2018, Innospec Inc. Launched a new range of marine fuel additives, which will help shipping industry comply with the new regulations regarding maximum sulfur content of marine fuels, which comes into force on 01st January, 2020. Whereas, rising demand for alternate fuels and increasing demand for hybrid vehicles and increasing battery price parity is the restraining factor responsible for the growth of the Fuel Additives market.
The regional analysis of global Fuel Additives market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the stringent environmental regulations. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Chevron Oronite Company Llc
The Lubrizol Corporation
Afton Chemical Corporation
Evonik Industries AG
Dorf Ketal Chemicals
Infineum International Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Cold Flow Improvers
Dyes & Markers
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
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Target Audience of the Global Fuel Additives Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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