The global diesel additives market was valued at US$3,717.7 million in 2014 and is projected to grow at a CAGR of 7.3% from 2014 to 2019, according to a new report from MicroMarket Monitor.
Diesel additives are the largest application of fuel additives. Fuel additives are designed to meet the increasingly stringent environment norms as several countries are implementing regulations to control emissions. Stringent environmental regulations, increasing demand for clean and efficient fuel, and depleting crude reserves are among the major drivers for the growth of the diesel additives market. The diesel additives market is witnessing an increase in demand due to the increasing consumption of ultra low sulfur diesel (ULSD), which requires more dosing of additives.
New product developments and expansions are the key strategies adopted by the market players to drive their growth in the global diesel additives market. The manufacturing companies, associations, and end product manufacturers infuse high investments for future advancements and technology modifications of diesel additives to match the new demands coming from various end user industries.
The North American region is the largest market for diesel additives, in terms of volume and value, followed by Asia Pacific and Europe. The key players in the global diesel additives market are Afton Chemical (US), Albemarle Corp. (US), Chevron Oronite (US), Infineum International Inc. (UK), Fuel Performance Solutions, Inc. (US), and The Lubrizol Corporation (US), among others.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/19062015/global-diesel-fuel-additives-market-growth-952/