Heating Oil Additives Market Share

APAC Market Statistics

 Asia Pacific industry is expected to dominate majority revenue share by 2037, due to constantly increasing demand for oil in the automobile industry. The growth of the market can be attributed majorly to the constantly increasing demand for oil in the automobile industry owing to the large portion of the population purchasing 2 and 3-wheelers. China and India are estimated to be the largest shareholders by manufacturing a higher number of passenger cars and passenger car accessories. Additionally, as of 2020, about 30 million passenger cars were manufactured and sold in the Asia Pacific region.  Hence, such growth in the automobile industry is projected to hike the market growth in the region over the forecast period. On the other hand, rapid growth in the manufacturing sector of the region backed by large investment is also anticipated to enlarge the market size over the forecast period. The industrial production rate in the region is set to grow exponentially which needs proper transportation which is projected to boost the demand for higher consumption of fuel which is expected to be one of the major growth factors of the market during the forecast period.

Europe Market Forecast

The European heating oil additives market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the fact that Europe is the leading marketplace for fuel additives whereas Russia, Germany, and France are anticipated to be the countries that hold the largest share of the market. In this region, the use of heating oil additives is visibly regulated by the European Union regulation’s REACH which stands for registration, evaluation, authorization, and restriction of chemicals. The growth of the market in this region is also anticipated by the growing awareness of the population and government towards environmental change owing to the higher emission of carbon dioxide from fuels. It was observed that in Europe, about 30% of CO2 is emitted by road transportation. Hence, all these factors are projected to flourish the market growth over the forecast period.