The automotive aftermarket fuel additives market is estimated to be valued at US$ 1.97 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive aftermarket fuel additives are chemicals added to vehicle fuels such as gasoline, diesel and natural gas to improve fuel efficiency, enhance engine performance, and extend engine life. Common types of fuel additives include antioxidants, catalysts, corrosion inhibitors, detergents, and deicers. They help prevent injector deposits and reduce harmful emissions from vehicles. Fuel additives are available in different forms such as liquid, powder and gels for easy mixing with vehicle fuels.
Market Dynamics:
The automotive aftermarket fuel additives market is majorly driven by increasing vehicle parc across regions. As per International Energy Agency, the global vehicle fleet size reached over 1.4 billion vehicles by 2020 and is estimated to grow further in the coming years. With rising number of vehicles on road, demand for fuel additives is anticipated to increase correspondingly to cope with growing fuel consumption. Fuel additives minimize engine deposits and breakdown, thereby improving vehicular efficiency and reducing maintenance costs over the lifetime of vehicles. Furthermore, stringent emission regulations by governments to curb vehicular pollution also promote use of fuel additives in automobiles. For instance, emission standards such as Euro 6 and Bharat Stage VI mandate use of specific additives in vehicle fuels.
SWOT Analysis
Strength: The automotive aftermarket fuel additives market provides high-quality products that increase fuel efficiency and protect engine components. Many companies offer a wide range of additives tailored for different vehicle types. The additional benefits of additives such as reduced emissions and improved performance attract many customers.
Weakness: Fuel additives are considered unnecessary expenses by some vehicle owners. The complexity of various additive products confuses customers regarding the right choice for their vehicles.
Opportunity: Stringent regulations to control emissions and increase fuel efficiency are expected to drive the demand for high-quality fuel additives. New product launches incorporating advanced technologies will further expand market reach.
Threats: Volatility in fuel prices affects spending on additional fuel system treatments. The development of alternative fuel vehicles reduces dependence on conventional fuels.
Key Takeaways
The Global Automotive Aftermarket Fuel Additives Market Demand is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing vehicle fleet and rising demand for enhanced vehicle performance. Stringent government regulations regarding fuel efficiency and emissions are encouraging automakers to integrate advanced additive packages in their fuel system designs.
North America dominates the global automotive aftermarket fuel additives market, accounting for around 35% of the total share. The large vehicle parc and growing demand for superior fuel economy drive the adoption of effective additive formulations. Asia Pacific exhibits the fastest growth in the forecast period owing to rapid motorization and strong economic development facilitating increases in disposable incomes.
Key players operating in the automotive aftermarket fuel additives market are Chevron Corporation, BASF SE, Afton Chemical Corporation, Infineum International Limited, The Lubrizol Corporation, TotalEnergies Additives & Special Fuels, Innospec Inc., Clariant AG, Cerion Energy, BG Products, Â Inc., Lucas Oil Products, Â Inc., Red Line Synthetic Oil Corporation, Liqui Moly GmbH, Royal Purple, Â LLC, STP Products Company. The established manufacturers focus on R&D investments to introduce new nano-additive packages ensuring clean combustion for longer engine life.
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