Northbrook, IL 60062 -- (SBWIRE) -- 07/19/2022 -- The fuel additives market size is estimated to be USD 6.0 billion in 2021 and is expected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% during the forecast period. Factors such as stringent government regulations and an increase in automotive production in emerging economies will drive the fuel additives market. The major restraint for the market will be rise in demands for alternative fuels and growth in demand of hybrid vehicles. However, increasing demand for ultra-low fuel diesel will act as an opportunity for the market.
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The key market players profiled in the report include Afton Chemical Corporation (US), The Lubrizol Corporation (US), Innospec Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), LANXESS AG, Chevron Oronite Company LLC (US), Dorf Ketal Chemicals (US), Infineum International Limited (UK), Cummins Inc.(US), Total SA (France), Baker Hughes (US), Clariant AG(Switzerland), Croda International PLC (UK), ENI SPA (Italy), Chempoint Solutions Company (US), Solvay S.A.(Belgium), Huntsman Corporation(US), The Dow Chemical Corporation (US), Eastman Chemical Corporation (US), Petroleum Logistics(US), Iftex Oil & Chemicals Ltd.(India), Eastern Petroleum(India), Lucas Oil Products Inc.(US) and Lubricant Engineers (US).
Players in the fuel additives market are mainly concentrating on new product launches, mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for fuel additives for various applications.
The growth of the fuel additives market has been largely influenced by new product launches and expansion that were undertaken between 2016 and 2020. Evonik Industries AG, Afton Chemical Corporation and Innospec Inc. has adopted organic growth to enhance their market position.
Evonik Industries AG, Afton Chemical Corporation and Innospec Inc. are major players in fuel additives market. In order to strengthen and expand its geographical reach, the company is focusing on expansion. For instance, In November 2020, Evonik Industries AG opened a new oil additives performance testing lab in Shanghai China. This new performance testing lab aims to serve customers in China and Asia Pacific region, this will strengthen Evonik's commitment to support customers with formulation development, lab testing and performance demonstration in real world conditions. In July 2019, the company invested in capacity expansion for oil additives. It increased 15% capacity for Polyalkylmethacrylate (PAMA)-based oil additives. The capacity expansion was through investment in global production landscape and debottlenecking.
In September 2018, Afton Chemical Corporation completed the expansion of its Chemical Additive Manufacturing Facility in Jurong Island, Singapore. This has helped it to strengthen its presence in the Asian market.
In April 2021, Innospec Inc. launched a new product named Trident for bunker fuel additive packages to improve fuel stability and combustion efficiency. The types of stability additives under the brand name Trident are Trident 100,120,200,290.