Automotive Aftermarket Fuel Additives Market to Hit $3.44 billion by 2030: Coherent Market Insights
Automotive aftermarket fuel additives contribute to decreased maintenance costs, enhanced engine performance, and other benefits. These additives encompass a range of lubricating substances, including gear oil, transmission fluid, power steering oil, and more.
Burlingame, Aug. 22, 2023 (GLOBE NEWSWIRE) — The global automotive aftermarket fuel additives market is estimated to be valued $1.97 billion in 2023 and is expected to reach $3.44 billion by 2030, grow at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Automotive aftermarket fuel additives are specialized compounds or chemicals designed for enhancing fuel performance, engine cleanliness, and efficiency. These additives are added into diesel or gasoline for improving combustion, reducing emissions, preventing engine deposits, and enhancing overall performance of vehicles.
Key Industry Insights & Findings from the report:
In 2020, Innospec Inc., a leading specialty chemicals organization, acquired Fuel Specialties International (FSI), a specialty chemicals and fuel additives provider.
In September 2022, Chevron Oronite completed Phase I and II of its lubricant additive expansion project taking place in Singapore.
In October 2022, Richful Lube Additive Co. invested US$ 138.3 million for expansion of its lubricant additive factory in China. The company plans to boost its capacity to 460,000 metric tons per year.
Global automotive aftermarket fuel additives market is expected to exhibit a CAGR of 8.3% during the forecast period. The automotive aftermarket fuel additives market is growing rapidly in response to the stringent emission regulations imposed by governments around the world for vehicles. This in turn drives the demand for automotive aftermarket fuel additives.
On the basis of Product Type, Octane Improvers Segment is expected to dominate the market during the forecast period and this is attributed to the widespread use of octane improvers due for enhancing driving performance.
On the basis of Fuel Type, Gasoline Segment is expected to dominate the market during the forecast period and this is attributed to the increasing consumption of gasoline additive due to requirements of engine design and advancements in refinery operation.
On the basis of Vehicle Type, Passenger Cars Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of passenger cars to reduce carbon emissions.
On the basis of Distribution Channel, Online Retail Segment is expected to dominate the market over the forecast period and this is attributed to the increase penetration of internet and technology savvy customers favoring the use of online retail facilities.
On the basis End User, Fleet Owners/Operators Segment is expected to dominate the market during the forecast period and this is attributed to the increasing number of fleet owners such as Uber, Ola and others.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in presence of large vehicle fleet, increasing demand for fuel-efficient vehicles, and stringent emission regulations in the region.
Read full market research report, “Automotive Aftermarket Fuel Additives Market, By Product Type (Octane Improvers, Cetane Improvers, Fuel System Cleaners), And By Geography, Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030″, published by Coherent Market Insights.
Key Trends and Analysis of the Global Automotive Aftermarket Fuel Additives Market:
Growing shift toward sustainable and green solutions is trending in the global automotive aftermarket fuel additives market. The trend of sustainable and eco-friendly fuel additives can be observe all over the world in various applications. This comprises additives derived from renewable resources, additives that help in reducing emissions, and lower environmental impact. As consumers are aware about their carbon footprint, they are seeking products aligning with their environmental values.
Automotive Aftermarket Fuel Additives Market Report Coverage
|Market size value in 2022||US$ 1.97 billion|
|Forecast Period:||2023 to 2030|
|Growth rate||CAGR of 8.3% from 2023 to 2030|
|Base year for estimation||2022|
|Historical data||2018 – 2021|
|Forecast period||2023 – 2030|
Rise in environmental concerns to boost the market growth
Rise in awareness regarding environmental pollutions as well as the need for reducing vehicle emissions is driving the demand for automotive aftermarket fuel additives. Fuel additives that are capable of improving fuel efficiency and reducing harmful emissions are growing in demand, as consumers and governments seek highly sustainable transportation solutions. Thus, this factor is likely to drive growth of the global automotive aftermarket fuel additives market over the forecast period.
High demand for fuel efficiency to augment the market growth
Rise in cost of fuels and growing focus on cost-effective transportation is being witnessed all over the world further driving the demand for fuel-efficient vehicles. Automotive aftermarket fuel additives provide solutions through reduction of friction, enhancement of fuel combustion, and optimization of engine performance. This is further improving fuel economy. Thus, this factor is accelerating the growth of the global market.
Increasing development of innovative formulations is expected to offer significant growth opportunity in the global automotive aftermarket fuel additives market over the forecast period. Manufacturers can create and introduce novel fuel additive formulations including additives that can address particular challenges such as reduction of carbon emissions, adapting to alternative sources of fuel such as biofuels and hydrogen, and improving fuel economy for EVs. Development of additives with advanced performance enhancing features will offer companies an edge in the market.
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