Fuel Additives Market Share

Geographically, the fuel additives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

North America industry is set to hold largest revenue share by 2036, on account of expansion of fuel additives production companies, growing clean energy demand, and rising carbon emission reduction measures. The North American market is extremely regulated with the Environment Protection Agency (EPA) playing a vital role in the monitoring and commercialization of fuel additives products.

According to IEA, Oil demand in 2018 rose progressively. The top base of consumption growth was not China or India, but rather it was the United States. The foremost upsurges in oil product demand came from gasoline and diesel sectors.

In 2019, the US Gulf Coast became the leading seaborne crude oil export center outside the Middle East, supplying 2.6 million barrels per day to world markets.

The European aviation biofuels market is expected to be the second dominant region over the forecast period on account of the severe rules and regulations concerning carbon emission. Several policy instruments related to biofuel have also been employed by the EU. As the Renewable Energy Directive (RED) has established as an objective of accomplishing 20% gross energy consumption from renewable resources by 2020.

Fuel additives demand is distinctly evident in the Asia Pacific region, where increasing economic prosperity is hosting new travel opportunities and tremendous opportunities are coming up in the distribution of the fuel additives market. Owing to all these factors Asia-Pacific is expected to witness the fastest growth in the forecast period.

According to Internation Energy Agency (IEA), China, India, and Indonesia contribute 40% (15 billion liters) of biofuel production growth as per the report of 2019. China already outshined the United States as the leading crude oil importer in 2017, India’s oil demand is set to rise by 25% by 2024.