It is estimated that global specialty fuel additives industry size will reach US$10 billion by 2023. There has been a significant upsurge in the consumption of LPG and CNG in recent years. This can be attributed to the introduction favorable policies and government subsidies to promote the adoption of ecofriendly products. Growing need to improve the cetane number for better performance will certainly fuel the product demand.
In the U.S. and China, the demand and adoption of ultra-low sulfur diesel (ULSD) has increased exponentially over the past few years. Diesel application segment will record a CAGR of about 6% during the forecast timeframe. Abundant and easy availability of resources and raw materials and continuous technological advances has propelled the automotive sector in Asia Pacific countries such as China and India.
Cetane improvers segment is estimated to be worth more than US$950 million by 2023. Cold improvers are increasingly gaining prominence in numerous applications. The segment is slated to register a CAGR of more than 8% through 2023. Cold flow improvers minimize the sulfur content when added to diesel. Surging demand for diesel with low sulfur content is driving the demand for the products worldwide.
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Global specialty fuel additives industry size is slated to experience substantial expansion as various strict environmental regulations have been introduced in both developed and emerging economies, including the U.S., Europe, and China, to promote the adoption of sustainable resources. Specialty fuel additives offer a range of benefits such as excellent corrosion resistance, improved power output and efficiency, and reduced power consumption.
In terms of the applications, gasoline additives industry size is estimated to hit US$4 billion by the end of the study period. Constant innovations and developments have been made in Top Tier Detergent Gasoline (TTDG) to improve its overall detergency and its ability to prevent the formation of deposits.
Deposit control specialty fuel additives experienced a consumption of more than 600 kilotons during 2015. The product is widely added in fuels such as gasoline and diesel to prevent them from the deposition of sludge and soot. Ongoing developments in injection system and engine technology will further accelerate the product penetration in the near future.
Prominent use of diesel in these countries is anticipated to foster the regional growth. Asia Pacific specialty fuel additives industry size from diesel applications is projected to hit US$1 billion valuation by 2023.
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In North America, the government and regulatory authorities, such as the Environmental Protection Agency (EPA), have mandated the use of diesel for heavy-duty vehicles with low sulfur content. In 2015, North America accounted for more than 25% of the overall specialty fuel additives consumption and the regional specialty fuel additives industry size from gasoline application will exceed US$1 billion by 2023.
Further elaborating on the geographical landscape, Europe specialty fuel additives industry will witness a CAGR of more than 5% up to 2024. The presence of a stringent regulatory scenario in the region has resulted in the expansion of additive production. Meanwhile, the launch of Euro IV standard transport in Dubai to support sustainable development is fueling the product demand across Middle East & Africa.
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