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CHEMICALS AND ADVANCED MATERIALS

Octane Improver Fuel Additives Market Segmentation by Type (Ethanol, Methyl Tertiary Butyl Ether [MTBE], Methylcyclopentadienyl Manganese Tricarbonyl [MMT], Ethyl Tertiary Butyl Ether [ETBE], Others); by Application (Automotive, Industrial, Aviation, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • April 2021: Innospec introduced new Trident bunker fuel additives for marine and bunker fuel market which is specifically formulated to help fuel blenders and suppliers meet specifications, and enhance the quality of marine fuels.

  • September 2020: Chevron Corporation’s subsidiary, Oronite (Chevron Oronite Brasil Ltda.) signed an agreement with quantiQ Distribuidora Ltda., naming it as their distributor in Brazil. The agreement does not only involve distribution of lubricant additives, gasoline additives, and viscosity modifiers, but also oronite chemicals which include a diverse product line of raw materials, intermediates, and components.

Global Octane Improver Fuel Additives Market Highlights Over 2022 – 2031

The global octane improver fuel additives market is estimated to garner a modest revenue by growing at a CAGR of ~3% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to growing significance of fuel efficiency over stringent government norms, and increasing environmental concerns regarding carbon emissions from conventional fuels and subsequent regulatory policies.

Octane Improver Fuel Additives Market Graph

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Engines require high octane level to run efficiently. Octane improver works to boost engine performance by improving fuel compression in the engine before detonation, resulting in enhanced engine power for higher efficiency. The automobile industry is expanding with increasing car sales worldwide. Global car sales was estimated to be 0ver 65 million in number in 2021. In 2019, gasoline-based cars accounted for over 75% of the global car sales.

However, fluctuating cost of raw materials impact the manufacturers’ profitability. Furthermore, growing number of electric and hybrid vehicles are reducing the demand for fuel. Electric and hybrid vehicles are estimated to account for over 50% of the car sales globally in 2030. These factors are likely to restrain the growth of the market.

The market is segmented by type into ethanol, methyl tertiary butyl ether (MTBE), methylcyclopentadienyl manganese tricarbonyl (MMT), ethyl tertiary butyl ether (ETBE), and others, out of which, the ethanol segment is anticipated to hold the largest share and witness highest growth over the forecast period. The growth of the segment is attributed to its characteristics such as reduction in air pollutants, carbon-dioxide emissions, and greenhouse gases.

The market is further segmented on the basis of application into automotive, industrial, aviation, and others, among which, the automotive segment is estimated to account for the largest share of the market during the forecast period on the back of high adoption rate and presence of large consumer base. The aviation segment is anticipated to witness the significant growth over the forecast period owing to increasing investments and R&D activities in the aviation sector.

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals Value Added in manufacturing Graph

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in 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, that 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 favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour 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 the investment in businesses in Asia Pacific countries in the upcoming years.

Global Octane Improver Fuel Additives Market Regional Synopsis

Geographically, the global octane improver fuel additives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, North America is projected to hold the largest market share, with the U.S. dominating over the region since it is the largest producer of ethanol. The growth of the market in the region is attributed to increasing government initiatives to improve fuel economy, high awareness among consumers regarding the benefits of octane improvers, and stringent government regulatory framework to reduce greenhouse gases emission.

Asia-Pacific region is projected to emerge as the fastest-growing market during the forecast period owing to increasing demand for octane improvers, especially in countries such as India and China, to reduce pollution and particular matter. The high preference for petrol(gasoline)-based vehicles in India is further backing up the growth of the market in the region, providing significant opportunities for market players to invest in the region.

Latin America region is expected to witness moderate growth over the forecast period owing to high demand for fuel additives from countries such as Brazil and Argentina. Moreover, growing production of ethanol in Brazil is increasing awareness among consumers over the benefits of octane improvers, which is expected to foster the growth of the market.

Octane Improver Fuel Additives Market Share Graph

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The global octane improver 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), 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 octane improver fuel additives market includes the following segments:

By Type

  • Ethanol
  • Methyl Tertiary Butyl Ether (MTBE)
  • Methylcyclopentadienyl Manganese Tricarbonyl (MMT)
  • Ethyl Tertiary Butyl Ether (ETBE)
  • Others

By Application

  • Automotive
  • Industrial
  • Aviation
  • Others

Growth Drivers

  • Growing significance of fuel efficiency over stringent government norms
  • Increasing environmental concerns regarding carbon emissions

Challenges

  • Fluctuating cost of raw materials
  • Growing number of electric and hybrid vehicles reducing the demand for fuel

Top Featured Companies Dominating the Market

  • Innospec
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Dorf Ketal
  • TotalEnergies
  • Afton Chemicals
  • LyondellBasell Industries Holdings B.V.
  • Cestoil Chemical Inc.
  • KENNOL Performance Oil
  • Chevron Corporation
  • The Lubrizol Corporation
  • Infineum International Ltd
  • BASF SE

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