BEIJING, Aug. 14, 2022 (GLOBE NEWSWIRE) — The Global Petroleum Additives Market The size was valued at USD 5,681 million in 2021 and is expected to be worth USD 8,836 million by 2030, growing at a CAGR of 5.2% from 2022 to 2030.
In recent years, stringent government emission standards and an increasing variety of petroleum additive applications are the major drivers for the growth of the petroleum additive market. Rapid increase in automotive demand for low greenhouse gas emissions fuels has increased traffic and traffic congestion, and spread of ultra low sulfur diesel are the major factors propelling the growth of the global automotive market. petroleum additives. In addition, the emergence of research and development activities in vehicles with internal combustion technologies following the dramatic increase in the use of gasoline additives is one of the most recent trends. market to be noticed, and it is expected that this trend will significantly contribute to the growth of the market.
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|Market||Petroleum Additives Market|
|Petroleum Additives Market Size 2021||$5,681 million|
|Petroleum Additives Market Forecast 2030||$8,836 million|
|CAGR of the petroleum additives market between 2022 and 2030||5.2%|
|Petroleum Additives Market Analysis Period||2018 – 2030|
|Petroleum Additives Market Base Year||2021|
|Petroleum Additives Market Forecast Data||2022 – 2030|
|Segments Covered||By type, by application and by region|
|Regional Scope of Petroleum Additives Market||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled key companies||BASF, Innospec, Total, Baker Hughes, Lubrizol, Albemarle, Dow Chemical Company, Chemtura, Chevron Oronite, Dorf Ketal, Evonik Industries, NALCO Champion, Eurenco and Clariant.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Global Petroleum Additives Market Overview
Petroleum additives are chemical components that are incorporated into fuel to improve its functionality. The main functions of these compounds include friction reduction, corrosion inhibition, anti-foaming as well as anti-oxidation. It is produced by mixing isobutene (IB) as well as ethanol (EtOH) in such a liquid phase response with an acidic environment with a highly porous resin that exchanges ions. Many fuel delivery mechanism problems can be avoided by using petroleum additives. They improve the quality and efficiency of vehicle fuels. Additionally, they increase the octane rating of petroleum or act as corrosion protection or as a lubricant, allowing various compression ratios to be used for increased efficiency and strength. Petroleum additives help prevent problems such as stumbling, slow acceleration, rough idle and stalling. They are used to remove sludge, control soot, improve combustion and act as a biocide.
Impact of COVID-19
The COVID-19 outbreaks have had a significant effect on almost every industry around the world, including automotive, aerospace and marine, where transactions have been halted or reduced to slow disease transmission. Due to the economic downturn, there has been a huge reduction in the expenditure on fuels, which has led to the partial or complete shutdown of petroleum products, leading to a reduction in the consumption and production of petroleum additives. Disruption in the distribution chain of petroleum additives during the COVID-19 epidemic had a negative effect on their demand in 2020. Due to the suspension of their production, petroleum additives could not be distributed in because of the shutdown in many countries, which has caused serious hindrances.
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Global Petroleum Additives Market Dynamics
The recent rise in automotive demand for low environmental impact petroleum products has increased urban congestion and the expansion of ultra low sulfur petroleum products are the major factors propelling the growth of the global petroleum additives market. Due to favorable international politics and economy and rising crude oil prices, the petroleum additives market is fueled by it in the forecast years. In addition, the increase in research and development (R&D) operations in fuel injection technologies due to the dramatic increase in the consumption of gasoline additives is one of the most recent trends observed. in this market and should significantly fuel its growth.
Additionally, the advancement of the automotive sector is a key driver of the global petroleum additives market, as this industry is the largest consumer of petroleum additives. Likewise, emergence of manufacturing of light vehicles, utility vehicles and heavy duty commercial trucks has been witnessed across the globe which is expected to make a significant contribution to the growth of the market. The development of relatively new carbon pollution control strategies, such as the addition of petroleum additives, is expected to be further stimulated by an increase in the consumption of Ultra Low Sulfur Diesel (ULSD).
The global petroleum additives market is split into type and application, according to Acumen Research and Consulting. In terms of type, the segment has been categorized into deposit control, anti-knock agents, lubricants, anti-corrosion, antioxidants, fuel colorants and others. In terms of application, the market is categorized into diesel, jet fuel, gasoline, and others.
Petroleum Additives Market Regional Outlook
The petroleum additives market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America has been dominating the global petroleum additives market and this will seem to be so due to the region’s rapid urbanization and industrialization along with high fuel economy. In addition, Asia-Pacific is expected to grow over the forecast period due to growing demand from the automotive-aviation sector, increasing consumer purchasing power, as well as growing demand for high-performance engines. and hybrids. The huge development of global investment in industrial manufacturing and increasing automobile fleet are largely responsible for the excessive consumption of petroleum additives in the region. Additionally, rising investment in Indian manufacturing contributes to the region’s growing demand for petroleum additives.
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Petroleum Additives Market Players
Some of the major companies in the petroleum additives market are BASF, Total, Lubrizol, Dow Chemical Company, Chevron Oronite, Innospec, Evonik Industries, Eurenco, Baker Hughes, Albemarle, Chemtura, Dorf Ketal, NALCO Champion, and Clariant.
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Mr. Richard Johnson
Acumen Research and Consulting