Refinery fuel additives Market: Global Industry Analysis and Opportunity Assessment 2016-2026 By FMI
Refinery fuel additives are basically the chemicals which are used in various kind of refinery fuels to enhance their performance characteristics. Regulations from various government and environmental agencies to curb emissions and improving overall fuel efficiency is putting a substantial impact on fuel components and complete engine system.
Refinery fuel additives play a significant role in increasing the performance and efficiency of various kinds of fuel used. Increasing the efficiency of refinery fuel is very important in two ways such that fuel, as we know it, is a non-renewable material. To conserve it is as equivalent as producing. Besides, the emissions caused by fuel are extremely harmful for human health and environment. These refinery fuel additives help the efficiency of fuels to increase and enhanced characteristics such as reduced emissions, improvement in octane number, improved cetane numbers etc. Fuel additives can reduce the corrosion effects caused by fuels inside of the engines. They also improve the combustion properties of fuels.
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Owing to these benefits, global enterprises are evolving in their research and development activities to produce more advanced refinery fuel additives, giving a fast impetus in their demand as well as growth in the overall market. The user friendly, commercial as well as ecological and environmental advantages offered by refinery fuel additives are anticipated to trigger a high demand of these products over the forecast period of 2016-2026.
Drivers and Restraints:
The enhanced performance features and ecological benefits, backed and governed by various government and environmental organizations are pushing the demand of refinery fuel additives globally. Refinery fuel additives increase several characteristics of different types of fuels. Refinery fuel additives not only help to meet the quality specifications of finished fuels but also facilitate operations within the refinery and deliver additional revenue and margin improvement in the whole business.
Advantages and benefits offered by refinery fuel additives such as cleaner engines, less pollution, improved engine ignition, less gumming and icing and higher fuel efficiency are driving their market globally while various national and international organizations are backing and supporting their regular use.
Along with having so many advantages, the additional cost of refinery fuel additives play a negative role in the growth of this market, especially in developing nations which are cost-sensitive. Along with this, use of other fuel options such as LPG and CNG also pull back the usage of refinery fuel additives among consumers.
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Based on their types or functionality, refinery fuel additives are classified in the following categories:
Cetane Number Improvers
Octane Number Improver
Hydrogen Sulfide Scavengers and others.
On the basis of their application, refinery fuel additives market is segmented in the following categories:
Based on geography, the global refinery fuel additives market is segmented into the seven main regions, namely North America, Western Europe, Eastern Europe, Latin America, Middle East & Africa, Asia Pacific and Japan. North America is the leading market for refinery fuel additives, while Asia-Pacific is the fastest growing market for refinery fuel additives owing to growing demand for clean fuels mainly from the emerging economies such as China and India.
Global refinery fuel additives market is emerging with significant growth rate. Some of the major players functioning in global refinery fuel additives market are The Lubrizol Corporation, Innospec Inc., Fuel Performance Solutions, Inc., Infineum International Ltd., BASF SE, Chevron Oronite Company LLC, Total Petrochemicals, Evonik Industries AG and Dorf-Ketal Inc. etc.
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