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(Transportation-News.com, October 12, 2017 ) Automotive fuel additives are adopted to improve diesel fuel and gasoline performance. It helps to reduce maintenance charges, improves engine performance and others. Automotive fuel additives comprises of numerous lubricants such as gear oil, transmission fluid, power steering oil and others.
Market Size and Forecast
The global automotive aftermarket fuel additives market is expected to grow at a CAGR of 7.2% over the forecast period i.e. 2017-2024. Further, automotive aftermarket fuel additives market is anticipated to reach USD 3.1 billion globally by 2024. Likely, the automotive aftermarket fuel additives market is riding on the back of factors such as growing automotive industry and rising demand for fuel additives to improve fuel efficiency and increase engine performance. Additionally, big stores and 4S stores (spare parts, sale, service, and survey) by distribution channels are the fastest growing segments and 4S stores accounted for the largest market share in 2016. Moreover, the automotive aftermarket fuel additives market is majorly driven by diesel fuel additives by application.
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In terms of geography, North America is anticipated to hold the largest market share in automotive aftermarket fuel additives by the end 2024. Further, North America region is expected to dominate the market over the forecast period owing to stringent environmental regulations taken by government to reduce harmful gas emission. In North America, U.S. is estimated to dominate the automotive aftermarket fuel additives market owing to presence of major market players. Big stores and 4S stores are major distribution channel in this region. Moreover, with 54.2% diesel fuel additives by application accounted for highest share in North America region market in 2016.
Europe is the second largest automotive aftermarket fuel additives market in terms of revenue. Further, Germany and U.K. are the prominent countries in this region that are attributing the growth of automotive aftermarket fuel additives market. Moreover, environmental protection agency (EPA) for monitoring and commercializing the products and stringent environmental regulations on vehicular emissions are believed to be the dynamic factor behind the growth of automotive aftermarket fuel additives in Europe. Asia-Pacific is projected to showcase a highest CAGR over the forecast period owing to the largest automotive industry. Further, the major countries witnessing the augmented demand for automotive fuel additives include China, India and Japan. China is the dominating country in this region owing to rising demand for fuel additives for engine cleanliness, extended maintenance intervals and improved fuel economy. In Asia-Pacific region 4S (spare parts, sale, service, and survey) is major supply channel for automotive fuel additives.
Market Segmentation
Our in-depth analysis segmented the global automotive aftermarket fuel additives market in the following segments:
By Region
Global automotive aftermarket fuel additives market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis, Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis, Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis, Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis, Middle East and Africa (GCC, South Africa, North Africa) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
Factors such as rising government regulation regarding vehicle emission such as environmental protection agency (EPA) and increase adoption of automotive fuel additives to enhance its power and fuel economy are envisioned to be the dynamic factor behind the rapid growth of automotive aftermarket fuel additives market across the globe. Further, growing automotive industry and demand for effective and efficient fuel are also believed to bolster the demand for automotive fuel additives and it is projected to directly impact the growth of automotive aftermarket fuel additives market.
Moreover, the market of automotive aftermarket fuel additives is riding on various factors such as increasing number of automobiles on road, burgeoning middle class and rising urbanization.
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However, introduction of alternative fuel vehicles such as electric cars is anticipated to dampen the growth of automotive aftermarket fuel additives market.
Key players
The major key players for automotive aftermarket fuel additives market are as follows: Ashland Inc, BASF SE, Afton Chemical Corporation, BG Products Inc., Evonik Industries AG, Infineum International Ltd., Chevron Corporation, Innospec Specialty Chemicals, Lucas Oil Products Inc., Total S.A., Lubrizol Corporation.
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Research Nester
Ajay Daniel
+1 6465869123
news@researchnester.com
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