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

  • Report ID: 390
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Automotive Aftermarket Fuel Additives Market size is poised to cross USD 2.1 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive aftermarket was over USD 1 Billion. 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 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%).


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Automotive Aftermarket Fuel Additives Sector: 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

Automotive Aftermarket Fuel Additives Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

6%

Base Year Market Size (2022)

USD 1 Billion

Forecast Year Market Size (2033)

USD 2.1 Billion

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Automotive Aftermarket Fuel Additives Segmentation

Distribution Channel (E-Commerce, Big Stores, 4S Stores, Unauthorized Spare Parts, Service Centers, Gas Stations)

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.

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

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Automotive Aftermarket Fuel Additives Industry - 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.

Research Nester
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Companies Dominating the Automotive Aftermarket Fuel Additives Landscape

top-features-companies
    • 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.

In-the-news

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.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 390
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising concern for CO2 emission, rapidly growing automobile industry, increasing vehicle manufacturing along with production of biofuels are the major factors driving the growth of the automotive aftermarket fuel additives market.

The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2033.

Introduction of alternative fuel vehicles such as electric cars and high research and development cost are the challenges affecting the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Ashland Inc., BASF SE, Afton Chemical Corporation, BG Products Inc., Infineum International Ltd., Chevron Corporation, Innospec Specialty Chemicals, Lucas Oil Products Inc.,TotalEnergies SE, Lubrizol Corporation.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, distribution channel, type and, by region.

The e-commerce segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Automotive Aftermarket Fuel Additives Market Report Scope
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