Fuel Additives Market
This region is also showing a very optimistic growth rate in its demand for fuel additives due to the growing consumption of ultra-low-sulfur diesel variants , which require a high amount of fuel additives .
Asia Pacific on the other hand , is showing a higher growth rate in its demand for fuel additives . Between 2015 and 2023 , Asia Pacific is expected to display a CAGR of 9.2 % in terms of revenue .
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High Awareness is Key to Greater Consumption of Fuel Additives “ Two of the key reasons why the consumption of fuel additives is exceptionally high in North America and Europe are awareness and regulatory pressure . Consumers in both regions are more aware of the presence of various types of fuel additives due to the varied nature of fuel type requirements ,” states a TMR analyst .
Both regions are also subject to very high regulatory pressure in terms of emission rates and pollution control . The rising amount of greenhouse gases in the atmosphere is pressuring governments to come up with stricter regulations pertaining to emissions and usage rates of nonrenewable fuels .
Presence of Alternatives Hampers Growth of Fuel Additives The high rate of research and development in eco-friendly fuel alternatives are expected to act as a barrier to the growth in consumption of fuel additives over the coming years . Fossil fuel alternatives such as biodiesel , propane , natural gas , hydrogen cells , and even ethanol are being seriously considered at feasible options to be used in automobiles . The complication is that these alternative fuels do not require much in terms of additives to improve efficiency or lower emission rates .
“ This could change in the future , as the growing scope of applications of bio-based chemicals can be extended to fuel additives as well . Bio-based fuel additives are in fact , expected to pose a serious threat to synthetic fuel additives over the coming years ,” adds the analyst .
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Transparency Market Research
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