The automotive aftermarket fuel additives are specialty chemicals added to the automobile fuel in small concentrations to improve fuel efficiency, performance, and reduce emissions. Fuel additives help enhance fuel system cleaning capabilities, inhibit corrosion, improve fuel handling in low temperatures, and increase fuel oxidation stability. They provide multiple benefits such as increased gas mileage, reduced maintenance costs, and enhanced fuel storage life.
The global 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 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The automotive aftermarket fuel additives market is witnessing high growth owing to increasing concerns regarding vehicle fuel efficiency and performance. Fuel additives help improve fuel efficiency and enhance vehicle performance by preventing deposits and enhancing combustion. Moreover, stringent regulatory norms regarding vehicular emissions are also driving the market growth. Fuel additives assist in reducing harmful emissions such as nitrogen oxide, hydrocarbons, and particulate matter from vehicles. The auto-oxidation inhibitor additive helps inhibit oxidation during fuel storage and distribution. Wax modifiers prevent wax crystals from obstructing or damaging fuel system components. Deposit control additives aid in eliminating injector deposits, intake valves deposits and combustion chamber deposits.
SWOT Analysis
Strength: Automotive aftermarket fuel additives help improve vehicle performance and fuel efficiency. They reduce carbon deposits and clean the fuel system. Some fuel additives also improve combustion.
Weakness: Many vehicle owners are unaware of the advantages of using aftermarket fuel additives regularly. Some additives may not be compatible with all vehicle types and models.
Opportunity: Strict emission regulations are being introduced globally which will drive the demand for fuel additives. Growing vehicle parc and rising average driving distances also present an opportunity.
Threats: Fluctuating crude oil prices impact the price of fuel additives. Electric vehicles gaining popularity pose a long-term threat to the combustion engine vehicles market.
Key Takeaways
The global Automotive Aftermarket Fuel Additives Market Share is expected to witness high growth driven by stringent emission norms.
Regional analysis: The Asia Pacific region is projected to be the fastest growing market for automotive aftermarket fuel additives during the forecast period. Countries like China, India, Japan, and South Korea have a significant vehicle population and rising average distances driven are increasing the consumption of fuel additives. Stricter fuel economy and emission regulations will further boost the demand.
Key players operating in the automotive aftermarket fuel additives market are Hyosung Corporation, The Lubrizol Corporation, Afton Chemical Corporation, Chevron Oronite Company LLC, Total, Lucas Oil Products, and International Lubricants, Inc. etc. Hyosung Corporation is a leading manufacturer and supplier of fuel additives globally.
Get More Insights On This Topic:https://www.ukwebwire.com/automotive-aftermarket-fuel-additives-market-demand-analysis/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian