US Fuel Additives Market to Grow at a CAGR of over 6% through 2020
Increasing biofuel adoption along with growing demand for enhanced performance of transportation fuels to drive US fuel additives market through 2020
According to recently published TechSci Research report “United States Fuel Additives Market Forecast and Opportunities, 2020”, US fuel additives market is projected to grow at a CAGR of over 6% during 2015-20. Fuel additives are fuel soluble chemical compounds used to improve certain characteristics of fuel or suppress the undesirable properties. The fuel additives market in the US is dominated by biofuels, which are added to diesel, followed by fuel ethanol, which is added to gasoline, to help the fuel burn cleaner and improve vehicle efficiency. Specialty fuel additives are added to transportation fuels to impart specific properties and enhance the overall performance. Leading fuel additive companies in the US include Archer Daniel Midland, Valero Energy Corporation, Lubrizol Corporation, BASF Corporation and Innospec Inc.
Fuel ethanol is the most abundantly used fuel additive in the US as it is currently being added to more than 95% of gasoline used in the country. US is the leading consumer of specialty fuel additives in the world and is expected to maintain its dominance through 2020. Increasing demand for specialty fuel additives, abundant availability of biomass feedstock used for production of biofuels and mandates issued by the US Environment Protection Agency (EPA) on biofuel consumption are expected to drive the demand for fuel additives in the US through 2020.
“The US fuel additives market is expected to witness promising growth over the next five years on account of rising demand for cleaner fuels and growing consumer preference towards fuel efficient vehicles. In particular, the use of fuel additives for application in gasoline is expected to grow in the US over the course of next five years. The consumption of fuel ethanol in gasoline is expected to remain high and account for a major market share. However, anticipated increase in consumption of biofuels blended with diesel oils is expected to further propel the fuel additives market in the US through 2020.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Fuel Additives Market Forecast and Opportunities, 2020” has analyzed the potential of the fuel additives market and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, key challenges and opportunities available in the fuel additives market in the US.