The market for specialty gasoline additives is anticipated to grow at a CAGR of 5.8% from 2022 to 2032, reaching USD 13.3 billion. In 2022, the industry is anticipated to grow to $7.6 billion USD. The market for specialised fuel additives made up around 5% of the worldwide additives market in 2021 as a result of their increasing utilization, which enhances fuel performance and helps to protect the fuel system.
Speciality petrol additives are always in demand since they not only help to remove harmful engine deposits but also improve the power and acceleration of engines.
Key Companies Profiled
- BASF SE
- Chevron Corp.
- Berkshire Hathaway Inc.
- Ashland Inc.
- ExxonMobil Corporation
- Evonik Industries AG
- The Dow Chemical Company
- E. I. du Pont de Nemours and Co
- Afton Chemical Limited.
- Baker Hughes
Which Segment is Expected to Provide Maximum Absolute $ Opportunity to Specialty Fuel Additives Market Players?
Demand for cetane improvers is anticipated to rise as there is an increasing need to reduce ignition delays during combustion. The cetane improvers market is anticipated to surpass the market size of USD 2.2 billion by the end of 2032, with a value of over USD 1.1 billion in 2022.
By the end of 2022, the deposit control additives market is anticipated to have had the second-highest revenue growth worldwide. However, through 2022, the antioxidants market category is anticipated to see the greatest CAGR.
Sales of speciality fuel additives in diesel applications are anticipated to grow at the fastest rate throughout the projection period, according to the application section in the report on speciality fuel additives. In the global market for speciality fuel additives, the diesel specialty segment is anticipated to account for about USD 2.5 billion in 2022 and have growth of 430 BPS throughout the assessment period. By the end of 2022, the petrol segment is anticipated to have the second-highest sales increase worldwide.
The demand for speciality fuel additives in the diesel segment is expected to increase at a compound annual growth rate (CAGR) of 6.1% between 2022 and 2032, representing a potential market opportunity of USD 2.4 billion. By 2022, it is anticipated that this market segment will account for about 32.5% of the market valuation for speciality fuel additives.
Specialty Fuel Additives Market Historical Overview (2017-2021) Vs. Forecast Outlook (2022-2032)
- Since the last five years, manufacturers of specialist gasoline additives have gotten the most money from the East Asian market. East Asian nations produced around 29.3% of the value of the global market for specialised gasoline additives in 2021; this value is expected to reach USD 4.3 billion by the end of 2032, rising at a 4.6% CAGR.In China, the industrial motor industry generated 68.5% of all revenue in 2021, and between 2022 and 2032, it is expected to rise at an attractive CAGR of 5.1%.
- The market for speciality gasoline additives expanded globally at a CAGR of 2.9% and a total opportunity of USD 2.1 billion from 2017 to 2021.
- The market share of specialised fuel additives used in diesel applications was at its highest in 2021 and is projected to increase by 430 BPS throughout the forecast period, contributing to a market share of 36.8% by the end of 2032, or almost USD 2.4 Billion.