The fuel additives market is forecast to reach US$8.6 billion by 2020, registering a CAGR of 6.9% between 2015 and 2020, according to the ‘Fuel Additives Market by Application, by Type and by Regions - Global Trends & Forecasts to 2020’ report from MarketsandMarkets.
The increasing use of low sulfur content fuels will boost the growth of newer emissions control technologies such as addition of fuel additives, which would substantially lower emissions of particulate matter from diesel engines.
The demand for fuel additives in Asia Pacific is expected to rise at the back drop of high performance fuels for automobiles. The performance and life of engine can be improved through fuel additives. The automobile sales in Asia Pacific are continuously increasing resulting in demand for efficient and high performance of vehicles. This can be achieved by the use of fuel additives.
North America and Europe both have stringent fuel emission and environmental regulations in place. These regulations and standards have increased the demand for efficient and cleaner fuel which has increased the use of alternate fuels which includes compressed natural gas (CNG), liquefied petroleum gas (LPG), and biofuels. There are various fuel additives which meet the various environmental and fuel emission standards set by the regulatory authority which will help to drive the market for fuel additives in North America and Europe.
The fuel additives market is witnessing a high growth due to the increasing demand for ultra low sulfur diesel (ULSD) across the globe. The ULSD requires extra dose of fuel additives. The worldwide increase in the number of vehicles has resulted in the demand for efficient fuels, which meet the government regulations for fuel emissions, which is projected to drive the market for fuel additives.
Adapted from press release by Rosalie Starling
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