Research Nester published a report titled “Heating Oil Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global heating oil additives in terms of market segmentation by type, fuel type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global heating oil additives market is anticipated to grow at a significant CAGR during the forecast period, i.e., 2021 – 2031. Factors such as rising awareness toward eco-friendly ignition of the fuel, growing attention of government about greenhouse gas and carbon emission, low cost of the fuel, and the better effectiveness are projected to boost the growth of the market over the forecast period. For instance, in 2019, the emission of CO2 was estimated to be about 40 billion tons worldwide. Such factors are projected to foster the growth of the market over the forecast market.
The global heating oil additives market is segmented by end-user into industrial, residential, and commercial. Out of these sub-segments, the commercial segment is projected to hold the largest share in the market over the forecast period on the back of increasing global sales of the fuel. Furthermore, there has been a significant rise in fuel prices in the last decades. For instance, the fuel additive market amounted to approximately USD 1 billion in 2018.
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Additionally, the global heating oil additives market is segmented by type into five regions North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the Asia Pacific is estimated to garner noteworthy growth over the forecast period. The growth of the market in the region can be accounted to the constantly developing automotive industry. In Asia pacific, 2 and 3-wheelers are in the trend and are utilized in various countries because they are affordable and provide a significant livelihood to millions of people. As of 2020, about 0.3 million 3-wheelers were solely manufactured in India.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
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Low Cost and Better Effectiveness of the Fuel Additives to Foster the Growth of the Market
The average price of gasoline was observed globally to reach about USD 1.35 per liter in 2022.
The prices of fuels are estimated to rise exponentially worldwideduring the forecast period, in such circumstances, fuel additives can be very helpful to fulfill the demand for fuel, on account of their higher affordability. Furthermore, fuel additives are also utilized by people to increase the effectiveness and quality of fuel. Such factors are estimated to boost the market growth.
However, the growing demand for alternative fuels is expected to operate as a key restraint to the growth of the heating oil additives market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global heating oil additives which includes company profiling of East Cork Oil Company Unlimited Company, ERC Emmisions-Reduzierungs-Concepte GmbH, Yorkshire Oils Ltd, Estuary Oils, HomeFuels Direct Ltd, CPS Fuels Ltd, Bell Performance, Afton Chemical, BASF Group, and Lubrizol Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global heating oil additives that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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