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North America Fuel Additives Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecasts (2020 - 2025)

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The North America fuel additives market is expected to grow at a moderate CAGR during the forecast period (2018 - 2023). The market is driven by several factors, such as the enactment of stringent environmental regulations and the increasing demand for clean and efficient fuel.

Fuel additives are an integral part of automotive, industrial, and aerospace applications. In this report, the principal end-user industry segments taken into consideration are diesel, gasoline, jet fuel, and others.

Stringent Regulations to Drive the Demand for Fuel Additives

Fuel additives aid in minimizing the emissions and enhancing the performance of the vehicle. Environmental concerns related to depletion of resources are creating a considerable demand for fuel additives. The emission regulations in the United States are considered to be the most stringent, with the California standards being more stringent in nature. New regulations have been developed progressively to curb the emission levels continuously, with the Tier 3 standards are in place currently. Currently, there is also an increasing focus on enhancing the fuel economy as per the Corporate Average Fuel Economy (CAFE) standards. This shift in focus has further increased the importance of fuel additives.

Deposit Control Additives among the Largest in terms of Consumption

Deposit control additives are among the largest-used fuel additives in the North America region. These additives aid in controlling the deposit formation of different components, such as fuel injectors, carburetors, intake valves, and combustion chambers. These additives prevent excessive hydrocarbon emissions, decreased fuel economy, and decrease lean misfires during the combustion. The increasing technological advances, along with the growing focus on fuel economy rates, are supporting the growth of the deposit control additives in the region.

Electric Vehicle Sales to Impact the Growth in the United States

The United States is the largest market for electric vehicles in the world. The sales of new electric vehicles in the country has grown by 25% in 2016-17, with major manufacturers, such as Tesla and Chevrolet, witnessing significant sales growth in the past two years. There is an increasing battery manufacturing plants as well as plug-in charging locations, along with the expanding manufacturing facilities for electric vehicles in the country. The increasing sales of electric vehicles are expected to have an impact on the usage of fuel additives in the near future.

                                            

Key Developments in the Market

  • April 2017: Lanxess completed the acquisition of Chemtura.

Major Players: BASF SE, Chevron Corporation, Evonik Industries, Innospec Inc., and Total, among others.

Reasons to Purchase this Report

  • Analyzing the current and future of the North America fuel additives market in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • To identify the segment that is expected to dominate the market
  • To identify the countries that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in Excel)

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