Automotive Aftermarket Fuel Additives Market Segmentation by Type (Deposit Control, Cetane Improvers, Lubricants, Antioxidants, Anticorrosion, Cold Flow Improvers, Antiknock Agents, and Others); and by Application (Diesel, and Gasoline); by Distribution Channel (Big Stores, 4S Stores, Unauthorized Spare Parts & Service Centers, Gas Stations, Automotive Workshops, E-Commerce, and Others)-Global Demand Analysis & Opportunity Outlook 2020-2030

Global Automotive Aftermarket Fuel Additives Market Highlights Over 2020 - 2030

The global automotive aftermarket fuel additives market is estimated to garner a revenue of USD 2249.5 Million by the end of 2030, by growing at a CAGR of 6.0% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market generated a revenue of USD 1245.9 Million. The growth of the market can be attributed to the growing demand for fuel additives to improve fuel efficiency and engine performance of vehicles and for the stringent government regulations to limit greenhouse gas (GHG) emissions. There are different types of fuel additives that are categorized based on their usage benefits. For instance, fuel quality additives help in maintaining fuel quality by reducing fuel degradation, improving fuel stability, and inhibiting oxidation. Performance additives, on the other hand, help in improving engine performance and reducing undesirable emissions. On the other hand, government organizations, such as the U.S. Environmental Protection Agency (EPA), European Union (EU), and California Air Resources Board (CARB) have mandated the standards for fuel additives companies to focus on more efficient and cleaner fuel in the developed nations, especially the United States and Europe. The growing implementation of gasoline direct injection (GDI) engines and efforts to reduce vehicular emissions are some of the additional factors anticipated to contribute to the market growth in the coming years.

Moreover, the surge in the sales of vehicles around the globe is also expected to generate numerous opportunities for market growth during the forecast period. According to the statistics by the International Organisation for Motor Vehicle Manufacturers (OICA), the sales of new vehicles around the globe in the year 2019 were 90423687 units. Out of these, 63730387 units were passenger cars and 26693300 units were commercial vehicles.

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Global Automotive Aftermarket Fuel Additives Market Regional Synopsis

Regionally, the global automotive aftermarket fuel additives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is projected to display the largest revenue of USD 769.3 Million by the end of 2030, up from a revenue of USD 421.1 Million in the year 2020. The growth of the market in the region can primarily be attributed to the stringent government regulations to lower vehicular emissions, backed by the surge in concern for the rising pollution from vehicles. According to the statistics by the United States Environment Protection Agency (EPA), a typical passenger vehicle is known to emit close to 4.6 Metric Tons of CO₂ per year.

On the other hand, the market in the Asia Pacific is expected to grow with the highest CAGR of 7.2% during the forecast period. The market in the region is segmented by country into China, India, Japan, Malaysia, South Korea, New Zealand, Australia, and the Rest of Asia Pacific. Amongst these, the market in China is anticipated to garner the largest revenue of USD 369.2 Million by the end of 2030, up from a revenue of USD 161.3 Million in the year 2020.

Growth Drivers and Challenges Impacting the Growth of the Global Automotive Aftermarket Fuel Additives Market

Growth Drivers

• Rising Need to Improve Fuel Efficiency and Engine Performance in Vehicles

• Stringent Governmental Regulations to Limit GHG Emissions

Challenges

• Growing Adoption of Electric Vehicles

Global Automotive Aftermarket Fuel Additives Market Segmentation Synopsis

The global automotive aftermarket fuel additives market is segmented by type into deposit control, cetane improvers, lubricants, antioxidants, anticorrosion, cold flow improvers, antiknock agents, and others. Out of these, the deposit control segment is anticipated to garner the largest revenue of USD 555.9 Million by the end of 2030, up from a revenue of USD 264.2 Million in the year 2020. By application, the market is segmented into gasoline, and diesel, out of which, the gasoline segment is projected to grow with the highest CAGR of 6.5% during the forecast period. Moreover, by distribution channel, the market is segmented into big stores, 4S stores, unauthorized spare parts & service centers, gas stations, automotive workshops, e-commerce, and others. Out of these, the gas stations segment is projected to display the largest revenue of USD 722.7 Million by the end of 2030, up from a revenue of USD 366.7 Million in the year 2020.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global automotive aftermarket fuel additives market that are included in our report are TotalEnergies Company, Ashland Global Holdings Inc., BASF SE, The Lurizol Corporation, Afton Chemical, Evonik Industries AG, Chevron Corporation, Lucas Oil Products, Inc., Innospec, BG Products, Inc., Infineum International Ltd., and others.

Latest Developments in the Global Automotive Aftermarket Fuel Additives Market:

• June 8^th, 2018: The Lubrizol Corporation launched its new lubricant, Lubrizol PV2500 series additive technology. This lubricant is designed to address low-speed pre-ignition (LSPI) to enable the more reliable performance of the engine.

• August 24^th, 2020: BG Products, Inc. announced that it has reformulated and upgraded its fuel additive, BG Advanced Formula MOA, to be compatible with API SP and GM dexos1 Gen 2 licensed engine oils.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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