The Global Market for Petroleum Additives is Projected to Reach US$30.2 Billion by 2024

Increasing Industrial & Automobile Production & Growing Petroleum Refining Activity Drive Growth in the Global Petroleum Additives Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Petroleum Additives market. The global market for Petroleum Additives is projected to reach US$30.2 billion by 2024, driven by growing petroleum refining activity, increase in industrial and automobile production, expansion in commercial & military aviation sector, and strong growth in developing markets leading to rise in fuel & lubricant consumption.

Additives are critical components employed in small proportions to lower viscosity, prevent foam formation and deposits, and enhance resistance to fluctuations in temperatures in petroleum based products such as fuels and lubrication fluids, which find applications in industrial machinery, automobiles, aircraft, ship engines, motors, and wind turbines, among others. Fuel additives improve petroleum refining process as well as the performance of fuels such as gasoline, diesel fuels, aviation fuels, power generation fuels and heating oil, thus playing a pivotal role in improving the combustion properties of fuels and help achieve economies of scale in the long run. Lubricant additives, essential for formulating lubricants that meet industry requirements and also comply with environmental regulations, find use in varied industrial and vehicular lubricant categories including gear oils, engine oils, turbine oils, transmission fluids, and hydraulic oils.

Given its use in the transportation and industrial sectors, growth in the petroleum additives market is primarily dictated by health of these industry segments. Prevailing economic conditions, geo-political and regulatory and technology trends influencing these industry segments also dictate growth patterns in the market. Demand trends for fuel and lubricant additives are also dependent on refining, production, and marketing activities associated with crude oil. Price and supply fluctuations of crude oil therefore also influences growth patterns in petroleum additives market. Stringent environmental norms and resulting rise in demand for clean and efficient fuel have been driving strong demand for fuel additives in industrial and automobile applications. Projected rise in automobile sales and vehicle miles travelled will boost auto fuel and lubricant consumption, thus benefiting demand for petroleum additives. Refinery fuel additives are experiencing increasing demand globally due to their performance and ecological benefits along with support from various governments and environmental protection agencies. One of the major drivers for the fuel additives market is increasing acceptance of ultra-low-sulfur diesel (ULSD), which curbs carbon emissions associated with diesel combustion.

As stated by the new market research report on Petroleum Additives, the United States and Asia-Pacific represent the largest markets worldwide. Asia-Pacific is forecast to emerge as the fastest growing volume market with a CAGR of 6.6% over the analysis period. Growing automotive ownership and huge industrial base in the region will continue to drive gains for petroleum additives in the Asia-Pacific market. The huge industrial base, particularly with several global companies setting up their manufacturing/processing facilities in China, India, Vietnam, Taiwan and Indonesia among others is helping drive demand for industrial lubricants and along with it petroleum additives. Growth in the United States is led by huge industrial base, steady growth in automobile manufacturing and sales, rise in average life of vehicles and a parallel rise in average miles travelled, stringent government regulations to control industrial and automotive emissions, and rise in demand for clean and efficient fuel.

Key players in the market include Afton Chemical Corp., Baker Hughes Inc., BASF SE, Chevron Oronite Company LLC, CITGO Petroleum Corp., Eni SpA, Ethyl Corp., Evonik Industries AG, ExxonMobil Chemical Company, Infineum International Ltd., Innospec, LANXESS AG, The Lubrizol Corp., Repsol, and Royal Dutch Shell plc, among others.

The research report titled “Petroleum Additives: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of value and volume for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). The report provides market estimates and projections for product segments – Fuel Oil Additives and Lubricating Oil Additives. The report also provides market estimates and projections for Lubricating Oil Additives by function – Antioxidants, Antiwear Agents, Corrosion Inhibitors, Detergents, Dispersants, Extreme Pressure Additives, Foam Control Agents, Pour Point Depressants, Viscosity Index Improvers, and Other Lube Additives.  

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