Petroleum Additives: A Global Strategic Business Report
San Jose, California (PRWEB) September 22, 2014
Follow us on LinkedIn – Additives are critical components used in petroleum based products such as fuels and lubrication fluids which find applications in industrial machinery, automobiles, aircraft, ship engines, motors, and wind turbines, among others. As complex chemical mixtures, petroleum additives enhance natural properties of fuels and lubrication fluids improving their performance and increasing their life. Fuels and lubrication fluids include industrial engine oils, metal working fluids, heavy duty motor oil, passenger car motor oil, and fuels such as diesel, gasoline, aviation fuel, marine transport fuel, etc. Oil refineries represents the largest end-use market for petroleum additives. The need to comply with regulatory requirements pertaining to fuel performance and emission standards and to differentiate products from competitor offerings, have been encouraging petroleum refiners to add additives to their products. Fast depleting crude reserves and rise in crude oil prices have been forcing petroleum refiners to process sour and heavy crude reserves, which in turn creates business case for the use of additives to produce fuel that conform to fuel regulatory standards.
The ever rising demand for fuel and lubricants for transportation and industrial applications and their growing performance needs will continue to drive growth in the petroleum additives market in the coming years. Stringent environmental norms and resulting rise in demand for clean and efficient fuel have also been driving strong demand for fuel additives in industrial and automobile applications. Projected rise in automobile sales and vehicle miles travelled will boost auto fuel and lubricant consumption, thus benefiting demand for petroleum additives. Advancements in the field of automobile engineering, particularly developments in engine design and operating efficiency that demand high quality of fuel and lubricants are also driving focus on automotive fuel and lubricant additives.
As stated by the new market research report on Petroleum Additives, Asia-Pacific represents the largest regional market worldwide. The region is also forecast to emerge as the fastest growing market with a CAGR of 6.5% over the analysis period. Growth in the region is led by huge industrial base, steady growth in automobile manufacturing and sales, rise in average life of vehicles and a parallel rise in average miles travelled, stringent government regulations to control industrial and automotive emissions, and rise in demand for clean and efficient fuel. Lubricant additives represents the largest market supported by growing use of lubricant additives for formulating lubricants that meet industry requirements and also comply with environmental regulations. Fuel additives are forecast to witness strong growth given their pivotal role in improving the combustion properties of fuels, and preventing accumulation of sludge and other deposits in the engine.
Key players covered in the report include Afton Chemical Corp., Baker Hughes, Inc., BASF AG, Chemutra Corporation, Chevron Oronite Company LLC, Eni SpA, Ethyl Corporation, Evonik Oil Additives, ExxonMobil Chemical Company, Infineum International Limited, Innospec Inc., Petroflow Energy Corporation, OM Group Inc., Petróleos de Venezuela, S.A., CITGO Petroleum Corporation, Repsol, S.A., Royal Dutch Shell plc, and The Lubrizol Corporation, among others.
The research report titled “Petroleum Additives: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of value and volume for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East and Latin America (Brazil and Rest of Latin America). The report provides market estimates and projections for product segments – Fuel Oil Additives and Lubricating Oil Additives. The report also provides market estimates and projections for Lubricating Oil Additives by function – Antioxidants, Antiwear Agents, Corrosion Inhibitors, Detergents, Dispersants, Extreme Pressure Additives, Foam Control Agents, Pour Point Depressants, Viscosity Index Improvers, and Other Lube Additives.
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