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Petroleum additives are used to improve performance, corrosion resistance, clean-burning, and a variety of other properties. These additives are designed to enhance the performance of engines, while it is operating or not in use. They include fuel stabilizers, which are typically built to keep up fuel functionality, when it is stored for an extended period of time without use. Environmental regulations are imposed by governments all over the world due to increasing concern about the detrimental consequences of greenhouse gas (GHG) emissions. These strict regulations are expected to create positive environment for growth of petroleum additives market during the forecast period.
Demand for petroleum additives is driven by the expansion of the automotive industry. Globally, the manufacturing of passenger cars, light and heavy commercial vehicles has increased. Steadily increasing automotive sales lead to the potential demand for petroleum additives. Furthermore, government agencies are emphasizing the use of reliable and sustainable fuels. For example, in the United States, the Environmental Protection Agency (EPA) has routinely revised and imposed a number of standards aimed at reducing vehicular congestion and productivity of fuels used. However, shifting consumer demand towards alternative energy such as electric is a key challenge for growth of the market. Electric vehicles serve as a replacement for current gasoline vehicles and report for a sizable portion of the overall automotive market.
Key Market Driver -
Growth of automotive industries and stringent government regulations are likely to drive the market.
Key Market Restraint -
Availability of alternatives is likely to restrict the market growth
The petroleum additives market is segmented into product type, application, and geography. Based on the product type, the market is segmented into deposit control, cetane improvers, lubricity additives, antioxidants, anti-corrosion, and others. Based on the application, the market is segmented into diesel, gasoline, jet fuel, and other applications. From a geographical standpoint, the market is categorized to North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global & regional players operating in the petroleum additives market includes, Afton Chemical Corporation, Innospec Inc., The Lubrizol Corporation, BASF SE, Infinieum Limited, Evonik Industries AG (Germany), Chevron Oronite Company LLC, Lanxess, Dorf Ketal Chemicals, Cummins Inc., and Cerion LLC.
North America secures the world's largest market for petroleum additives, followed by Asia Pacific and Europe. The market is estimated to benefit from rising demand for ultra-low sulphur diesel. According to the U.S. Energy Information Administration (EIA), approximately 3.39 billion barrels of final motor gasoline were collected in the U.S. in 2019, an average of approximately 9.27 million barrels per day. This represents the market potential in the country. Asia Pacific region secures a prominent market share. Higher diesel consumption by China & India is attributed to the robust demand for diesel fuel additives in APAC. The demand for petroleum additives is expected to experience a significant rise because of increasing awareness of people about the fuel economy. For instance, the Government of India has inflicted Euro IV guidelines in 13 metro cities and Euro III guidelines in Tier-2 cities to combat emissions, which has resulted in greater use of petroleum additives. The rapidly expanding automotive industry in Germany have a positive impact on the demand for fuel additives in the European Union. The European petroleum additives industry is poised to increase as a result of rising environmental laws and increased competition for biofuels. GCC countries continues to positively contribute to the market. Brazil & Mexico are the largest consumers of petroleum additives in the Latin America. In January 2017, Afton Chemical Corporation, a leading supplier of petroleum additives in the United States, acquired the entire Aditivos Mexicanos, S.A. de C.V., a petroleum additives production, and distribution company based in Mexico. This aided Afton Chemical Corporation in strengthening its position in the Mexican petroleum additives market.
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