Global Automotive Aftermarket Fuel Additives Market to Grow with a CAGR of 6.0% During 2021-2030; Market to Grow on Account of Growing Sales of Vehicles Worldwide
Kenneth Research published a report titled Automotive Aftermarket Fuel Additives Market: Global Demand Analysis & Opportunity Outlook 2030 which delivers detailed overview of the global automotive aftermarket fuel additives market in terms of market segmentation by type, application, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive aftermarket fuel additives market is anticipated to grow with a CAGR of 6.0% over the forecast period, i.e., 2021 – 2030. The market is segmented by type into deposit control, cetane improvers, lubricants, antioxidants, anticorrosion, cold flow improvers, antiknock agents, and others, out of which, the deposit control segment is anticipated to garner the largest revenue of USD 555.9 Million by the end of 2030. Moreover, in the year 2020, the segment registered a revenue of USD 264.2 Million.
The global automotive aftermarket fuel additives market is estimated to garner a revenue of USD 2249.5 Million by the end of 2030, up from a revenue of USD 1245.9 Million in the year 2020. Growing demand for fuel additives to improve fuel efficiency and engine performance of vehicles, followed by the focus of the government of nations worldwide to lower vehicular pollution is anticipated to drive the growth of the market in the coming years.
Geographically, the global automotive aftermarket fuel additives market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to display the largest revenue of USD 769.3 Million by the end of 2030. Moreover, in the year 2020, the market in the region registered a revenue of USD 421.1 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Surge in the Sales of Vehicles Worldwide to Drive the Demand for Automotive Aftermarket Fuel Additives
The sales of new vehicles, according to the statistics by the International Organisation for Motor Vehicle Manufacturers (OICA), the sales of new vehicles around the globe in the year 2019 was 90423687 units. Out of these, 63730387 units were passenger cars and 26693300 units were commercial vehicles.
Backed by the sales of new vehicles worldwide, the demand for fuel additives is also anticipated to increase. Such a factor is therefore expected to drive the growth of the global automotive aftermarket fuel additives market. Fuel additives help in maintaining fuel quality by reducing fuel degradation, improving fuel stability and inhibiting oxidation. Moreover, these additives also improve engine performance and reduce undesirable emissions.
However, the growing adoption of electric vehicles is expected to operate as key restraint to the growth of global automotive aftermarket fuel additives market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive aftermarket fuel additives market which includes company profiling of TotalEnergies Company, Ashland Global Holdings Inc., BASF SE, The Lurizol Corporation, Afton Chemical, Evonik Industries AG, Chevron Corporation, Lucas Oil Products, Inc., Innospec, BG Products, Inc., Infineum International Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive aftermarket fuel additives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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