Heating Oil Additives Market Size

Heating Oil Additives Market size was over USD 6.62 billion in 2024 and is projected to reach USD 12.64 billion by 2037, growing at around 5.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of heating oil additives is evaluated at USD 7.17 billion.

The growth of the market can be attributed to the growing tendency of government authorities towards promoting eco-friendly fuel ignition and mode of transportation, low cost, better fuel effectiveness, and increasing attention to carbon emission and greenhouse gas. Additionally, the prices of fuels are rising exponentially worldwide and this factor is estimated to propel the growth of the heating oil additives market during the forecast period. For instance, in 2022, the average global price of gasoline was evaluated as about USD 1.35 per liter.

In addition to these, global heating oil additives market trends such as growth in the government initiatives towards taking significant actions to reduce carbon emissions and harmful greenhouse gas since heating oil additives burn down the fuel oil thoroughly are expected to influence the market growth positively over the forecast period. Owing to these factors,  a rise in the utilization of heating oil can be observed across the globe. In a report published by IEA in 2021, the global CO2 emission from oil was estimated to be over 650 Mt. Additionally, people utilize heating oil additives to avoid heavy maintenance of the engine or incidences of a vehicle’s boiler breaking down. Therefore, all these factors are also anticipated to propel the growth of the market during the forecast period.