Specialty Fuel Additives Market to Grow at 6% CAGR Between 2013 and 2019

A recent study by Transparency Market Research (TMR) forecasts that the global specialty fuel additives market will grow at a healthy CAGR of 6% from 2013 to 2019. TMR, a market intelligence firm based in the United States, in its report states that this market will report a market value worth US$7.02 billion by 2019. The report is titled ‘Specialty Fuel Additives Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019’.

Growing at a CAGR of 6% between the years 2013 and 2019, the global specialty fuel additives market is expected to reach US$7.02 billion in 2019 from US$4.69 billion in 2012. As per this market research report, the global specialty fuel additives market is primarily driven by greater environmental concerns with respect to the consumption of oxygenates, and technological advancements. Metal deactivators, corrosion inhibitors, antiknock agents, deposit controls agents, antioxidants, and others are included within the category of specialty fuel additives. In order to produce better fuels for end-use industries, and commercial purposes, several companies have been developing hybrid blends and compounds.

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Specialty fuel additives include deposit control agents, corrosion inhibitors, antioxidants, antiknock agents, metal deactivators and others. Companies have been engineering hybrid compounds and blends to develop better fuels for commercial use and end-use industries. Changing technology and increasing environmental concerns about the use of oxygenates are driving the specialty fuel additives market, globally. To enforce a cleaner fuel program, environmental regulators such as EPA in the U.S. and Euro IV in the European Union have lowered the allowable levels of sulfur in diesel. Governments of emerging countries such as China, India, and Brazil among others have also implemented standards for diesel sulfur levels in their respective countries. This has led to increase in the demand for fuel additives such as lubricity improvers to restore natural lubricating properties of low-sulfur fuel. Deposit control additives emerged as the leading additives globally and accounted for over 35% of the total market in 2012. The growing demand for detergents as additives in fuel is one of the major factors driving the sale of deposit control additives. Deposit controller additives were followed by cetane improvers, which accounted for 9.8% of the total market in 2012. Growing consumption of diesel in Europe and Asia Pacific has been fueling the demand for cetane improvers. Cold flow improvers are expected to be the fastest growing additives at an estimated CAGR of 7.3% from 2013 to 2019. Growing biofuel consumption in Europe and U.S. is expected to boost the demand for cold flow improvers over the forecast period.

This TMR report explains that global specialty fuel additives market is segmented on the basis of products, application scope, and geography. Based on the type of products, the global specialty fuel additives market is classified into cold flow improvers, deposit control additives, corrosion inhibitors, lubricity improvers, cetane improvers, antioxidants, and others. It is expected that the fastest growing application segment in the global specialty fuel additives market in the forthcoming years will be cold flow improvers. Aviation turbine fuel, gasoline, diesel, and others are the different application areas in the overall specialty fuel additives market. In 2012, the second largest application segment in this market was diesel. Furthermore, by 2019, the global specialty fuel additives market will be dominated by the diesel segment.

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