Diesel Fuel Additives Market Size, Share, Growth and Industry Analysis by Type (Cetane Improvers, Cold Flow Improvers, Lubricity Improvers, Pour Point Depressants (PPDs), And, Stabilizers) By Application (Engine Performance, Fuel Handling, Fuel Stability, And, Contaminant Control) Regional Forecast to 2028

REPORT OVERVIEW

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The global diesel fuel additives market size is anticipated to be worth USD 4.59938 billion in 2022. 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. As per our research, the market is projected to touch USD 6.65471 billion by 2028 with a CAGR of 6.35% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Diesel fuel additives are certain substances which are added along with fuels like diesel. These additives help in lubricating those parts of the engine that move by removing friction. They are also very helpful in cleaning the debris from the parts of engines.

Diesel with low level of sulfur is called as ultralow sulfur diesel. This type of diesel has been in high demand recently and this is amplifying the market growth. This is considered as the latest development in the market.

Strict rules regarding the adoption of fuels with less emission and photo-oxidizing qualities of petroleum will bring vast growth opportunities for this product. These factors have contributed in the development of the diesel fuel additives market growth.

COVID-19 impact: Decline in Demand for Automobile Sector Reduced Market Growth

Due to the outbreak of COVID-19 several restrictions were imposed. Travelling and social gatherings were not allowed. This brought down the usage of vehicles. The transportation restrictions imposed by the government had a negative impact on diesel fuel additives market.

Along with the decrease in transportation, the automobile sector also experienced a decline in its demand. Fuels like diesel are the primary materials that are used in several factories and industries to operate machineries. During the pandemic there was a temporary halt in the operation of several industries and hence the diesel fuel additives market share declined.

LATEST TRENDS

"Increasing Demand for Ultralow Sulfur Diesel to Increase Market Growth"

Recently there has been an increase in the usage of ultralow-sulfur diesel. Diesel with low level of sulfur is called as ultralow sulfur diesel. With the usage of this type of diesel, newer emission technologies like diesel fuel additives have come into picture.

Fuel additives are very useful as the emissions given out while using them will contain less particulate matter. This in turn reduces the pollution caused. USLD or ultralow sulfur diesel are used for various situations. USLD is used for highway diesel fuel, and, on-highway fuel as they give out very less emissions. This can be identified as the latest trend in the market.

SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Cetane improvers, cold flow improvers, lubricity improvers, pour point depressants (PPDs), and, stabilizers. The cetane improvers segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Engine performance, fuel handling, fuel stability, and, contaminant control. The engine performance segment is predicted to dominate the market during the research and forecast period.

DRIVING FACTORS

"Restrictions Imposed by Government on Emissions to Accelerate Market Growth"

Harmful gases are given out by vehicles as well as factories and industries. Gases like carbon-dioxide, carbon-monoxide, and other harmful gases can cause green house effect resulting in global warming. Therefore, government bodies are taking strict actions to avoid the emission of harmful gases.

Environmental Protection Agency (EPA) has suggested the usage of cleaner and efficient fuels. Numerous norms and regulations have been imposed by this agency to take steps to reduce vehicular emissions. Many other regulatory bodies like the European Union (EU), and, directive on promotion of clean energy is providing more emphasis on using renewable sources of energy. This has expanded the market for diesel additives market.

"Low Quality of Petroleum and its Derivatives to Propel Market Growth "

Petroleum and its by products are sometimes of low quality as they get photo-oxidized very easily. That is when petroleum products are exposed to sunlight, they are oxidized. Marine organisms retrieve and use petroleum as their source of carbon. These factors can reduce the quality of petroleum.

Diesel fuel additives are very helpful in removing the carbonaceous deposits which have been accumulated on the surface of carbonaceous chambers. Therefore, manufacturers of fuels prefer using fuel additives as they help in preserving the quality of the fuel. These factors are propelling the diesel fuel additives market growth.

RESTRAINING FACTOR

"Increasing Adoption of Hybrid Vehicles and Presence of Alternative Fuels to Decrease Market Growth"

Hybrid vehicles reduce the usage of fuel as they are designed to make optimum utilization of power. Hybrid vehicles consist of a very small ICE that is an internal combustion engine. This facilitates these vehicles to decrease the usage of power consumption. People have started buying these vehicles instead of automobiles that depend on fuels.

Another factor that can bring down the market growth is the usage of renewable sources of. Wind energy, solar energy and geothermal energy are some of the most used renewable sources of energies. These are cleaner, and better sources of energy. The availability alternative energy sources are hampering the market growth.

Regional Insights

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"Asia Pacific to Dominate Market Share in The Upcoming Years"

Asia Pacific is dominating the market share. High consumption of diesel in vehicles, factories, and large-scale industries in Asia Pacific is driving the market growth. Usage of fossil fuels like diesel cause a lot of pollution and several stringent regulations have been imposed by the government to reduce the emission of GHG.

Fuel additives help in reaching the emission control standards. They improve the efficiency of fuels like gasoline, petrol, and diesel. Using fuel additives will improve the combustion properties, and reduce the corrosive effects. Fuel additives have several advantages. The above-mentioned factors have developed the market growth in this region. 

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Cerion Energy (U.S.)
• Chevron Oronite Incorporation (U.S.)
• Afton Chemical Corporation (U.S.)
• Total SA (France)
• BASF SE (Germany)
• The Lubrizol Corporation (U.S.)
• Chemtura Corporation (U.S.)
• Cummins Incorporation (U.S.)
• Dorf-Ketal Chemicals India Private Limited (India)
• Fuel Performance Solutions Incorporation (U.S.)

Report Coverage

The report provides an insight into the global industrial connectors industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations