Luton, Bedfordshire, United Kingdom, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Marine Fuel Additives Market.
The marine fuel additives market which was USD 5.1 billion in 2021, would rocket up to USD 8.26 billion by 2029, and is expected to undergo a CAGR of 5.5% during the forecast period 2022 to 2029.
Marine fuel additives are chemical treatment solutions added to a marine vessel’s existing fuel in order to improve its quality, efficiency, and performance. They are extensively employed due to their ability to enhance the life of marine engines as well as to reduce the cost of operating marine vessels. These two factors are key drivers of the marine fuel additives market. Furthermore, an emerging and strong factor for the increased usage of such additives is the need to curb environmental emissions of the marine industry.
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North America to Lead Global Share Backed by Increasing Petroleum Exploration
North America held the largest marine fuel additives market share and was worth USD 2.70 billion in 2021. North America presently 50% dominates the market and is estimated to do so during the forecasted period.
Asia Pacific is among the most flourishing regions. Owing to growing demand from nations such as China and India, the fuel additives sector is estimated to be a considerable driver for the market.
Notable Industry Development:
- December 2021: BASF unveiled a novel multiuse diesel additive below the brand name KEROPUR-D in South Korea. It is a high-performance versatile diesel additive that eradicates deposits from the engine and avoids the formation of novel deposits.
- In July 2020, Clariant International Ltd. partnered with Ineratec GmbH, which is an energy equipment and solution provider, in order to produce and commercialize renewable fuels and chemicals. Clariant is providing the catalyst to convert carbon dioxide to valuable chemicals, fuels, and additives. This partnership enhanced the operations of Clariant International Ltd. and provided it with the opportunity to produce and market environment-friendly products.
- In May 2020, The Lubrizol Corporation joined a group endorsed by 14 governments and composed of more than 100 organizations, ‘Getting to Zero Coalition’, to provide low- or zero-carbon fuels.
Inclination towards Reduced Emission to Boost the Demand for Marine Fuel Additives
The most significant factor that is expected to be a demand driver for marine fuel additives is their capability to bring fuel efficiency in the ships. The reduced emission of harmful gases with the addition of these marine fuel additives is expected to foster the growth of the marine fuel additives market.
Increasing Emphasis gained in Leading Regions Expected to Upsurge the Marine Fuel Additives Market
The global marine fuel additives market is analyzed on a global front by assessing its presence in the key regions. Developing economies are on a constant move towards improving the environmental conditions, owing to which there are various stringent regulations imposed on the usage of fuels in ships and boats.
Marine Fuel Additives Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 5.1 billion in 2021 |
| Revenue forecast in 2029 | USD 8.26 billion by 2029 |
| Growth rate | CAGR of 5.5% from 2022 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Innospec (US), The Lubrizol Corporation (US), Afton Chemical (US), BASF SE (Germany), Chevron Corporation (US), LANXESS (Germany), Clariant (US), Infineum International Limited (UK), BARDAHL Manufacturing Corporation (US), and Wynn’s (Belgium). |
| Key Market Opportunities | Increasing demand for ultra-low sulfur diesel (ULSD) Expanding industrialization in developing countries Growing automotive industry in Latin America and the middle east |
| Key Market Drivers | Growing automotive industry Increasing environmental regulations Degrading quality of crude oil |
| Customization scope | Growing regulations and stringency with respect to the reduction of sulfur content, is expected to boost the marine fuel additives market as these products would help the shipping industry to comply with the regulations. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Marine Fuel Additives Market Players Eyeing Opportunities with Improved Strategies and Products
The Marine Fuel Additives market is highly fragmented and consists of many organized and unorganized industry players. The key players operating in the global market have large production bases and advanced manufacturing facilities at the domestic and international levels. Many of the key players are major suppliers in mining regions, such as Australia and North America. Some of the prominent players in the Marine Fuel Additives market include Innospec (US), The Lubrizol Corporation (US), Afton Chemical (US), BASF SE (Germany), Chevron Corporation (US), LANXESS (Germany), Clariant (US), Infineum International Limited (UK), BARDAHL Manufacturing Corporation (US), and Wynn’s (Belgium)
Browse Detailed Summary of Research Report with TOC:
https://exactitudeconsultancy.com/reports/5080/marine-fuel-additives-market/
Key Market Segments: Marine Fuel Additives Market
Marine Fuel Additives Market by Fuel, 2022-2029, (USD Million)
- Diesel
- Gasoline
- Others
Marine Fuel Additives Market by Additive Type, 2022-2029, (USD Million)
- Pre-Combustion
- Combustion
- Post Combustion
Marine Fuel Additives Market by Application, 2022-2029, (USD Million)
- Deposit Control
- Antioxidant
- Corrosion Prevention
- Lubricity
- Cetane Improvement
Key Findings of Global Marine Fuel Additives Market Report
- Government emission regulations strongest reason behind market growth
- Wide applications of marine fuel additives also boosting their consumption
- Usage of marine fuel additives to grow fastest in aviation fuel
- Deposit-control additives widest selling of all products
- North America to continue to be largest market for fuel additives
- Presence of numerous petrochemical companies makes market fragmented
Market Dynamics
Drivers
Growing demand from the automotive industry
marine fuel additives are used in automobiles to enhance fuel efficiency by reducing exhaust pollutant levels. marine fuel additives are primarily added with the engine oil. The expanding automotive production in developing countries is likely to increase the demand for marine fuel additives. Some of the available aftermarket marine fuel additives include diesel performance additives, multifunctional diesel additives, and cold flow improvers.
Restraints
Growing preference for alternative fuels
The depleting fossil fuel reserves; environmental regulations; and increasing emissions of carbon dioxide, carbon monoxide, particulate matter, and sulfur dioxide have resulted in increased demand for alternative fuels over conventional crude oil-based fuels.
Opportunity
Expanding industrialization in developing countries
The expanding industrialization in Asia-Pacific, including China, India, and Southeast Asian countries, coupled with rising per capita disposable income of the consumers is likely to create significant opportunities for the market players. The growth of the major end-use industries, such as aviation, power generation, and marine, is likely to drive the demand for diesel and, thus, marine fuel additives at a substantial rate in the coming years.
Challenges
Fluctuating crude oil prices and high R&D cost
The change in price of crude oil is likely to affect the fuel products markets and thus marine fuel additives market. Crude oil prices are constantly fluctuating for the last five years. According to Crude Oil Investing, there have been large swings in crude oil prices from USD 140 per barrel in 2020 to as low as USD 62.09 per barrel in 2022.
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