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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