The global heating oil additives market is estimated to garner notable revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing tendency of government authorities towards promoting eco-friendly fuel ignition and mode of transportation, low cost and better fuel effectiveness, and increasing attention on carbon emission and greenhouse gas. Additi0nally, the prices of fuels are rising exponentially worldwide and this factor is estimated to propel the growth of the heating oil additives market during the forecast period. For instance, in 2022, the average global price of gasoline was evaluated as about USD 1.35 per liter. Furthermore, the governments of every nation are taking significant actions to reduce carbon emissions and harmful greenhouse gas, and as heating oil additives burn down the fuel oil thoroughly, there is a rise in the utilization of heating oil. In a report published by IEA in 2021, the global CO2 emission from oil was estimated to be over 650 Mt. Additionally, people utilize heating oil additives to avoid heavy maintenance of the engine or incidences of a vehicle’s boiler breaking down, these factors are also anticipated to propel the growth of the market.
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The market is segmented by end-user into industrial, residential, and commercial, out of which, the commercial segment is anticipated to hold the largest share in the global heating oil market on account of the growing sales of fuel additives worldwide. Additionally, a significant rise has been noticed in the global price of fuels in recent decades. In 2018, the fuel additive market alone was estimated to be worth approximately USD 1 billion.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global heating oil additives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of constantly increasing demand for oil in the automobile industry owing to the large portion of the population purchasing 2 and 3-wheelers. China and India are estimated to be the largest shareholders in the heating oil additives market in the Asia Pacific region. Additionally, as of 2020, about 30 million passenger cars were solely manufactured and sold in the region. The automobile industry is further forecasted to grow in the Asia Pacific region.
Furthermore, the global heating oil market is also anticipated to witness remarkable growth in the Europe region over the forecast period owing to the rising awareness of CO2 emissions and greenhouse gas. It was observed that in Europe, about 30% of CO2 is emitted by road transportation.
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The global heating oil 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), 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 the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global heating oil additives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Low cost and better fuel efficiency, and a necessity for eco-friendly ignition of fuels are the major factors driving the growth of the heating oil additives market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are East Cork Oil Company Unlimited Company, ERC Emmisions-Reduzierungs-Concepte GmbH, Yorkshire Oils Ltd, Estuary Oils, HomeFuels Direct Ltd, Bell Performance, Afton Chemical, BASF Group, and Lubrizol Corporation.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, fuel type, end-user, and by region.
The commercial segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
A demand for an alternative product is estimated to hamper the market growth.
Asia Pacific region will provide more business opportunities for growth of heating oil additives market in future on the back of expanding automobile industry.
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