Albany, NY -- (SBWIRE) -- 09/12/2014 -- Fuel additives are chemicals which are added to various fuels such as gasoline, diesel, jet fuel, kerosene etc. in order to enhance their performance. Fuel additives are also responsible for reducing the corrosion effects caused by fuels and improving the combustion properties of fuels.

The various fuel additive types include deposit controllers, cetane improvers, fuel dyes and markers, antioxidants, cold flow improvers, corrosion inhibitors, lubricity improvers, anti icing, octane improvers, and some others. Deposit control additives were the largest type of fuel additives used in 2011, followed by cetane improvers.

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North America is the leading market for fuel additives which accounted for approximately 29% of the market in 2011. Asia-Pacific is the fastest growing market for fuel additives owing to growing demand for clean fuels mainly from the emerging economies of China and India.

The global market for fuel additives is primarily driven by the stringent environmental regulations imposed on oil refiners to manufacture unleaded fuel and the growing demand for clean fuel. The degrading quality of crude oil is also a major factor boosting the market for fuel additives. However, the growing investment in R&D owing to increasing demand for alternative fuels is inhibiting the fuel additives market. Huge opportunities can be found in the Asia-Pacific market for fuel additives manufacturers to cater to the growing needs of China and India for ultra low sulfur diesel (ULSD).

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Some of the major participants in the global market for fuel additives include Lubrizol Corporation, BASF, NAND ipl, Afton Chemical Corporation, Chevron Oronite Company LLC, Cerion Energy, and Energenics Europe Ltd.

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