Global Fuel Additives Market – Demand for Multifunctional Additives to Boost Sales | Technavio

November 5, 2017

LONDON–(BUSINESS WIRE)–#Additives–Technavio’s latest market research report on the global
fuel additives market provides an analysis of the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

The growing demand for biofuels will drive the growth in the fuel
additives market. Biofuels can be derived directly from plants and
commercial, domestic, agricultural, and industrial wastes. The increase
in the demand for antioxidants, corrosion inhibitors, and cold flow
improvers will boost the use of biofuels in the global market.

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The top three emerging market trends driving the global fuel additives
market according to Technavio research analysts are:

Growing demand for multifunctional additives
Increase in investment from defense sector
Growing demand for biofuels from aviation sector

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Growing demand for multifunctional additives

The growing demand for multifunctional additives for gasoline and diesel
is expected to propel the market growth. These additives provide an
efficient and cost-effective way of delivering multiple benefits in a
single additive package. Multifunctional gasoline additives are often a
combination of a deposit control additive with demulsifier and corrosion
inhibitor. Multifunctional diesel additives are more complex and may
combine deposit control additive with a corrosion inhibitor, cetane
number improver, and antifoam additive.

According to Hitesh Bhatia, a lead analyst at Technavio for additives,
adhesives, and sealants, “Multifunctional additives reduce the
amount of additives required to help fuels perform well and to remain in
compliance with the safety standards. The growing interest of consumers
in eco-friendly and sustainable products has created substantial demand
for multifunctional additives in the global market.”

Increase in investment from defense sector

The increase in demand for defense and military products is growing in
the Middle East, Eastern Europe, North Korea, and the South China Sea
due to the rise in global tension. The countries such as Saudi Arabia,
Japan, India, South Korea, the UAE, and China have increased the
investments for the next generation military vehicles and equipment. In
2015, China increased its military expenditure by 7.4% and Russia by
7.5% as compared with the previous year, to curb the threat to national
security.

“The increasing number of military vehicles, drones, and aviation
jets is expected to increase the use of fuel
additives. In 2016, India signed 15 contracts of more than
USD 10 billion with foreign vendors, including the contracts for 36
Rafale fighter jets and 145 M777 lightweight Howitzers. An increase in
the number of fighter jets is expected to drive the jet fuel market,
thereby driving the demand for jet fuel additives,” says Hitesh.

Growing demand for biofuels from aviation sector

Biofuels help in meeting the carbon emissions reduction goals and ease
the dependence on fossil fuels. The increasing use of biofuels in the
aviation sector is expected to drive the global fuel additives market.
Biofuel is expected to be the significant aviation fuel and is projected
to account for more than 60% of the global aviation fuel market by 2030.
Several major airlines have initiated long-term agreements with biofuel
suppliers. In March 2016, the United Airlines commenced daily flights
with sustainable alternative fuel from Los Angeles Airport (LAX),
supplied by AltAir and it is the first airline to introduce alternative
jet fuel into its business operations.

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