A recent study by Transparency Market Research (TMR) forecasts that the global specialty fuel additives market will grow at a healthy CAGR of 6% from 2013 to 2019. TMR, a market intelligence firm based in the United States, in its report states that this market will report a market value worth US$7.02 billion by 2019. The report is titled ‘Specialty Fuel Additives Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019’.
Growing at a CAGR of 6% between the years 2013 and 2019, the global specialty fuel additives market is expected to reach US$7.02 billion in 2019 from US$4.69 billion in 2012. As per this market research report, the global specialty fuel additives market is primarily driven by greater environmental concerns with respect to the consumption of oxygenates, and technological advancements. Metal deactivators, corrosion inhibitors, antiknock agents, deposit controls agents, antioxidants, and others are included within the category of specialty fuel additives. In order to produce better fuels for end-use industries, and commercial purposes, several companies have been developing hybrid blends and compounds.
This TMR report explains that global specialty fuel additives market is segmented on the basis of products, application scope, and geography. Based on the type of products, the global specialty fuel additives market is classified into cold flow improvers, deposit control additives, corrosion inhibitors, lubricity improvers, cetane improvers, antioxidants, and others. It is expected that the fastest growing application segment in the global specialty fuel additives market in the forthcoming years will be cold flow improvers. Aviation turbine fuel, gasoline, diesel, and others are the different application areas in the overall specialty fuel additives market. In 2012, the second largest application segment in this market was diesel. Furthermore, by 2019, the global specialty fuel additives market will be dominated by the diesel segment.
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According to the report, regionally, the global specialty fuel additives market is categorized into Europe, North America, the Asia Pacific, Latin America, Africa, and the Middle East. High demand for cetane improvers is fueled by greater diesel consumption in the Asia Pacific and Europe. The specialty fuel additives market in North America is mainly driven by ban on MTBE in the United States. Rising demand for biofuels in the U.S. and Europe is expected to fuel the market for cold flow improvers in the overall specialty fuel additives market.