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.