The global specialty fuel additives market size is predicted to surpass $ 10400 million mark by end of the forecast period and register a CAGR of 6.8%. Rising ecological concerns owing to emission of toxic gases due to transportation fuel has forced various nations to combine additives with transportation fuels. These additives also enhance fuel efficacy and minimize hazardous emission effects on environment.Afton Chemical Corporation pronounced that its manufacturing plant on Jurong Island in Singapore will begin the production of main components used in engine oil additives. This will help to fulfil the growing regional as well as global demand of fuel additives. The firm has already established many other manufacturing plants in Asia Pacific region which includes technology centres in Suzhou in China and Tsukuba centre in Japan.
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The manufacturing plant will strengthen the global network supply of the firm and help both the firm & its consumers to profit from continuous migration of upstream capacities in Singapore. The plant possesses full capacity to manufacture all kinds of engine oil additives required in Asia and is scalable to let Afton Chemical Corporation expand based on the demand for engine oils. In future, additional units like specialty dispersants can be added to manufacture petroleum additives to fulfil industry requirements as well as consumer requirements.
The global specialty fuel additives market is segmented into key geographical regions that include North America, Asia Pacific, Europe, Latin America and MEA.
Latin America specialty fuel additives market size, by product, 2012-2023 (KT)
North America had emerged as a key consumer of specialty fuel additives for 2013. The US specialty fuel additives market size was led by gasoline and is predicted to surpass $2500 million by the end of forecast period. Further, a ban on methyl tert-butyl ether in US has boosted the demand for specialty fuel additives and is predicted to drive the growth of the region during the forecast period.
Asia Pacific was the second biggest industry for specialty fuel additives and is predicted to be the rapidly growing region registering a CAGR of 7% during the forecast period. Increasing use of diesel as a fuel in countries like India and China is predicted to drive the growth of the region during the forecast period.
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European industry size was evaluated at $ 1580 million for 2015 and is predicted to register CAGR of 5.9% during forecast period. Strict rules and rising demand for biofuel are the factors predicted to drive the growth of the industry in Europe.
MEA industry size is predicted to surpass $ 1300 million by end of forecast period.
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