Research and Markets has announced the addition of the "World Biofuel Additives Market - Opportunities & Forecasts, 2015 - 2022" report to their offering.
According to a new report by Allied Market Research, entitled, "World Biofuel Additives Market", the biofuel additives market is projected to reach US$12 560 million by 2022, registering a CAGR of 15.3% from 2016 to 2022. The detergents and dispersants segment held about one third of the total market in 2015.
Additives are added to address the problems encountered by biofuels that include corroded fuel systems, enhanced fuel foaming, and increased wax formation at lower temperature. They are added during different stages of the products lifecycle, such as at refineries, during transit, at terminals, and at the end user stage.
The biofuel additives market has grown tremendously in the recent past due to increase in acceptance and performance of first and second generation biofuels globally. Second generation fuels are at early commercial stage, with major existence in the US and Europe.
The factors that drive the biofuel additives market are growing biofuel adoption due to decreasing dependency on the oil producing nations, availability of renewable feedstock's, and favourable government policies. Several other measures, in the form of vehicle emission directives, taken by the European policy makers in consultation with the car manufacturers and oil companies to enhance the air quality also drive the growth of this market. However, the expensive nature of biofuel additives may hamper the market growth during the analysis period.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/21112016/world-biofuel-additives-market-report/