The report titled “Global Marine Fuel Additives Market– Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the marine fuel additives market in terms of market segmentation by fuel, by additive type, by application type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global marine additives market is segmented by fuel, by additive type, by application type and by region. On the basis of additive type, the market is segmented into pre-combustion, combustion and post combustion. On the basis of fuel, the market is categorized into diesel, gasoline and others. On the basis of application, it is sub-segmented into deposit control, antioxidant, corrosion prevention, lubricity and cetane improvers.
The global marine fuel additives market is anticipated to record a significant CAGR over the forecast period i.e. 2019-2027 owing to ability of these additives to improve the fuel consumption and engine life coupled with reduction in vehicle’s operational cost. The rules and regulations set up by government in order to control sulphur emission and environment safety is anticipated to increase the market growth. The ability of additives to provide better fuel stability, phase separation coupled with better corrosion and rust resistance is an addition factor resulting in high demand for these products. The pre combustion segment is anticipated to have leading shares on account reduction in stratification and sludge formation in fuels when added during storage. The post combustion is further anticipated to have significant market growth owing to the ability of ash inhibitors and combustion catalyst to prevent the formation of ash deposit by raising their melting point.
The markets in North America and Europe are anticipated to hold the leading shares during the forecast period owing to strict rules and regulations regarding the emission of fuels and environment safety. The market in Asia-Pacific region is anticipated to witness a significant market growth owing to increase in new developments and expansion of existing industries in the region.
The expansion of marine industry with the advent of new products having different fuel needs are anticipated to drive the market growth. The increasing demands for bio fuels in various applications is anticipated to increase the product demand. The innovations in the marine fuel additive industry are anticipated to increase the market growth. The cost of using the additives in the marine industry coupled with availability of better engine manufacturing techniques are anticipated to hinder the market growth. Additionally, the disadvantages attached with the usage of additives, for instance, loss in mileage and attraction of water are anticipated to act as restraints to the growth of global marine fuel additives market.
This report also provides the existing competitive scenario of some of the key players of the marine fuel additives market which includes company profiling of EVONIK Industries, BASF SE, Chevron Oronite Company LLC, Bioborfuels Additives, Afton Chemical Corporation, Chemtura Corporation, Baker Hughes, West Marine Lubrizol Corporation. 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 marine 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.