"World
Biofuel Additives Market", the biofuel additives market is projected to
reach $12,560 million by 2022, registering a CAGR of 15.3% from 2016 to 2022.
The detergents & dispersants segment held about one-third of the total
market in 2015.
Additives
are added to address the problems encountered by biofuels that include corroded
fuel systems, enhanced fuel foaming, and increased wax formation at lower
temperature. They are added during different stages of the products lifecycle,
such as at refineries, during transit, at terminals, and at the end user stage.
The biofuel additives market has grown tremendously in the recent past due to
increase in acceptance and performance of first and second generation biofuels
globally. Second generation fuels are at early commercial stage, with major
existence in the U.S. and Europe.
The
factors that drive the biofuel additives market are growing biofuel adoption
due to decreasing dependency on the oil producing nations, availability of
renewable feedstock's, and favorable government policies. Several other
measures, in the form of vehicle emission directives, taken by the European
policy makers in consultation with the car manufacturers and oil companies to
enhance the air quality also drive the growth of this market. However, the
expensive nature of biofuel additives may hamper the market growth during the
analysis period.
In
the year 2015, the detergents & dispersants segment occupied major share of
the overall biofuel additives market and is expected to maintain its lead
throughout the analysis period. This is because detergents & dispersants
prevent the formation of vehicle deposits by casing the surface of the combustion
chamber and the fuel supply system. Better combustion, increased drivability,
decreased emission, and smoother fuel injection are several advantages
presented by the addition of detergents & dispersants. Owing to which,
governing bodies have mandated the addition of detergents & dispersants in
biofuels.
Key findings of the
study
- Corrosion inhibitor additives is the fastest growing segment during the analysis period.
- North America is expected to lead the market throughout 2022 and is projected to grow at a CAGR of 14.3%, in terms of volume, during 2016 and 2022.
- The Asia-Pacific region is expected to surpass Europe, in terms of volume, by the end 2022.
- Germany occupied one-fourth of the total European biofuel additives market in 2015.
- Bioethanol application occupied more than half of the overall biofuel additives market and is expected to maintain its lead throughout the analysis period.
North
America and LAMEA collectively accounted for two-thirds of the total biofuel
additives market in 2015, and are expected to maintain their lead position
throughout the forecast period. This was due to higher production and
consumption of biofuels in these region. However, Asia-Pacific is projected to
be the fastest growing segment, after North America, during the forecast
period.
The
major companies profiled in the report include, The Lubrizol Corporation, Fuel
Quality Services, Inc., Chemiphase Ltd., Clariant AG, Afton Chemical, E-ZOIL,
Eastman Chemical Company, Evonik Industries AG, Chevron Oronite Company LLC,
and Biofuel Systems Group Ltd.
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