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Automotive Aftermarket Fuel Additives Market Analysis by Application (Gasoline, Diesel); by Distribution Channel (E-Commerce, Big Stores, 4S Stores, Unauthorized Spare Parts and Service Centers, Gas Stations and Others); and by Type (Deposit Control, Cetane Improvers, Lubricants, Antioxidants, Anticorrosion, Fuel Dyes and Others)– Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • A new thermoplastic polyurethane (TPU) production line has been unveiled by Lubrizol Corporation at its Shanghai manufacturing site, Songjiang.
  • ADNOC Distribution has signed an agreement to acquire a 50% stake in TotalEnergies Marketing Egypt LLC for an estimated $200 million as part of its partnership with TotalEnergies SE.

Global Automotive Aftermarket Fuel Additives Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 1,000 Million

Forecast Year Market Size (2033)

~ USD 2,100 Million

The global automotive aftermarket fuel additives market is estimated to garner a revenue of ~USD 2,100 Million by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of ~USD 1,000 Million in the year 2022. The growth of the market can be attributed primarily to the rapidly expanding automotive industry. For instance, the Indian automotive industry is expected to generate 200 billion dollars by 2031, making it the world's third largest industry.

Automotive-Aftermarket-Fuel-Additives-Market-Analysis

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Automotive fuel additives are adopted to improve diesel fuel and gasoline performance. It helps to reduce maintenance charges, improves engine performance and others. Automotive fuel additives comprises of numerous lubricants such as gear oil, transmission fluid, power steering oil and others. Moreover, rising demand for fuel additives to improve fuel efficiency and increase engine performance, increasing purchasing power coupled with increase in personal disposable income is anticipated to drive global automotive aftermarket fuel additives market growth over the forecast period. According to the Bureau of Economic Analysis, personal income grew by USD 47.0 billion (0.2%) in July 2022, and disposable personal income (DPI) rose by USD 37.6 billion (0.2%).

Global Automotive Aftermarket Fuel Additives Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Concern Over Carbon Dioxide Emissions – The United States Environmental Protection Agency (EPA) estimates that the average passenger vehicle emits approximately 4.6 tons of carbon dioxide per year. Globally, road transport contributes 16% of man-made carbon dioxide emissions, as per the International Organization of Motor Vehicle Manufacturers.

The rapid growth of the automotive aftermarket fuel additives market across the globe is predicted to be driven by factors such as increasing government regulations regarding vehicle emissions, including environmental protection agency (EPA) regulations, and increased adoption of automotive fuel additives to enhance the power and fuel economy of automobiles.

  • Increasing Production Of Motor Vehicles - Globally, motor vehicle production increased from 583,74,162 units in 2000 to 917,86,861 vehicles in 2019, according to the International Organization of Motor Vehicle Manufacturers (OICA). 
  • Surge in Sales of Passenger Cars Worldwide- It was observed that over the past year, global passenger car sales increased from 52 million units in 2020 to 55 million units in 2021, representing a significant increase.
  • Rise in Air Pollution Across the Globe- It is estimated that approximately 67 million tons of pollution were released into the atmosphere in the United States in 2021, according to the United States Environmental Protection Agency.
  • Increasing Ownership Of Cars- For instance, China's car ownership has increased by more than 180% over the past decade from 103 million cars in 2011 to 300 million in 2021.

Challenges

  • Introduction Of Alternative Fuel Vehicles Such As Electric Cars
  • High Research And Development Cost
  • Increasing Price Of Raw Materials

The global automotive aftermarket fuel additives market is segmented and analyzed for demand and supply by distribution channel into e-commerce, big stores, 4s stores, unauthorized spare parts and service centers, gas stations, and others. Among these segments, the e-commerce segment is anticipated to capture the largest market size in the global automotive aftermarket fuel additives market. As a result of the availability of the internet and technologically aware consumers, online and e-commerce services are more popular than ever before. Moreover, the rapidly expanding e-commerce sector and growing sales are anticipated to drive segment growth over the forecast period. It was observed that retail e-commerce sales worldwide were projected to be USD 4.8 trillion in 2021.

Global Automotive Aftermarket Fuel Additives Market Regional Synopsis

Regionally, the global automotive aftermarket fuel additives market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the environmental regulations aimed at reducing greenhouse gas emissions and protecting the environment, increased automobile production, and the increase in per capita income. Additionally, the higher acceptance of additive rates and increasing production of biofuels are anticipated to drive the regional market over the forecast period. It is estimated that, as a result of the Energy Independence and Security Act, there will be an increase in biofuel production to 36 billion gallons by the year 2022. A number of benefits can be realized by replacing fossil fuels with biofuels ad these are produced from renewable sources.

Automotive-Aftermarket-Fuel-Additives-Market-Growth

The global automotive aftermarket fuel additives market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive aftermarket fuel additives market includes the following segments:

By Application

  • Gasoline
  • Diesel

By Distribution Channel

  • E-Commerce
  • Big Stores
  • 4S Stores
  • Unauthorized Spare Parts and Service Centers
  • Gas Stations
  • Others

By Type

  • Deposit Control
  • Cetane Improvers
  • Lubricants
  • Antioxidants
  • Anticorrosion
  • Fuel Dyes
  • Others

Top Featured Companies Dominating the Global Automotive Aftermarket Fuel Additives Market

  • Ashland Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • BASF SE
  • Afton Chemical Corporation
  • BG Products Inc.
  • Infineum International Ltd.
  • Chevron Corporation
  • Innospec Specialty Chemicals
  • Lucas Oil Products Inc.
  • TotalEnergies SE
  • Lubrizol Corporation.

 

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