Rising emission of toxic gases in the atmosphere has created concern among government authorities from various nations. Adding specialty fuel additive in fuel reduces the emission rate of vehicles. Additives improve fuel efficiency of diesel, distillate fuels, gasoline, and alter burn rates of combustion in high temperatures.
On the basis of raw material, additives are mainly of two types, specialty fuel additives (SFA) and oxygenated. SFA include antioxidants, corrosion inhibitors, deposit control agents, metal deactivators, and antiknock agents. The special fuel additives markets are continuously focused on the development and modernization of the product for performance enhancement and functionality, increase mileage, and decrease ecological dangers.
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This move is anticipated to improve market growth over the forecast period (2014-2020). Rising use of alternative fuels like CNG (compressed natural gas) and LPG (liquefied natural gas) will negatively affect market growth. The specialty fuel additives market is poised to reach USD 8.5 billion by 2020.
The market is divided by products, applications, and regions. Products of the market are deposit control additives, cold flow improvers, cetane improvers, antioxidants, corrosion inhibitors, and lubricity improvers. Deposit control additives appeared as the foremost product in the specialty fuel additives market, with over 39% market volume in 2013. Cetane improvers followed, with more than 10% volume share in the same year. Cold flow improvers are anticipated to be the fastest growing product, at a 7.9% CAGR over the next 6 years.
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Applications include diesel, gasoline, and ATF (aviation turbine fuel). Gasoline dominated the market, and had over 46.0% volume share in 2013. ATF demand in specialty fuel additives is anticipated to touch 70 kilo tons by 2020, with a CAGR of over 4.5% till the end of the forecast period.
North America dominated the specialty fuel additives market with over 27.5% volume in 2013. Asia Pacific had about 27.0% volume in the same year. It is anticipated to grow the fastest at about 7% CAGR till 2020. Europe is predicted to reach USD 2 billion by 2020. Strict rules along with rising demand for bio-fuel are likely to steer the market in this region.
Four companies occupying maximum share of the specialty fuel additives market are BASF, NewMarket, Infineum, and Innospec.
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