It has been stated by a market research institution, P&S Intelligence, that the fuel additives market will grow at a rate of 4.9% in the years to come, to reach a value of USD 7,990.6 million by 2030. The growth of this industry is majorly attributed to the strict regulations of governments regarding emission control and a variety of uses of fuel additives.

Diesel held the largest share, with regard to value, and this category will power at a good rate in the future. This has a lot to do with the high preference of individuals for diesel automobiles over the ones powered by gasoline. Furthermore, diesel is used in most generators and as a marine fuel. Moreover, most of the heavy-duty vehicles use diesel and release loads of emissions.

The varied uses of fuel additives are also driving the industry growth since some of them support in controlling deposits and improving the cetane and octane numbers, while others are employed as corrosion inhibitors and to better the fuel flow. Additives also prevent the fuel from freezing in cold weather and decrease the friction between the molecules of the fuel and engine walls, thus providing good lubricity.

Governments all over the world are implementing strict environmental laws to decrease GHG emissions, which will boost the requirement for cleaner fuels. For example, the EPA has mandated that there must be some additive in a fuel, and all of them have to be registered with the EPA before being put on sale. Furthermore, a limit has been fixed on the count of boutique fuels that can be approved by the EPA by the Federal Energy Policy Act of 2005. 

A key trend being observed in the fuel additives market is the introduction of new products by the major players for the expansion of their portfolio and increase their hold in the market. Most of the new products are designed for mixing into diesel and gasoline, the two most-popular fuels. In addition, numerous chemical and petrochemical companies are concentrating on antifreeze products for customers in places with temperate or subarctic climate. Such products can also be used to control the operating temperature in hot running and high-revving powersports.

Thus, with the growing awareness on the ways to reduce emissions from fossil-fuel-powered vehicles and other pieces of equipment, the demand for fuel additives will see a sharp rise.

Source: P&S Intelligence