Biofuel Additives Market Trend | Size, Revenue, Share Estimation, Challenges, Business Opportunities, Forecast
Market Highlights
The
global Biofuel Additives Market Trend is
projected to be valued at USD 27,520.28
million by the end of 2028, registering a
CAGR of around 14.2% during the forecast period.
Biofuel additives are
the key constituents of petroleum products used for automobiles and
transportation purposes. For instance, compared to conventional
fuel gasoline and diesel, biodiesel tends to oxidize, which makes its
additiveplay an important role. The diminishing petroleum reserves and the
growing environmental concerns ve driven the researchers and makret market
manufacturers for better and efficient approaches for producing advanced
biofuels from biomass as a feedstock. Biomass provides an ultimate alternative
to fossil resources. In actual fact, biomass is the only sustainable source for
organic molecules and is the ideal substitute compared to petroleum for the production
of biofuels and chemicals. It is an abundant, widespread, and inexpensive
energy resource resulting from organic substances, including agricultural
residues, perennial grasses, forest resources, wastes, algae, woody crops, and
others.
The primary factor
driving the global biofuel additives market trend is stringent emission norms
and regulations for environmental and human safety. Additionally, increasing
automotive production and their harmful emissionssupports the growth of the
global biofuel additives market. According to the WHO, around 4.2 million
premature deaths globally were reported dueto outdoor air pollution. In 2019,
GHGs released by the transportation sector wasover 25% of the global emissions,
according to the USEnvironmental Protection Agency. The high emission of GHGs
has resulted in the imposition of norms by several organizations pertaining to
exhaust emission. According to the European Union, consumption of energy is
higher in the roadways sector, which is 82% compared to the other 18%,which
comprises rail, aviation, non-specific transport, and pipeline transport
sectors. Thus, emissions from the automotive sector highly contribute to GHG
emissions. Owing to these factors the biofuel additives market is expected to
gain am major traction during the forecast period.
COVID
Impact Analysis
The outbreak of
COVID-19 resulted in the shutting of factories and businesses, canceled air
transport routes, and lockdowns, negatively impacting the industry. However,
with the lift of lockdown measures and trade restrictions, the demand for fuel
additive is likelyto gain pace and drive the market growth.
The governments and
managements have imposed several fiscal and monetary policies across the
globeto limit the damage caused by the pandemic, which is expected to result in
certain relief for consumers.
Segment
Analysis
The global
biofuel Additives market trend has been segmented on the basis of metal
type, technology, vehicle type, and region.
On the basis of
product type, the global biofuel additives market has been segmented into
antioxidants, detergents, lubricity improvers, corrosion inhibitors, octane,
cetane & cold flow improvers, dyes & markers, and others. The
antioxidants segment accounted for the largest market share in 2020, with the
highest CAGR of over 10%. It is extensively used in gasoline and other
petroleum products as an additive to reduce oxidization which is expected to
boost the global biofuel additives market.
By application, the
biofuel additives market has been categorized into diesel fuel additives, heavy
fuel oil additives, shipping fuel additives, gasoline fuel additives, and
others. Among these, the diesel fuel additives segment emerged as the
fastest-growing segment during the review period. The diesel fuel additives are
increasingly used in diesel engine and the transportation sector.
Key
Findings of the Study:
The global biofuel
additives market trend is projected to reach a value of USD 27,520.28 million
by 2028, with a CAGR of around 14.2% during the forecast period from 2021 to
2028.
- Asia-Pacific
accounted for the largest market share in 2020; this is due to the high
production and sale of automobiles in China, India, and Indonesia.
- Middle East
& Africa is expected to be the fastest-growing regional market
registering a CAGR of over 9%.
- With the rising
concern regarding energy conservation and climate change, the demand for
reduced toxic emissions engines and fuel is increasing rapidly, which is
expected to favor the growth of the biofuel additives market in the coming
years.
The proliferating
automotive industry in Latin America and the Middle East & Africa, coupled
with a focus on product innovation and technology development, are the key
opportunities in this market.
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