Ongoing focus on new product developments and innovations in specialty fuel supplements is the key trend in the fuel additives sector. This is due to high demand to reduce exhaust emissions and increase mileage. Furthermore, governments around the world are focusing on boosting the fuel economy in accordance with the standards of the Corporate Average Fuel Economy which will enhance the importance of fuel additives. [FURL=https://www.industryarc.com/PressRelease/1638/Fuel-Additives-Market-Research.html]Fuel additives market[/FURL]is expected to reach $7 billion by 2023, growing at a CAGR of 5%. The increasing penetration of additives in biodiesel blends in the North America and European regions to achieve efficient cold flow performance will have a positive impact on the consumption of fuel additives in the near future. Also, with the rise in the consumption of Ultra-Low-Sulfur Diesel (ULSD), fuel additives market is witnessing an increase in the demand as ULSD requires higher concentration of additives.
The growing trend to include multifunctional additives in gasoline, diesel and other fuels is favoring the fuel additives industrial growth. Multifunctional additives assist fuels to comply with safety standards and perform smoothly by reducing the required quantity of additives. The increasing interest in sustainable and environmentally friendly products from end-users and customers will lead in enhanced demand for multifunctional additives. Growing R&D investments in new engine technologies will boost the market for fuel additives in the coming years. Direct injection of petrol technology has become common in recent days and accounts for about 38% of new light-duty car sales.
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Environmental Regulations Bolstering the Fuel Additives Market :
To ameliorate the current situation of vehicular air pollution, developed nations such as the U.S. and UK have regulations pertaining to the same. In the U.S., the Motor Vehicle Air Pollution Control Act regulates the air pollution caused by vehicles. With more than 11 million vehicles traveling on the roads of the U.S. which is 11.5% of the total vehicles in the world as reported by the OICA in 2017; fuel additives market size is large.
Key Insights on Fuel Additives Market
Growing demand for low-emission and effective energy sources in the manufacturing, aviation and automotive sectors, coupled with growing use of low-sulfur fuels will increase the development of new emission control techniques, including the addition of fuel additives that would significantly reduce engine particulate emissions.
Gasoline segment holds the largest share in the fuel additives market in 2018. Increasing gasoline consumption in the U.S. and China is anticipated as main driving factor for fuel additives in gasoline applications.
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