Biofu-el additives are specialty chemicals added to increase the efficiency of biofuels. These additives ad-dress the problems associated with the use of biofuels like high fuel foaming, injector deposits & corrosions, and low oxidation stability.
The increasing adoption and demand for biofuels along with favorable government policies in some region are the major drivers boosting the demand for Biofuel Additives globally. The market for Biofuel additives is directly proportional to the global biofuel demand. The demand for Biofuels is increasing worldwide mainly due to the rising demand for clean & efficient fuel, stringent government regulations, and degrading quality of crude oil. Therefore, the rise in biofuels demand is boosting the market for Biofuel additives.
The high cost of biofuel additives can hinder the market growth in the coming years.
The global biofuel additives market report segments the market by type, biofuel, and application. The type segment includes Antioxidants, Cold Flow Improvers, Corrosion Inhibitors, Detergents & Dispersants, Octane & Cetane Improvers, Dyes & Markers, Lubricity Improvers, Demulsifiers, and others. The Detergents & Dispersants segment accounted for the largest market share in 2017 and is also estimated to grow with a healthy CAGR during the forecast period. The various advantages of Detergents & Dispersants, boosting its demand are smoother fuel injection, better combustion, higher performance, better drivability, lower fuel consumption & lower cost, and decreased emis-sion. These additives clean the fuel system and the combustion system, remove deposits and pre-vent their formation to ensure the proper function of the engine. The strict environmental regula-tions in the developed regions are also driving the market for Detergents & Dispersants additives, as it cleans the fuel supply arrangement.
Also, the report segments the market by biofuel type which consists of Bioethanol, and Biodiesel. The Bioethanol occupied more than half of the market share in 2017 because of the increasing de-mand for Bioethanol as automobile fuel due to its environmentally friendly characteristics. It has high octane value and lowers greenhouse emissions. The growing adoption of bioethanol-blended gasoline fuels particularly in North America is driving the market for Bioethanol segment.
Further, based on the application the market has been segmented as Diesel fuel Additives, Heavy fuel oil Additives, Shipping fuel Additives, Gasoline fuel Additives, Others.
The report segments the market by geographic region which includes North America, South Ameri-ca, Europe, Asia-Pacific, and Others. North America held the dominant share in Biofuel Additives market in 2017; this trend is expected to continue during the forecast period. The high share of North America can be attributed to the high production and consumption of Biofuels in the region, especially in the U.S. The growth in the biofuels industry in the U.S. is supported by various gov-ernment policies, mandates, incentives, and new technological advancements. The North American Biofuels market was estimated to be $ 41.2 billion in 2017 and is estimated to reach about $ 58.2 billion in 2025. Thus, the high growth expected in the biofuels industry will boost the demand for biofuel additives in the region in the coming years.
Asia-Pacific is expected to be the fastest growing region in the coming years owing to the rapid ex-pansion in biodiesel and bioethanol markets and increasing demand from developing countries like India and China. The government of India launched a Biodiesel program in 2015 and made a B5 blend of biodiesel available to the public through 50,000 state-owned oil marketing companies. The government announced in July 2016 that it plans to implement a new policy, which will help in increasing ethanol blending to 22.5% in petrol and 15% in diesel. The increasing use of biofuels in the country will automatically increase the consumption of biofuel additives. China is also commit-ted to limiting its emissions by 2030, and biofuel is considered the key to lower emissions from transportation. The increasing adoption of biofuels in the country will propel the market for biofuel additives.
The Global Biofuel Additives market report profiles the following companies-
Clariant AG, The Lubrizol Corporation, Evonik Industries, Biofuel Systems Group Ltd., BASF, NALCO, Fuel Quality Services, Chemiphase Ltd., OBR Joint Stock Company, Chevron Oronite Company LLC., Infineum, Afton Chemical, E-ZOIL, and Eastman Chemical Company
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