San Francisco, California (PRWEB) April 17, 2014
The global market for specialty fuel additives is expected to reach USD 8,517.6 million by 2020, according to a new study by Grand View Research, Inc. Dynamic regulatory trends, particularly in North America and Europe has prompted fuel marketers to use specialty fuel additives which is expected remain a key driving factor for the market over the forecast period. In addition, ban on MTBE in the U.S. is expected to further push the demand for fuel additives over the next six years. However, emergence of alternative fuel such as autogas (LPG) and CNG owing to eco friendly characteristics is expected to hamper the market growth over the next six years.
Deposit control additives emerged as the leading market products and accounted for 39% of total global volume in 2013. Increasing demand for detergent as an additive is expected to fuel the demand for deposit control additives over the forecast period. However, cold flow improvers are expected to be the fastest growing product segment at an estimated CAGR of 7.9% from 2014 to 2020. Positive outlook on biodiesel demand, especially in regional markets of North America and Europe is expected to boost cold flow improver sales over the next six years. The global demand for cetane improvers is projected to reach 209.6 kilo tons by 2020, at an estimated CAGR of 5.7% from 2014 to 2020.
The report “Specialty Fuel Additives Market Analysis and Segment Forecasts to 2020,” is available now to Grand View Research at http://www.grandviewresearch.com/industry-analysis/specialty-fuel-additives-industry.
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Further Key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global specialty fuel additives market on the basis of product, application and region:
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