Bottled Fuels Additives Market Size, Share, Growth, and Industry Analysis, By Type (Corrosion Inhibitors, Demulsifiers, Cetane Improvers, Detergents, Deactivators, Antioxidants, Octane Improvers and Others), By Application (Private Car, Passenger Vehicle, Commercial Vehicles and Others) Regional Forecast to 2029

Updated On: 22 April 2024

Bottled Fuels Additives Market REPORT OVERVIEW

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The global bottled fuels additives market size was USD 10170 billion in 2023 and is projected to touch USD 12430 billion by 2029, exhibiting a CAGR of 3.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The bottled fuels additives are chemicals or compounds that are added to petrol, diesel fuel and other petroleum-based products to enhance performance. These additives can aid in the reduction of emissions, the improvement of fuel efficiency, and the protection of engines against corrosion. It can also keep the engine in good condition. The global bottled gasoline additives market is expanding as a result of rising demand for private cars and passenger vehicles around the world, as well as growing concerns about vehicle emissions and fuel economy.

COVID-19 Impact: Pandemic Caused Shutdown of Manufacturing Activities Havocked the Market Growth

The pandemic of COVID-19 had a negative impact on the market. This was owing to the closure of manufacturing facilities and plants as a result of the lockdown and limitations. Disruptions in the supply chain and transportation added to the market's difficulties. However, the sector recovered in 2021, reviving demand for the market under consideration. On the other hand, rising demand for battery electric cars (BEVs) in nations such as the United States, China, and Germany could stifle market expansion during the projection period. However, rising demand for ultra-low-sulfur diesel (ULSD) is projected to create opportunities for market expansion in the future.

LATEST TRENDS

Sustainable and Environment Friendly Additives to Grow the Market Potentially

The development of new technologies that aid in engine performance has resulted in a rise in the use of bottled fuel additives that aid in engine performance, such as octane boosters and detergent/dispersant additives. A growing emphasis on ecologically friendly and sustainable additives is one of the primary developments in the gasoline additives market. Additives meant to reduce emissions, enhance fuel efficiency, and reduce the environmental impact of combustion processes are included. With rising environmental restrictions and air quality concerns, there is a major emphasis on additives that assist decrease harmful emissions from cars and industrial equipment. Additives that improve the combustion process in order to reduce carbon emissions and particulate matter are in high demand. Fuel additives are being developed to facilitate the world's transition to cleaner energy sources. This includes biofuel, hydrogen, and other alternative fuel additives.

Bottled Fuels Additives Market SEGMENTATION

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• By Type

Based on type, the market is classified as corrosion inhibitors, demulsifiers, cetane improvers, detergents, deactivators, antioxidants, octane improvers and others.

• By Application

Based on application, the market is classified as private car, passenger vehicle, commercial vehicles and others.

DRIVING FACTORS

"Increasing Demand from Automobiles and Transportation to Boost the Market Growth "

The industry's expansion may be ascribed to rising demand for autos and transportation, which is supporting the growth of the bottled fuel additives market. The passenger car application category was the largest application segment in the global bottled fuels additives market, accounting for more than half of total market volume. The segment is predicted to develop significantly as disposable income increases, particularly in emerging economies like as India and China. Bottled gasoline additives are used to boost performance, reduce fuel consumption, and extend engine life and reliability while lowering exhaust pollutants. Increasing demand for low-sulfur diesel from nations such as the United States, China, and India has resulted in increased demand for diesel-fueled vehicles in these regions, which is likely to drive growth during the forecast period.

"Stringent Government Regulations and Rising Awareness about Fuel Efficiency to Enhance the Market Growth"

Original equipment manufacturers (OEMs) are under pressure from strict environmental rules to use fuel additives to comply with emission standards. Due to OEMs accounting for a sizable portion of this market, this is fueling the expansion of the bottled fuel additives market. The market for bottled fuels additives that increase fuel economy, such as octane boosters and detergents/dispersants additives, is rising as a result of a rise in consumer awareness of fuel efficiency. Because more people are becoming aware of the advantages of using bottled fuel additives, the industry has grown. To increase the performance and fuel efficiency of their vehicles, many people now actively look for additives. The market for fuel additives in bottles is expanding as a result.

RESTRAINING FACTOR

"Cost, Storage and Handling to Restrain the Market Growth"

The efficiency of fuel additives must be maintained through proper handling and storage. They may perform worse if exposed to high temperatures or contamination while being stored. The cost of premium fuel additives can be high, especially if they are used frequently. Users must compare the expense of the addition against any potential benefits. Some fuel additives could contain substances that, if handled or disposed of improperly, could be detrimental to the environment. Users should adhere to suggested disposal instructions. This factors combined have a substantial influence on bottled fuels additives market growth if more sustainable and effective alternatives are found.

Bottled Fuels Additives Market REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate the Market with Applications in Automotive and Vehicle Production"

Asia Pacific has the highest regional bottled fuels additives market share and is predicted to expand at a faster rate. The area accounts for more than half of global automobile production, which will increase demand for additives over the projection period. Increased car manufacturing in China, India, Japan, and South Korea as a result of increased consumer disposable income is predicted to boost industry growth in the future years. Europe is the largest regional market for bottled gasoline additives. One of the primary drivers of growth in this industry is the growing desire for cleaner, more efficient automobiles. Other factors driving growth in this market include technical advancements, increased awareness of environmental issues, and rising concerns about fuel efficiency.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures.

List of Market Players Profiled

• Afton Chemical (U.S.)
• BASF (Germany)
• Lubrizol (U.S.)
• Chevron Oronite (U.S.)
• STP (India)
• Infenium (U.K)
• 3M (U.S.)
• Innospec (U.S.)
• Total ACS (Spain)
• BP (U.K.)
• Redline Oil (U.S.)
• BRB International (Spain).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years.