Global Biofuel Additives Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Biofuel additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Biofuel additives market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global biofuel additives market size reached US$ 16.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
Biofuel additives are incorporated into biofuels to elevate their performance, efficiency, and stability. These additives have diverse functions, including enhancing combustion, minimizing emissions, and inhibiting corrosion and microbial growth within fuel storage systems. They are customizable to suit the particular needs of biofuels, which are sourced from organic materials such as plants or animal waste. By doing so, they can effectively tackle certain challenges linked to biofuels, like their lower energy density and difficulties related to prolonged storage.
Global Biofuel Additives Market Trends and Drivers:
The global market is experiencing substantial growth due to the increasing utilization of biofuel additives in the automotive and aviation sectors. These additives play a crucial role in reducing engine wear and tear, enhancing fuel stability, and mitigating harmful emissions. Specifically formulated to cater to aircraft engine requirements, they target reducing carbon buildup and improving combustion efficiency. Additionally, their rising adoption in boats and ships aids in preventing microbial fuel contamination, a prevalent issue in marine settings, further contributing to market growth. Furthermore, the construction industry’s increasing reliance on biofuel additives for heavy machinery and equipment is another significant factor driving the market’s positive trajectory.
Global Biofuel Additives Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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
The report segmented the market on the basis of region, type, biofuel type and application.
Breakup by Type:
- Antioxidants
- Corrosion Inhibitors
- Cold Flow Improvers
- Detergents and Dispersants
- Octane and Cetane Improvers
- Dyes and Markers
- Others
Breakup by Biofuel Type:
- Bioethanol
- Biodiesel
Breakup by Application:
- Diesel Fuel Additives
- Heavy Fuel Oil Additives
- Shipping Fuel Additives
- Gasoline Fuel Additives
- Others
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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- 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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