According to the research report titled ‘Global Fuel Additives Market Size study with COVID-19 Impact, by Type (Deposit Control, Cetane Improvers, Lubricity Improvers, Cold Flow Improvers, Octane Improvers, Corrosion Inhibitors, Stability Improvers, Dyes & Markers, Anti-icing and Others), by Application (Diesel, Gasoline, Aviation Fuel and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global fuel additives market amassed USD 5.6 billion in 2019 and is expected to grow with a CAGR of 3.2% during 2020-2027.
 

Strict governmental norms and degrading quality of crude oil are primarily driving the growth of global fuel additives market.
 

For those unversed, fuel additives are chemicals which are used in several refinery fuels to improve their performance characteristics, like reduction in emission, improvement in cetane number, enhancement in octane number, and others. They increase the performance and efficiency of many end use applications, as emissions caused by fuel harm the environment and human health both. Fuel additives can decrease corrosion effects instigated by fuel inside engines, resulting in better combustion properties of fuels.
 

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Major players are adopting various strategic alliances to meet customer demand, hence stimulating global fuel additives industry expansion. Citing an instance, Innospec Inc., in October 2018, introduced a range of marine fuel additives to help shipping industry comply with new norms regarding maximum sulfur content in marine fuels, applicable from January 2020.
 

Despite the favorable business scenario, demand for hybrid vehicles and alternate fuels, along with surging battery price parity are the factors negatively impacting worldwide fuel additives industry forecast. In addition, the widespread of coronavirus has caused temporary shutdown of oil refining activities, due to lockdown imposed in major economies, thereby disruption the demand-supply chain and restraining the market growth.
 

Based on type, worldwide fuel additives market is split into anti-icing, dyes & markers, stability improvers, corrosion inhibitors, octane improvers, cold flow improvers, lubricity improvers, cetane improvers, deposit control, and others. As per application spectrum, the industry is bifurcated into aviation fuel, gasoline, diesel, and others.
 

Speaking of the geographical ambit, North America fuel additives industry is projected to record a considerable growth over 2020-2027, on account of strict environmental norms. On the other hand, Asia Pacific market is expected to gain momentum in the upcoming years.
 

Major players operating in global fuel additives market sphere are Cummins Inc., Infineum International Limited, Dorf Ketal Chemicals LLC, Lanxess AG, BASF SE, Evonik Industries AG, Afton Chemical Corporation, The Lubrizol Corporation, Chevron Oronite Company LLC, and Innospec Inc.