According to the latest report by IMARC Group, "Global Biofuel Additives Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027", the global biofuel additives market reached a value of US$ 15.58 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 24.47 Billion by 2027, exhibiting a CAGR of 7.60% during 2022-2027.
Biofuel additives refer to specialty compounds used to improve the performance of biofuels, such as biodiesel, ethanol, methanol, and diethyl ether. They are obtained from the lignocellulosic feedstock or conventional feedstock and have good density, viscosity, and solubility. They enhance combustion quality and engine performance and reduce heating and brake-specific fuel consumption (BSFC). Some of their commonly available variants include cetane improvers, dyes and markers, emulsifiers, antioxidants, corrosion inhibitors, octane improvers, detergents, and dispersant variants. They have a higher oxygen content than traditional additives and are more affordable, non-toxic, and do not produce harmful chemicals. As a result, biofuel additives find extensive applications across the electric power, aviation, automotive, and marine industries.
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Market Trends and Drivers:
The global biofuel additives market is primarily driven by the rapid expansion in the automotive industry. Moreover, the implementation of various favorable government initiatives toward sustainable development and the shifting preferences toward low-emission engines are positively influencing the market growth. Additionally, the surging adoption of biofuel additives due to their eco-friendly nature, including offering enhanced energy conservation, reducing greenhouse gas (GHG) emissions, and improving air quality, is another major growth-inducing factor.
Furthermore, numerous technological advancements, such as the launch of hydrodynamic cavitation techniques for manufacturing biodiesel with enhanced reaction rate and energy efficacy, are contributing to market growth. Other factors, including the rising awareness regarding the adverse effects of fossil fuels, increasing acceptance of first and second-generation biofuels, and the emerging trend of green mobility, are also anticipated to drive the market further.
Global Biofuel Additives Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Biofuel Additives Companies:
Afton Chemical Corporation (NewMarket Corporation), BASF SE, Biofuel Systems Group Ltd., Chemiphase International Ltd., Chevron Corporation, Clariant AG, Eastman Chemical Company, Evonik Industries AG, E-ZOIL, Fuel Quality Services Inc., Infineum International Limited and The Lubrizol Corporation.
The report has segmented the market on the basis of type, biofuel type, application and region.
Breakup by Type:
- Antioxidants
- Corrosion Inhibitors
- Cold Flow Improvers
- Detergents and Dispersants
- Octane and Cetane Improvers
- Dyes and Markers
- Others
Breakup by Biofuel Type:
- Bioethanol
- Biodiesel
Breakup by Application:
- Diesel Fuel Additives
- Heavy Fuel Oil Additives
- Shipping Fuel Additives
- Gasoline Fuel Additives
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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