Specialty fuel additives market size is forecast to exceed USD 10.4 billion by 2023

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Specialty Fuel Additives Market size, share,
trends and forecast 2016-2023
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Global Market Scenario of Specialty Fuel
Additives Industry

• Specialty fuel additives market size was
  estimated at 1.55 million tons in 2015, as per
  the latest research report by Global Market
  Insights, Inc. Rising biofuel industry
  penetration and a strong focus on improving fuel
  performance, especially in regards to efficiency
  and emissions will drive the global specialty
  fuel additives market.
• Growing environment consciousness, mainly in EU,
  U.S., and China, coupled with favorable
  government policies to adopt sustainable
  resources are key trending factors to boost
  demand.
• Diesel application is projected to witness
  significant growth of 6.7 CAGR up to 2023. ULSD
  adoption in major countries including U.S. and
  China accompanied by growing biodiesel demand may
  boost the market growth. Reduced biodiesel engine
  functionality in low temperatures conditions
  requires cold flow, which is another influencing
  demand drivers.

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Continue.....

• Deposit control additives dominated product
  segment with total consumption of over 605 kilo
  tons in 2015. Technology advancement in injector
  systems and engines played a key role to
  stimulate market growth. These additives are used
  in all oil types and help to inhibit deposit
  formation on injector nozzles.
• Growing autogas consumption owing to its
  environmental benefits over conventional
  alternatives may restrain the specialty fuel
  additives market growth. Governments in U.S.,
  Algeria, Australia, India and China are promoting
  autogas usage and offering several benefits on
  certain consumption.
• Cost benefits over gasoline or diesel is another
  stimulating factor for CNG vehicles expansion,
  wherein Asia Pacific is the leading market.
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Product Analysis

• Among other products cold flow improvers are
  likely to take significant strides in specialty
  fuel additives industry size, with over 8 volume
  growth and over 7.5 cut of total volume
  consumption by 2023.
• Cetane improvers (CI) are added to fuels to
  improve their cetane number which further
  enhances performance segment revenue for CI is
  forecast to exceed USD 975 million by 2023.
  Optimum cetane number (50-55) is a must in
  minimizing ignition delays in diesel engines
  growing ULSD consumption should drive CI demand.
• Deposit control specialty fuel additives market
  size is likely to hit 3,829.7 kilo tons by 2023,
  with growth pegged at 6.4 CAGR. Deposit
  controllers find application in all types of fuel
  and are used to control deposit formation,
  especially on injectors. Owing to introduction of
  new technology engines and injector systems,
  global demand is set to show substantial growth
  in the future.

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Regional Analysis

• North America, predominantly U.S. specialty fuel
  additive market size, was dominated by gasoline
  and is forecast to exceed USD 2.5 billion by
  2023. Additionally, a ban on MTBE, which is a
  widely used fuel additive, in the country should
  open up potential avenues for industry
  participants in the U.S.
• Europe specialty fuel additives market size was
  evaluated to be USD 1.58 billion in 2015, with
  growth expectation of 5.9 over the forecast
  timeframe. EU, especially Germany, UK,
  Netherlands and Belgium, is heavily regulated in
  terms of efficiency, emissions and performance,
  which would be a challenge for fuel suppliers.
• APAC, which is heavily influenced by China and
  India specialty fuel additives market size, is
  expected to witness consumption growth at over
  7, with a target of 752 kilo tons.
• Middle East Africa specialty fuel additives
  market size should exceed USD 1.3 billion by 2023.

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Competitive Analysis

• Global specialty fuel additives market share is
  moderately consolidated, with top 4 participants
  catering to less than 50 of overall industry
  demand in 2015. NewMarket Corporation, with its
  wholly owned subsidiary Afton Chemicals,
  dominated the competitive landscape with over 16
  industry share.
• Innospec, Infineum, Lubrizol, BASF Baker Hughes
  are other primary players in this industry.

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