A massive rise in the vehicle production and commercialization worldwide has brought about a decent surge in one of the most prolific innovations of the liquid engineering as well as material science business spaces, the global specialty fuel additives market. As per Global Market Insights, Inc., specialty fuel additives industry size is anticipated to exceed a revenue share of USD 10 billion by the end of 2023, mainly due to the rising demand for high fuel performance in order to gain improved efficiency and controlled emissions.
Not to mention, potential intervention of government, in regard to the rising vehicle emissions and adoption of sustainable resources is also likely to augment the business share of specialty fuel additives market. Some of the key features that enables the product to witness phenomenal gains across the bulk and specialty chemicals industry include its ability to improve power output, prevent corrosive effects, and heightened emphasis on limited energy consumption.
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The widespread application gamut expected to render positive gains to the overall specialty fuel additives industry
The global specialty fuel additives market is divided on the basis of product types, widespread application gamut, and a robust regional landscape. The application spectrum is sub-divided into diesel and gasoline applications and is highly characterized by the diesel application segment. As per estimates, the segment is poised to grow at a CAGR of 6 per cent through 2023, owing to the fact that economies like China and the U.S are intensely dependent on diesel use to facilitate umpteen industrial and commercial operations.
On the other hand, gasoline additives are also observing tremendous gains of late due to constant innovations undergoing in Top Tier Detergent Gasoline. For the record, gasoline additives segment is touted to reach a valuation of USD 4 billion by 2024.
Products are considered to be an ideal specialty fuel additive suited for various applications
Speaking of the product differentiation, specialty fuel additives industry is fragmented into cetane improvers, deposit control specialty additives, and cold flow improvers. The market is predominantly characterized by cetane improvers segment, courtesy- increase in cetane number for better performance and in economy measures. Estimates suggest that the segment is touted to account for whopping sales of USD 950 million by 2023, on the grounds of elevating CNG and LPG consumption in conjugation with ongoing government promotions and subsidies to encourage dominance of ecofriendly products.
Elaborating further, demand for deposit control specialty fuel additives would foresee notable gains over the forthcoming years, post its enormous demand over 600 kilos tons in 2015. This growth can be attributed to the elevating technological innovations in injection systems ad engines. An important point to note is that these products are largely used in prevention from deposits including soot and sludge in diesel and gasoline.
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Factors supporting growth of specialty fuel additives across various geographical domains
Regionally, the overall market is diversified into Europe, North America, APAC, and MEA regions. Europe specialty fuel additives market is poised to predict a CAGR of 5 per cent through 2024, ascribing to the additive production expansion to comply with regulatory agencies standard.
Meanwhile, Middle East and Africa would also stand tall in the overall specialty fuel additives industry, depicting a growth rate of 6 per cent over 2015-2023. The authenticity of this can be offered by Euro IV standard bus launch in Dubai, looking forward to promoting sustainable environment. Also, thriving automotive industry across the Asia Pacific region will allow the continent to exhibit gains of 7 cent over the stipulated time frame.
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