Oil and Gasoline Additive Market Revenue Driving Factors, Key Players, and Competitive Strategies, 2022
Higher approval rate from local as well as international authorities such as Environmental Protection Agency (EPA), European Standards Organization (CEN) regulations and other, is expected to drive market demand for oil & gasoline additive over the next seven years.
(firmenpresse) - The global oil and gasoline additive market is expected to display higher growth rate over the next five years. Rapid surge in the oil and gasoline additive market is credited to growing demand for deposit control, antioxidants, and anti-corrosion additives. Oil & gasoline additives are capable of performing detergent action, which significantly enhances engine performance and efficiency. In addition, oil & gasoline additive is responsible for cleaning and lubricating the carburetor and injectors, which cases fuel to burn more efficiently, thus providing higher power and less fuel consumption.
Globally, market is predicted to generate massive revenue over next five years, providing numerous opportunities for market players to invest for research and development in the oil and gasoline additive market. Increasing use of anti-oxidants in gasoline products leads to reduction in carbon emission, thus limiting harmful effects. Higher approval rate from local as well as international authorities such as Environmental Protection Agency (EPA), European Standards Organization (CEN) regulations and other, is expected to drive market demand for oil & gasoline additive over the next seven years. Growing demand from diesel motor vehicles and non-road, locomotive and marine diesel equipment engines due to compliance with the federal low sulfur content requirements is anticipated to drive the growth of oil and gasoline additive market over the forecast period.
Oil & gasoline additives are gaining traction among various end-use vertical owing to its capability to enhance the service life of equipment. Oil & gasoline additives forms a protective layer on the surface the service equipment, thereby increasing life span of the equipment. Application of the oil & gasoline additives include water treatment, power generation, refining, construction and mining sector. Increasing need for high-end systems to handle high viscosity fluids and rising funding by regional governments in public infrastructure development activities are anticipated to drive the growth of oil & gasoline additive in the upcoming years.
The market is broadly categorized into four major segments based on the end-use application type such as lubrication, contamination control, seal conditioning and viscosity modifiers. The lubrication segment is growing rapidly in the market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in manufacturing sector, higher approval rate by regional government authorities, surge in number of research & development activities and existence of well-established industrial infrastructure in the region.
Asia-Pacific region is estimated to hold major share in the oil and gasoline additive industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, favorable laws & regulation regarding use of fuel additive, rising disposable income, increasing manufacturing activities, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the oil and gasoline additive market are Innospec Inc., Chemtura Corp., Infineum International Ltd., Lubrizol Co., BASF SE, Lucas Oil Products, Inc., Bardahl Corp., The Freedonia Group, Inc., and Baker Hughes.
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Datum: 03.03.2020 - 12:29 Uhr
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