Biofuel Additives Market is slated to Cross Revenue of USD 27.52 Billion by 2028 registering a CAGR of 14.2% to 2028.
Biofuel Additives Market Size Worth $ 27.52 Billion by 2028 at 14.2% CAGR - Report by Market Research Future (MRFR)
Summary:
Biofuel Additives Market Insights and Industry Analysis by Product Type (Antioxidants, Detergents, Lubricity Improvers, Corrosion Inhibitors, Octane, Cetane Cold Flow Improvers, Dyes Markers, and Others), Application (Diesel Fuel Additives, Heavy Fuel Oil Additives, Shipping Fuel Additives, Gasoline Fuel Additives, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East Africa)—Forecast till 2028
Biofuel Additives Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Biofuel Additives Market Information by Product Type, Application and Region - Forecast till 2028”, the market is projected to reach USD 27.52 Billion by 2028 registering a CAGR of 14.2%.
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Market Scope:
Biofuels are made from either conventional or lignocellulose feedstock, and are classified as first-generation or second-generation fuels. Biofuels have become more popular around the world as a result of their environmentally favorable character. However, they have a number of drawbacks, including significant fuel foaming, injector deposits and corrosion, and low oxidation stability. Biofuel additives are specialist compounds that are added to biofuel to help alleviate these issues. As a result, the market for biofuel additives is inextricably linked to biofuel production.
Primary Growth Boosters:
The demand for clean and efficient fuel, the declining quality of crude oil, and the growing automotive industry, which is opting for cleaner and greener fuel sources due to stringent emission regulations, particularly in Europe and China, are all factors favoring the growth of the biofuel additives market. Developing need for clean and efficient fuel, declining crude oil quality, high quality standards connected with biofuels, and a growing automotive industry are all contributing to the global growth of the biofuel additives market. Methane (CH4), carbon dioxide (CO2), fluorinated gases (perfluorocarbons, hydrofluorocarbons, nitrogen trifluoride, and sulfur hexafluoride), and nitrous oxide are the principal sources of greenhouse gases (N2O). Due to the use of fossil fuels such as natural gas, oil, and coal, the transportation industry also contributes to CO2 emissions.
Technology advancements, product innovation, and the expansion of the automotive industry in emerging economies such as the Middle East and Africa and Latin America, on the other hand, are expected to generate new demand and growth opportunities for manufacturers in the global biofuel additives market.
Competitive Landscape:
The Major Vendors in the Global Biofuel Additives Market are:
BASF SE (Germany)
Eastman Chemical Company (US)
Chevron Oronite Company LLC (US)
The Lubrizol Corporation (US)
Infineum (UK)
Afton Chemical (US)
Chemiphase Ltd. (UK)
Biofuel Systems Group Ltd. (UK)
Evonik Industries AG. (Germany)
NALCO (India)
Fuel Quality Services, Inc. (FQS) (US)
Clariant AG (Switzerland).
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Market Restraints:
The growing demand for e-vehicles in the industry, on the other hand, is a major restraint for the worldwide biofuel additives market. Manufacturing of different consumer items and other products has come to a halt around the world due to a lack of raw materials, labor shortages, and other factors. The market for biofuel additives is projected to be hampered as a result of this.
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COVID-19 Analysis
The global covid–19 epidemic has resulted in a shortage of products, owing to reduced operational capacities in industrial sites throughout Asia-Pacific, Europe, and North America. Furthermore, manufacturers are facing significant challenges due to disruptions in raw material supply and pricing fluctuations. The global biofuel additives industry has been impacted by producers shutting down or ceasing operations, as well as a drop in demand from automobile makers. Furthermore, the corporations are working hard to protect their employees' health and well-being while also assisting the government in maintaining key commercial activities such as power generation, food manufacturing, and healthcare
Market Segmentation
The global biofuel additives market is divided into three categories: product type, application, and geography.
Antioxidants, detergents, lubricity improvers, corrosion inhibitors, octane, cetane cold flow improvers, colors markers, and others are among the biofuel additives market's product types. Due to its widespread application in gasoline additives, the antioxidant sector held the biggest market share in 2020. Its goal is to reduce dangerous engine emissions. The corrosion inhibitor category, on the other hand, is predicted to increase at the quickest rate due to its use in heavy machinery and the maritime industry.
The biofuel additives market has been divided into diesel fuel additives, heavy fuel oil additives, shipping fuel additives, gasoline fuel additives, and others, depending on the application. Among them, the diesel fuel additives category grew at the quickest rate throughout the time period under consideration. Diesel fuel additives are becoming more widely employed in diesel engines and transportation. Because of the increased use of paints and coatings in heavy commercial vehicles, the heavy fuel oil additives category is expected to grow at a good CAGR throughout the forecast period.
Regional Analysis:
Due to the significant production and sale of automobiles in China, India, and Indonesia, Asia-Pacific accounted for the biggest market share in 2020.
With a CAGR of over 9%, the Middle East and Africa is predicted to be the fastest-growing regional market. With rising concerns about energy conservation and climate change, demand for low-emission engines and fuel is fast expanding, which is projected to boost the biofuel additives market in the future years.
The growing automotive sector in Latin America, the Middle East, and Africa, as well as a focus on product innovation and technology development, are the market's main possibilities.
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