United States Fuel Additives
Market is projected to grow at a considerable rate in the coming years due to increasing travel activities in the country.
United States Fuel
Additives Market Scope
Fuel additives encompass various
types of liquid substances that are introduced into a vehicle's fuel supply,
whether through the fuel filler cap or elsewhere in the fuel system. These
chemical compounds are specifically designed to enhance and impact the properties
of gasoline, diesel, and other fuels. By acting as lubricants, fuel additives
are capable of increasing the compression ratio, efficiency, and power of the
fuel. They find extensive applications in diesel fuel, gasoline fuel, aviation
fuel, and other industries.
The United States fuel additives
market is poised for substantial growth in the upcoming years. This growth can
be attributed to the rising demand for gasoline, diesel, and other fuels, as
well as increased investments in research and development. Additionally, the
implementation of stringent government standards to reduce carbon emissions
further contributes to the surge in demand.
Market
Overview
Based on application the market is
segmented into refinery products, distribution system products, and automotive
performance enhancement products. Apart from refinery products, there are
various other fuel additives available, including antioxidant additives,
stability improvement additives, octane/cetane enhancing additives, cold flow
improvement additives, metal deactivation additives, corrosion inhibitors,
pipeline drag reducing additives, and anti-static additives. Automotive
performance enhancement products primarily consist of deposit control additives,
lubricity additives, friction modifiers, antifoam additives, corrosion
inhibitors, demulsifiers/dehazers, and antifoams.
Overall, the United States market
for fuel additives shows promising potential for substantial growth in the
coming years, driven by the need for improved fuel quality and performance in
motor vehicles.
United States Fuel Additives Market Drivers
Emission Regulation Scenario
The United States Fuel Additives
Market is driven by the emission regulations put in place by the US government
to achieve sustainable environmental goals. As the demand for fuel from
different industries increases, the fuel additives market is expected to grow
at a higher rate in the coming years. The fuel additives industry needs major
investment in research and development to improve fuel quality. In addition,
the automobile industry is facing strict regulations from the US Environmental
Protection Agency (EPA). In order to comply with the regulations, set by the
agencies, manufacturers and suppliers need to develop cleaner and more
efficient fuels with the aid of fuel additives. With these multiple benefits
and advances in fuel additives, it is expected that the overall United States
fuel additives market will grow at a faster rate in the coming years.
United States Fuel Additives Market Challenges
Increasing Popularity of Alternate Fuels
In recent years, a lot of progress has been made in creating
clean energy sources to promote sustainability. Major concerns about carbon
emissions and air pollution have significantly increased the need for
sustainable energy sources. Advancements in automotive batteries for cars and
other vehicles are among the main technologies that have been developed for a
sustainable environment. Companies, businesses, and governments are
prioritizing electric vehicles to achieve a more sustainable future and utilize
clean and eco-friendly energy. Overall, these factors have helped reduce
reliance on fossil fuels and fuel additives, leading to a decrease in the
growth of manufacturers and suppliers in the United States fuel additives
market.
United States Fuel Additives Market Trends
Increasing Demand for Improved Fuel
Efficiency
The fuel additives market in the United States is growing due
to the increasing emphasis on fuel efficiency and engine performance. One of
the factors contributing to the growth and development of the fuel additive
product portfolio is the increasing concern about air pollution caused by
incomplete and complete hydrocarbon combustion. Consumers and many
manufacturers are seeking fuel additives to improve fuel efficiency, reduce
engine wear and tear, and enhance engine performance. Moreover, this trend
drives the development of fuel additive formulations to optimize performance
and reduce the overall impact on the environment, resulting in more investment
in research and development in the fuel additive industry. As a result of these
factors, the fuel additives market in the United States is expected to grow in
the coming years.
Recent Developments
Afton Chemical, the world's leading
company in petroleum additives, has recently announced the completion of a new
additive production facility at its Sauget (IL) Plant, with a total investment
of USD70 million. This state-of-the-art facility will further enhance Afton
Chemical's capabilities in meeting the evolving needs of the market.
In line with
its commitment to innovation, Afton Chemical is introducing its latest diesel
fuel detergents technology, known as "Greenclean 3". This advanced
technology is specifically designed to optimize the performance of diesel fuel
fleets and all-terrain vehicles equipped with cutting-edge engine technology
and emissions control devices.
By continuously
improving the performance of diesel fuel, Afton Chemical is dedicated to
supporting the efficiency and environmental sustainability of the transportation
industry.
Market
Opportunities
As alternative
fuels, such as bio-based and renewable fuel additives, gain popularity,
numerous opportunities arise for manufacturers and suppliers. Moreover, with
advancements in diesel engine technology and the increasing demand for low
emission burning fuels, manufacturers like Cummins Inc. (Cummins) are
leveraging cutting-edge diesel fuel additive technologies, like Power Service,
to enhance overall performance. Power Service utilizes Cetane Boost to effectively
clean dirty injectors, prevent injector sticking, and ensure smooth engine
operations, ultimately improving fuel economy. Additionally, Ultra-low sulfur
diesel (ULSD) is a diesel fuel variant with significantly reduced sulfur
content, enabling the adoption of advanced emissions control technologies that
effectively mitigate harmful emissions from diesel combustion. The convergence
of these factors presents substantial growth prospects and opportunities in the
United States fuel additives market in the upcoming years.
Market Segmentation
The United States Fuel Additives Market is segmented by application, fuel type, region, and competitive
landscape. Based on application, the market is segmented by refinery products, distribution
system products, and automotive performance enhancement products. Further on
the basis of fuel type, the market is divided into diesel, gasoline, and others.
Based on region, the market is divided into West, Northeast, South, and Midwest.
Company Profiles
Afton Chemical
Corporation, The Lubrizol Corporation, Innospec Inc., BASF SE, Cummins Inc.,
Chevron Oronite SA, Infineum International Limited, Chemtura Corporation,
LyondellBasell Industries NV, Archer Daniels Midland Company are the key
players developing advanced technologies to stay competitive in the market and
enhancing their product portfolio in the regions to increase their customer
outreach.
Download Free Sample Report
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Attribute
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Details
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Base Year
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2022
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Historical Years
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2018 –
2021
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Estimated Year
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2023
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Forecast Period
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2024 –
2028
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Quantitative Units
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Value
in USD Million and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments Covered
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By Application
By Fuel Type
By Region
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Region Wise Scope
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West, Northeast, Midwest, South
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Key Companies Profiled
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Afton Chemical Corporation, The Lubrizol Corporation, Innospec
Inc., BASF SE, Cummins Inc., Chevron Oronite SA, Infineum International
Limited, Chemtura Corporation, LyondellBasell Industries NV, Archer Daniels
Midland Company.
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Customization Scope
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10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
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Pricing and Purchase Options
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Avail
customized purchase options to meet your exact research needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also
provide the editable version of the report in PPT/pdf format on special request)
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Report Scope:
In this report, United States Fuel Additives Market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
·
United States Fuel
Additives Market, By
Application:
o Refinery
Products
o Distribution
System Products
o Automotive
Performance Enhancement Products
·
United States Fuel
Additives Market, By
Fuel Type:
o Diesel
o Gasoline
o Others
·
United States Fuel
Additives Market,
By Region:
o
West
o
Northeast
o
Midwest
o
South
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in the United States Fuel
Additives Market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
·
Detailed
analysis and profiling of additional market players (up to five).
United
States Fuel Additives Market an
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report or want to confirm the date of release, please contact us at [email protected]