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Gasoline octane improvers are additives that enhance the octane number of gasolines. Octane number is unit of measuring the anti-knock properties of a fuel. Enhancement in the octane number of fuels causes significant reduction in the emission of carbon. It also enhances the performance of the engine and allows fuel to withstand higher compression ratios.
The increasing demand for passenger vehicles is substantially increasing the demand for gasoline octane improvers market. For instance, Europe manufactured 19.2 million of vehicles in the year of 2018. The increasing adoption of additives like gasoline octane improvers to follow the rules imposed by governing authorities in different countries is likely to drive the market.
However, prolonged used of such fuel additive can potentially cause engine strain which is expected to hamper the market growth.
Key Market Driver -
Increasing demand from automotive industry.
Key Market Restraint -
Increase in engine strain.
Based on type, the market is segmented into Ethanol, Ethyl Tertiary Butyl Ether (ETBE), Methyl Tertiary Butyl Ether (MTBE), Tertiary Amyl Methyl Ether (TAME) and others. Based on end-use, the market is segmented into automotive, aviation and marine.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global gasoline octane improvers market consists of global & regional players operating. Some of the key players in the market include BASF SE, SINOPEC, SABIC, Formosa Plastic Group, Huntsman, Reliance Industries, Petronas, LyondellBasell, Jiangsu Xinhai Petrochemical, Qatar Fuel Additives, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to hold the largest share attributed to the increasing adoption of octane improvers by automotive sector. Additionally, the rules imposed by the National Highway Traffic Safety administration (NHTSA) regarding the air pollution caused by fuel burning is likely to positively impact the regional market. Asia Pacific is accounted to hold the second-largest share attributed to the increasing consumption of gasoline in countries like India, China, and South Korea. Europe is expected to show significant growth due to the increasing demand from automotive and marine end-use sectors. Latin America is expected to show considerable growth due to increasing demand for gasoline from Brazil and Argentina. Middle East and Africa are expected to show moderate growth by the end of forecast period.
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