According to the latest report by IMARC Group, “Global Biofuel Additives Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global biofuel additives market reached a value of US$ 15.58 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 24.47 Billion by 2027, exhibiting a CAGR of 7.60% during 2022-2027.
Biofuel additives refer to the specialty chemicals that enhance the efficacy of biofuels, including methanol, biodiesel, ethanol, diethyl ether, etc. They are widely utilized to improve the engine performance and combustion quality while reducing brake-specific fuel consumption (BSFC) and heating. Biofuel additives are commonly available as emulsifiers, antioxidants, octane improvers, cetane improvers, dyes, markers, detergents, dispersants, and corrosion inhibitors. They are synthesized from lignocellulosic feedstock or conventional feedstock and exhibit excellent density, viscosity, and solubility. When compared to traditional additives, biofuel additives offer higher oxygen content, are cost-effective and non-toxic, and do not produce any harmful chemicals. As a result, biofuel additives find wide-ranging applications across the aviation, automotive, marine, and power sectors.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Biofuel Additives Market Trends and Drivers:
The expanding automotive industry across the globe is primarily driving the biofuel additives market. In addition to this, the development of hydrodynamic cavitation techniques for the manufacturing of the product with enhanced reaction rates and energy efficiency is further catalyzing the market growth.
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Moreover, the growing demand for low-emission engines and the launch of various initiatives by government bodies toward sustainable development are also augmenting the global market. Apart from this, the inflating product demand in the aviation industry and the elevating levels of air travel across countries are anticipated to bolster the biofuel additives market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biofuel Additives Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Afton Chemical Corporation (NewMarket Corporation), BASF SE, Biofuel Systems Group Ltd., Chemiphase International Ltd., Chevron Corporation, Clariant AG, Eastman Chemical Company, Evonik Industries AG, E-ZOIL, Fuel Quality Services Inc., Infineum International Limited and The Lubrizol Corporation.
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The report has segmented the market on the basis of region, type, biofuel type and application.
Breakup by Type:
- Corrosion Inhibitors
- Cold Flow Improvers
- Detergents and Dispersants
- Octane and Cetane Improvers
- Dyes and Markers
Breakup by Biofuel Type:
Breakup by Application:
- Diesel Fuel Additives
- Heavy Fuel Oil Additives
- Shipping Fuel Additives
- Gasoline Fuel Additives
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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