USD 14.37 billion
Global Biofuel Additives Market Size, Share, Growth Analysis, By Product Type(Antioxidants, Corrosion Inhibitors), By Application(Diesel Fuel Additives, Heavy Fuel Oil Additives), By Biofuel(Bioethanol, and Biodiesel) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2511 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
95 |
Figures:
68
Global Biofuel Additives Market Insights
Global Biofuel Additives Market size was valued at USD 14.37 billion in 2022 and is poised to grow from USD 15.65 billion in 2023 to USD 30.74 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).
Additives that are added to biofuels to increase their efficiency are known as biofuel additives. These additives also address the issues of corrosion, fuel foaming, and deposits on injectors, which is why their demand is projected to soar high in the future. A high focus on sustainability and the imposition of new regulations to reduce emissions from vehicles are also slated to promote the sales of biofuel additives in the long run. High investments in the research and development of advanced biofuels will also create new opportunities for biofuel additives suppliers going forward. Rising fossil fuel prices, evolving consumer preferences, and high demand for clean energy and fuels are other factors that could uplift biofuel additives demand across the forecast period and beyond.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Bioethanol
Fastest Growth
Biodiesel
Growth Rate
8.8% CAGR
Global Biofuel Additives Market ($ Bn)
Country Share for North America Region (%)
Global Biofuel Additives Market By Biofuel ($ Bn)
Global Biofuel Additives Market By Biofuel (%)
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Global Biofuel Additives Market Segmental Analysis
The global biofuel additives market is segmented based on product type, application, biofuel, and region. Based on product type, the market is bifurcated into antioxidants, corrosion inhibitors, cold flow improvers, detergents, octane and cetane improvers, dyes and markers, and others. In terms of application, the market is segmented into diesel fuel additives, heavy fuel oil additives, aviation fuel additives, gasoline fuel additives, and others. Based on the biofuel, the market is segmented into bioethanol and biodiesel. On a regional level, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Product Type
Antioxidants are predicted to emerge as the most widely used biofuel additives around the world. Antioxidants are added to biofuels to improve their storage and transportation properties as oxidation of fuels can result in the creation of harmful by products. Antioxidants also prevent biofuels from losing their efficiency. The ability of antioxidants to stabilize biofuels is also a key factor that allows them to account for a dominant share of the global biofuel additives market.
Meanwhile, the demand for detergents and cold flow improvers is projected to increase at a notable pace over the coming years. These additives improve fuel injection, facilitate better fuel flow, and improve engine performance. Growing focus on refinement of biofuels is projected to boost growth in this segment going forward.
Analysis by Biofuel
Bioethanol accounts for a prominent share of the global biofuel additives market at present. This segment's dominance can be ascribed to bioethanol being used in existing petrol engines with minor modifications. High investments in the R&D of clean fuels have led to the development of advanced bioethanol fuels that are capable of powering vehicles with minimal emissions. Moreover, bioethanol is being produced from natural waste, which is completely biodegradable. This also makes bioethanol a highly preferred fuel alternative with one of the lowest carbon footprints.
However, a growing focus on reducing emissions from heavy-duty commercial vehicles is slated to boost demand for biodiesel and its additives in the future quickly. Increasing focus on the reduction of the carbon footprint of the aviation industry is opening new opportunities for biodiesel providers. A high focus on sustainability is slated to offer moneymaking opportunities for biodiesel additive suppliers in the long run.
Global Biofuel Additives Market By Biofuel, 2022 (%)
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Global Biofuel Additives Market Regional Insights
North America makes up most of global biofuel additive demand. The implementation of stringent mandates to reduce emissions and high consumer awareness regarding the benefits of biofuel use are allowing this region to hold a dominant market share. High investments in the development of novel biofuel technologies by the public, as well as private sectors, are also slated to boost demand for biofuel additives in this region. Canada and the United States are estimated to be the top markets for biofuel additives suppliers in the North American region going forward.
Meanwhile, Asia Pacific is slated to emerge as the fastest-growing regional market for biofuel additive companies in the world. The imposition of new mandates to reduce greenhouse gas emissions and the launch of new initiatives promoting the use of biofuels are slated to uplift biofuel additive sales in this region over the coming years. China and India are estimated to emerge as the most rewarding markets for biofuel additive manufacturers and distributors over the coming years.
Global Biofuel Additives Market By Region, 2024-2031
- Largest
- Fastest
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Global Biofuel Additives Market Dynamics
Drivers
Rising Focus on Vehicle Emission Reduction
- The increasing focus on sustainability and the immediate threat of climate change are promoting the use of biofuels across the world and this is also slated to favor the demand for biofuel additives.
Restraints
Popularity of Electric Vehicles
- People are opting for electric vehicles around the world and this trend is projected to impede the adoption of biofuel and its additives. Hence, biofuel providers need to come up with innovative ways to improve the efficiency of their products to push people to opt for biofuel-powered vehicles.
High Costs
- Using biofuel additives can be a costly affair as they are still in their nascent stages. Creating affordable and effective biofuel additives is projected to be the prime focus of companies to maximize their revenue generation potential.
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Global Biofuel Additives Market Competitive Landscape
Biofuel additives suppliers can take advantage of the imposition of stringent vehicle emission mandates being implemented across the world to boost sales. Biofuel additives companies are also continually investing in research and development to enhance the performance and costs of biofuels to boost their large-scale adoption. Market players can also leverage strategies such as collaborations, mergers, acquisitions, and partnerships to fast-track the development of novel biofuel additives and boost the overall market growth. Biofuel additive manufacturers are also focusing on expanding their biofuel additive production capacity to meet the surging demand across the world.
Top Player’s Company Profiles
- Evonik
- Clariant
- Afton Chemical
- BASF SE
- Chevron
- Eastman
- E-ZOIL
- Biofuel Systems
- Chemiphase Ltd.
- LUBRIZOL
- Fuel Quality Services
- Total Energies
Recent Developments
- In April 2022, Afton Chemical, a renowned company providing specialty chemicals and additives to reduce emissions, announced the launch of its new diesel fuel detergent technology for the North American market. Greenclean 3 technology was intended to optimize the operations of heavy-duty fleets by reducing emissions.
Global Biofuel Additives Key Market Trends
- Growing Use of Clean Fuels: Rising consumer awareness regarding global warming is pushing people around the world to opt for clean fuels and clean energy sources. Biofuels have been proven to reduce emissions, which is why more people are opting for the same. Biofuel additives are essential for proper use of biofuels, and this is why this trend is slated to create new opportunities for market growth going forward.
Global Biofuel Additives Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, a high focus on sustainability and emission reduction are forecasted to be key prospects that will boost demand for biofuel additives on a global level across the forecast period. The imposition of stringent emission mandates by governments and the increasing availability of biofuels are also slated to benefit biofuel additives market growth in the future. However, the rising popularity and adoption of electric vehicles and the high costs of biofuel additives are estimated to be key restraints that will impede market development in the long run. North America is slated to account for a dominant share of the global biofuel additives marketplace owing to high awareness regarding the benefits of biofuels. Rising adoption of clean fuels and clean energy sources are also estimated to bolster demand for biofuel additives in the long run and create new opportunities for the market players as well.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 14.37 billion |
| Market size value in 2031 | USD 30.74 billion |
| Growth Rate | 8.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Biofuel Additives Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Biofuel Additives Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Biofuel Additives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biofuel Additives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Biofuel Additives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Biofuel Additives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Biofuel Additives Market Report Snapshots
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