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 ma...