Global demand for refinery fuel additives market was valued at approximately USD 7.47 billion in 2018 and is expected to generate revenue of around USD 10.69 billion by end of 2025, growing at a CAGR of around 5.3% between 2019 and 2025.
The report covers forecast and analysis for the refinery fuel additives market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on volume (Kilo Tons) and revenue (USD Million). The study includes drivers and restraints for the refinery fuel additives market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the refinery fuel additives market on a global as well as regional level.
As per the report, the global demand for refinery fuel additives market was valued at approximately USD 7.47 billion in 2018 and is expected to generate revenue of around USD 10.69 billion by end of 2025, growing at a CAGR of around 5.3% between 2019 and 2025.
Refinery fuel additives are used in the refining operation of fuels to refine and enhance its properties. The increasing oil and gas exploration activities across the globe are expected to be the major demand driver for the growth of the market. Increasing urbanization and population growth has been major factors for the high demand for energy. Increasing number of cars in all the countries across the globe has increased the demand for fuels. Furthermore, increasing number of planes due to the high passenger traffic has increased the demand for jet fuel. According to the International Energy Administration (IEA), the global energy demand grew by 2.3% in 2018. Increasing regulations and government policies on the standards for fuel in order to ensure its quality has further fueled the adoption of refinery fuel additives. The growing concern regarding the environment and its protection has led the governments across the globe implement regulations on the petroleum industry. However, the high price of the refinery fuel additive is expected to be a major restraint for the growth of the global refinery fuel additives market. This has led to its low adoption in few countries.
However, increasing demand from the emerging economies such as India and China is expected to provide growth opportunities for the key players operating in the global refinery fuel additives market.
The global refinery fuel additives market is segmented based on product, application, and region. Based on type, the market is segmented into antioxidants, anticorrosion, antiknock agents, cetane improvers, cold flow improvers, deposit control, lubricity additives, and others. Based on application, the market is segmented into diesel, gasoline, jet fuel, and others. Diesel segment accounted for the largest market share in the global refinery fuel additives market. Major demand for this segment has generated from the major countries in North America, Europe, and Asia Pacific. Increasing shale gas production in North America has further enhanced the demand for refinery fuel additives.
Geographically, 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 2018. Increasing shale oil production in the U.S. is expected to be a major driving factor for the increasing demand for refinery fuel additives. The U.S. is expected to usurp Russia in terms oil export by 2024. Moreover, the regulations imposed by the Environmental Protection Agency (EPA) in the U.S. have further fueled the adoption of refinery fuel additives in North America. Asia Pacific is also expected to register significant growth during the forecast period. Increasing energy demand from the emerging economies such as China, India, Indonesia, etc. is expected to fuel the growth of refinery fuel additives market in the region.
Some key players operating in the global refinery fuel additives market include BASF SE, Clariant, ECIC, Innospec, Lubrizol, Racheme Fze, WRT BV, Afton Chemical, Calling ton Haven, Dorf Ketal, Infineum, Lanxess, Nalco, and Total S. A, among others.
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