The global refinery fuel additives market size was worth around USD 9.14 billion in 2023 and is predicted to grow to around USD 15.43 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.00% between 2024 and 2032.
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Market Overview for Refinery Fuel Additives
Refinery fuel additives are employed in the refining process of fuels to refine and improve their properties. The primary demand catalyst for market growth is anticipated to be the escalating oil and gas exploration activities worldwide. Increased urbanization and population growth have been significant contributors to the elevated energy demand. The demand for fuels has increased as a result of the growing number of automobiles in all countries worldwide.
The research encompasses the drivers and restraints of the refinery fuel additives market, as well as the influence they have on demand during the forecast period. Furthermore, the report investigates the refinery fuel additives market on a global and regional scale, examining opportunities and various trends.
Growth Drivers of the Refinery Fuel Additives Market
The demand for aviation fuel has increased as a result of the high passenger traffic and the increasing number of planes. In 2023, the global energy demand increased by 2.3%, as reported by the International Energy Administration (IEA). The adoption of refinery fuel additives has been further fuelled by the escalating regulations and government policies regarding fuel standards in order to guarantee its quality. As a result of the increasing concern for the environment and its preservation, governments worldwide have implemented regulations on the petroleum industry. Nevertheless, the global refinery fuel additives market is anticipated to be significantly impacted by the exorbitant cost of the refinery fuel additive. This has resulted in its minimal adoption in a small number of countries.
Nevertheless, the global refinery fuel additives market is anticipated to offer growth opportunities to the main players due to the growing demand from emerging economies like China and India.
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The Global Refinery Fuel Additives Market is segmented based on product, application and region
Global Refinery Fuel Additives Market: Product Segment Analysis
● Antioxidants
● Anticorrosion
● Antiknock Agents
● Cetane Improvers
● Cold Flow Improvers
● Deposit Control
● Lubricity Additives
● Others
Global Refinery Fuel Additives Market: Application Segment Analysis
● Diesel
● Gasoline
● Jet Fuel
● Others
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The Global Refinery Fuel Additives market profiles key players such as:
● BASF SE
● Clariant
● ECIC
● Innospec
● Lubrizol
● Racheme Fze
● WRT BV
● Afton Chemical
● Calling ton Haven
● Dorf Ketal
● Infineum
● Lanxess
● Nalco
● Total S. A
Regional Analysis of the Refinery Fuel Additives Market
The market is divided into five geographic segments: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2018, the global refinery fuel additives market was primarily dominated by North America. The anticipated main factor driving the increase in demand for refinery fuel additives is the expansion of shale oil production in the United States. By 2032, it is anticipated that the United States will surpass Russia in terms of hydrocarbon exports. Additionally, refinery fuel additives have been further encouraged in North America by the regulations implemented by the Environmental Protection Agency (EPA) in the United States. It is also anticipated that the Asia Pacific region will experience substantial development during the forecast period. The refinery fuel additives market in the region is anticipated to expand due to the rising energy demand from emergent economies, including China, India, and Indonesia.
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