According to Facts and Factors, the global refinery fuel additives market in 2019 was approximately USD 9108 Million. The market is expected to grow at a CAGR of 7.2% and is anticipated to reach around USD 14330 Million by 2026.
The market study covers the present scenario and growth prospects of the global refinery fuel additives market for 2020-2026. The report also lists product types, applications, devices & geography, as the four major application segments, of which the refinery fuel additives market accounted for the high demand of the market share in 2020.
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Refinery Fuel Additives Market: Overview
Fuel additives are compounds that enhance the quality and efficiency of fuels used in vehicles. They increase a fuel’s octane rating and inhibits corrosion and lubricants, thus allowing the use of higher compression ratios for greater efficiency and power. This increases fuel performance, Navigate across broad regulatory requirements and fulfill distillate fuel specifications.
Industry Major Market Players
- Lubrizol Corporation
- Chevron Oronite
- Afton Chemicals
- Dorf Ketal
- Total Power
- Gold Eagle
Refinery Fuel Additives Market: Growth Factors
The rise in the production and consumption of the automotive industry worldwide, growing awareness towards the advantages of fuel additives, and increasing demand for performance products are driving the refinery fuel additive market. Moreover, the government’s stringent regulation towards emission norms is fueling the market growth in recent years. However, growing consumer preferences towards electric vehicles and the high cost of additives may hinder the market growth in the future years ahead. Furthermore, recent advances in fuel additive space are synthetic technology due to its performance and safety features, which is causing market disruption.
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Refinery Fuel Additives Market: Key Segments
The global refinery fuel additives market has been segmented based on type and application. Based on type, the market is segmented into Cetane number improvers, antioxidants, anticorrosion, cold flow improvers, antiknock agents, scavengers, octane improver, deposit control, lubricity additives, and others. Based on application, the market is segmented into diesel, gasoline, aviation fuel production, and middle distillates production. The diesel segment holds the largest market share in the global refinery fuel additives market. It is due to the rise in disposable income that has raised the demand for vehicles and thereby, the market growth has been expanded.
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Refinery Fuel Additives Market: Regional Analysis
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global refinery fuel additives market in 2019. The rise in the production capacity of shale oil in the United States is majorly driving the demand for refinery fuel additives. The Asia Pacific is estimated to register significant growth during the forecast period owing to its growing energy demand from developing economies such as India, Indonesia, and China among others. Furthermore, the regions are analyzed into major countries in this research report are the U.S., Mexico, Australia, Germany, UK, Canada, South Korea, Italy, Kuwait, India, Japan, New Zealand, Brazil, Argentina, UAE, Egypt, France, China, South Africa, and Kuwait among others.
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This report segments the Refinery Fuel Additives market as follows:
Global Refinery Fuel Additives Market: By Type Segmentation Analysis
- Cold Flow Improvers
- Conductivity Improver
- Octane Improver
- Cetane Number Improver
- Lubricity Improver
Global Refinery Fuel Additives Market: By Application Segmentation Analysis
- Gasoline production
- Diesel production
- Aviation fuel production
- Middle distillates production
- Residual fuels production
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