Global Automotive Aftermarket Fuel Additives Market Size
Automotive aftermarket fuel additives are chemicals added to automotive fuel
for improving fuel efficiency and enhancing engine performance. Fuel additives
help improve acceleration capabilities, maximize fuel economy, reduce
maintenance costs, and extend engine life by preventing deposit formation,
corrosion, and sludge build up. With rising demand for high-performance
vehicles, fuel additives are extensively being employed for improving octane
rating, cleaning fuel injection systems, and conditioning gasoline.
The global
Automotive Aftermarket Fuel Additives Market is estimated to be valued at US$ 2.27 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
One of the major trends fueling the growth of the automotive aftermarket fuel
additives market is the enhanced engine performance capabilities offered by
fuel additives. Fuel additives acts as combustion catalyst that facilitate
complete combustion of fuel within the engine cylinders. They help optimize
combustion of fuel by combating issues such as pre-ignition and knocking. This
results in enhanced power output and acceleration. Fuel additives also reduce
deposits and corrosion within the fuel system and combustion chambers, ensuring
smooth operation of engines. As a result, use of fuel additives is growing
among racing car owners and drivers seeking superior engine performance. Rising
demand for improved vehicle acceleration is hence driving sales opportunities
for fuel additives in the aftermarket.
Segment
Analysis
The global automotive aftermarket fuel additives market is dominated by the
gasoline sub-segment. The gasoline sub-segment accounted for around 70% share
of the overall market in 2024. Gasoline is widely used as a fuel for vehicles
across the globe. As gasoline is prone to degradation over time due to
temperature changes and moisture absorption, fuel additives help improve its
stability and enhance engine performance.
Key Takeaways
Global
Automotive Aftermarket Fuel Additives Market Size is expected to
witness high growth over the forecast period 2024 to 2031. Rapidly expanding
vehicle fleet and rising vehicle miles traveled are driving the need for
effective fuel additives in the aftermarket. North America currently holds the
largest share of the market owing to large number of vehicle updates and high
demand for enhanced engine efficiency solutions.
Regional analysis: Asia Pacific region is projected to be the fastest growing
regional market during the forecast period. Rising vehicle ownership coupled
with hot tropical climates that accelerate fuel degradation are supporting the
demand for fuel additives in the region. Countries like China, India, and
Indonesia will be the major drivers of growth.
Key players
operating in the automotive aftermarket fuel additives market are Hyosung
Corporation, Afton Chemical Corporation, Innospec Inc., The Lubrizol
Corporation, Chevron Oronite Company, among others. Hyosung Corporation is a
prominent supplier of gasoline antioxidants and multifunctional additives for
performance enhancement and fuel economy.
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