The fuel additives market size is projected to reach USD 8.7 billion by 2023, at a CAGR of 3.1% between 2018 and 2023.
Browse 200 market data Tables and 47 Figures spread through 161 Pages and in-depth TOC on “Fuel Additives Market”
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How will the increase in demand for ultra-low sulfur diesel (ULSD) provide opportunity for market growth?
The increasing use of low sulfur content fuels will boost the growth of newer emissions control technologies like the addition of fuel additives. Their use will substantially lower emissions of particulate matter from diesel engines. This was first introduced in the EU and later in North America.
Ultra-low-sulfur diesel (ULSD) containing 15 ppm of sulfur was introduced for highway diesel fuel in 2006 in the US. ULSD is also expected to be used in non-highway diesel fuel. When it is introduced in non-highway fuel, the demand for fuel additives is expected to increase across the globe. Diesel engines that are equipped with advanced emission control devices use the highway ULSD fuel, which helps decrease emissions.
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Huge investment in R&D proving to be a restraint for the market growth?
Fuel additives are added in small quantities to fuel. To be effective, the engineering needs to be done at the atomic level. The R&D cost in terms of man-hours, materials, and technology are extremely large. There are only limited elements that can be used in the manufacture of additives, and the resulting mixture has to guarantee minimum features under different conditions to be considered for testing.
The product once identified for testing has to deliver fuel efficiency that not only has long term benefits, but also visible short-term benefits. Not everybody has access to such technology, capital, and human expertise to manufacture an environmentally-friendly, efficient, and effective additive at a competitive price. This need for high R&D investment and technological expertise is a major restraining factor to the growth of the fuel additives market.
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