are compounds formulated to enhance the quality and efficiency of fuels used in motor vehicles. They increase a fuel's octane rating or act as corrosion inhibitors or lubricants, thus allowing the use of higher compression ratios for greater efficiency and power. Fuel additives can help to avoid problems such as rough idling, weak acceleration, stumbling and stalling.
In global market, the sales of fuel additives increase from 1.8 Million MT in 2012 to 2.0 Million MT in 2016, at a CAGR of more than 2.68%. In 2016, the global fuel additives market is led by Europe, capturing about 30.45% of global fuel additives consumption. USA is the second-largest region-wise market with 28.55% global sales share.
At present, the major manufacturers of fuel additives are Afton Chemical, BASF, Lubrizol, Chevron Oronite, Infenium, Innospec, Total ACS, etc. Afton Chemical is the world leader, holding 6.15% sales market share in 2016.
The best growth opportunities for the fuel additives are in the Asia-Pacific and Eastern Europe region, whereas mature North American and West European markets are predictable to register a modest growth. Moreover, India will be the fastest-growing country in global fuel additives market as its strong economic growth continues. In mature markets such as the USA and Western Europe growth will be driven more by the stricter implementation of environmental regulations.
Europe was the largest regional market for fuel additives, with consumption exceeding 622 K MT in 2016. India is further expected to grow with CAGR 4.63% from 2012 to 2017. USA and Europe are expected to witness demand growth at an estimated CAGR of 3.16% and 2.97 % from 2012 to 2017, respectively.
In application, fuel additives downstream is wide and recently fuel additives has acquired increasing significance in various fields of gasoline additives, diesel additives, aviation fuel, etc. Globally, the fuel additives market is mainly driven by growing demand for gasoline additives which accounts for nearly 53.46% of total downstream consumption of fuel additives in global.
In the future, global market is expected to witness growth on account of rising applications, so in the next few years, fuel additives consumption will show a trend of steady growth. In 2022 the consumption of fuel additives is estimated to be 2.6 Million MT.