Acumen Research and Consulting recently published report titled “Petroleum Additives Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Aug. 14, 2022 (GLOBE NEWSWIRE) — The Global Petroleum Additives Market Size was valued at USD 5,681 Million in 2021 and is predicted to be worth USD 8,836 Million by 2030, with a CAGR of 5.2% from 2022 to 2030.
In recent years, strict government emissions standards and a growing variety of petroleum additives applications are the key drivers for the petroleum additives market growth. The rapid rise in automobile demand for fuels with low greenhouse gas emissions increased traffic and congestion, and the spread of ultralow sulfur diesel is the major factors propelling the growth of the global petroleum additives market. Moreover, the emergence of research and development activities in vehicles with internal combustion technologies as a result of the dramatic increase in gasoline additive utilization is one of the most recent market trends to be noticed, and it is anticipated that this trend will significantly contribute to the market’s growth.
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|Market||Petroleum Additives Market|
|Petroleum Additives Market Size 2021||USD 5,681 Million|
|Petroleum Additives Market Forecast 2030||USD 8,836 Million|
|Petroleum Additives Market CAGR During 2022 – 2030||5.2%|
|Petroleum Additives Market Analysis Period||2018 – 2030|
|Petroleum Additives Market Base Year||2021|
|Petroleum Additives Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Application, And By Region|
|Petroleum Additives Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF, Innospec, Total, Baker Hughes, Lubrizol, Albemarle, Dow Chemical Company, Chemtura, Chevron Oronite, Dorf Ketal, Evonik Industries, NALCO Champion, Eurenco, and Clariant.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Global Petroleum Additives Market Overview
Petroleum additives are chemical components that are incorporated to fuel to improve its functionality. These compounds’ primary functions include friction reduction, corrosion inhibition, anti-foaming, as well as antioxidation. It is produced by mixing isobutene (IB) as well as ethanol (EtOH) in such a liquid-phase response with an acidic environment with highly porous resin that exchanges ions. Numerous fuel delivery mechanism problems can be prevented by using petroleum additives. They enhance the quality and effectiveness of vehicle fuels. Furthermore, they increase the octane number of the petroleum or respond as corrosion protection or lubricant, enabling various compression ratios to use for increased efficiency and strength. Petroleum additives help to prevent problems like stumbling, slow acceleration, rough idling, and stalling. They are used for removing sludge, controlling soot, improving combustion, and acting as biocide.
Impact of COVID-19
The COVID-19 outbreaks have had a significant effect on almost every industry all over the world, which include automotive, aerospace, and marine, where transactions have been halted or lowered to slow the disease transmission. Due to the economic slowdown, there was an enormous reduction in spending on fuels, which caused petroleum products to partially or completely close, resulting in reduced in consumption and production of petroleum additives. The disruption of the petroleum additives’ distribution chain during the COVID-19 disease outbreak had a negative effect on demand for them in 2020. Due to the suspension of their production, petroleum additives were unable to be distributed due to the shutdown in many countries, which caused serious obstructions.
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Global Petroleum Additives Market Dynamics
The recent surge in automobile demand for petroleum products with lower environmental impacts increased urban congestion, and the expansion of ultralow sulfur petroleum products are the key factors propelling the growth of the global petroleum additives market. Due to the favorable international policy and economics and increasing prices of crude oil are further fueling the petroleum additives market over the forecasting years. In addition, the rise in research and development (R&D) operations in fuel injection technologies as a result of the dramatic increase in gasoline additive consumption is one of the most recent trends seen in this market and is expected to significantly fuel its growth.
Furthermore, the advancement of the automotive sector is a key factor driving the global petroleum additives market, as this industry is the biggest consumer of petroleum additives. Likewise, the emergence in the manufacturing of light-duty vehicles, commercial vehicles, and heavily loaded commercial trucks has been observed around the world, which is expected to make a significant contribution market’s growth. The development of relatively new carbon pollution control strategies, like the addition of petroleum additives, is anticipated to be further boosted by an increase in consumption of ultralow sulfur diesel (ULSD).
The global petroleum additives market is divided into type and application, according to Acumen Research and Consulting. In terms of the type, the segment has been categorized into deposit control, antiknock agents, lubricants, anticorrosion, antioxidants, fuel dyes, and others. In terms of application, the market is classified into diesel, jet fuel, gasoline, and others.
Petroleum Additives Market Regional Outlook
The petroleum additives market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the global petroleum additive market and it will appear to do so due to the region’s rapid urbanization and industrialization as well as elevated fuel economy. Besides that, Asia-Pacific is projected to grow during the projected timeframe due to the increasing demand from the automobile-aviation sector, rising consumer spending power, as well as growing demand for high-performance and hybrid engines. The enormous development of industrial manufacturing global investment and the boost in vehicle population is largely responsible for the region’s excessive consumption of petroleum additives. Moreover, the rising investments in India’s manufacturing industry contribute to the region’s growing demands for petroleum additives.
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Petroleum Additives Market Players
Some of the prominent petroleum additives market companies are BASF, Total, Lubrizol, Dow Chemical Company, Chevron Oronite, Innospec, Evonik Industries, Eurenco, Baker Hughes, Albemarle, Chemtura, Dorf Ketal, NALCO Champion, and Clariant.
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Mr. Richard Johnson
Acumen Research and Consulting