Specialty fuel additives are chemical formulations which when added to fuel, enhance desirable properties of the fuel or suppress the undesirable properties of the fuel. An additive may be used unaided or may be combined with other additives to impart desired characteristics to the fuel. The additives are generally added for a multitude of functions such as to improve the power output, reduce the consumption of fuel, improve the efficiency and reduce the emissions on combustion, prevent corrosive effects etc.
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The specialty fuel additives market can be segmented product wise intofuel antioxidants, lubricity improvers, corrosion inhibitors, deposit control additives, cold flow improvers, cetane number improvers, fuel system icing inhibitors,metal deactivators etc. Based on the application, specialty fuel additives market can be segmented on the basis of fuel types such asgasoline(petrol) additives, diesel additives, aviation turbine fuel additives, and others (heating fuels, marine fuel additives).
The cold flow improvers’ product segment of specialty fuel additives market is expected to record a rapid growth in the next five years.The demand for diesel fuel additives is expected to emerge as the largest segment of specialty fuel additives market in the next five years owing to an increase in fuel consumption in Asia-Pacific, as well as the increase in demand for ULSD (ultra-low sulfur diesel).North America commands predominant share in specialty fuel additives market. However, North America and Europe are mature markets and have reached a saturation stage. In order to grow, manufacturers are pursuing opportunities in Asia Pacific specialty fuel additives market where there has been a significant growth in the consumption of fuel in recent past. Increase in vehicle fleet especially in China and India are fueling growth in specialty fuel additives market in the region.
The APAC specialty fuel additives market is expected to exhibit moderate single digit growth over the next five years. The developed regions such as North America, Europe have witnessed an increase in demand for bio-fuel, this in turn willdrive the demand for specialty fuel additives in these markets.
The growing emphasis on developing cleaner fuels while not compromising on performance and efficiency, the increasing awareness about conservation of resources and the need to comply with the stringent regulations emerge as the major drivers for the specialty fuel additives market. Moreover, in order to address the ever increasing competition, manufacturers are developing application specific differentiated products. However, an increase in demand for alternative fuels like LPG and CNG could hamper the growth of specialty fuel additives market to a certain extent.
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The major players in the specialty fuel additives market are Lubrizol Corporation, Innospec, Infineum, Chevron Oronite Company LLC, Evonik Industries AG, Chemtura Corporation, andBaker Hughes among others.