QY Research has published a new report, titled, “Global Biofuel Additives Market Report, History and Forecast 2014-2025”. This 129-pages report provides an extensive analysis of the aspects driving the growth of the market. The report offers quantitative and qualitative trends to help investors in understanding the market scenario. The in-depth analysis of the key segments of the market demonstrates the consumption of biofuel additives across different end-use industries.
According to the analysts at QY Research, the global biofuel additives market is likely to be worth US$17.9 bn by 2025 from US$5760 mn in 2018, registering at a CAGR of 15.2% throughout the forecast period.
Mounting Demand for Clean and Efficient Fuel to Drive Market Growth
The global biofuel additives market is still in its nascent stages. They fuel additives deliver high performance and are hence gaining g recognition of first and second-generation biofuels across the world. Decreasing quality of crude oil has propelled the demand for clean and efficient fuel. This has also titled the preference of consumers towards the usage of biofuels due to their high quality and eco-friendliness. In addition, favorable government policies and the availability of renewable feedstock are further likely to fuel the growth of the market.
Moreover, implementation of certain measures such as vehicle emission directives by the European Union in consultation with oil companies and automotive manufacturers to improve the air quality is also expected to augment the market. Accelerating demand for biofuel additives in emerging nations will further drive the growth of the market in the coming years.
However, the high cost of investment in biofuel additives production technology and food vs fuel debate will restraint the market growth.
Detergents and Dispersants Segment Likely To Lead the Global Biofuel Additives Market
The global market for biofuel additives is segmented into application and product type. The product type segment includes dyes and markers, antioxidants, corrosion inhibitors, octane & cetane improvers, detergents and dispersants, cold flow improvers, and others. Out of these, the detergents and dispersants segment is expected to lead the biofuel additives market due to better combustion, decreased emission, and smoother fuel injection. The application segment includes biodiesel and bioethanol.
North America Expected to Dominate the Global Biofuel Additives Market
Based on the regions, North America is anticipated to dominate the biofuel additives market due to growing consumption and production of biofuels in this region. Asia Pacific is also expected to drive the global biofuel additives market due to cumulative demand for biofuels in emerging economies such as India and China.
The top manufacturers operating in the global biofuel additives market are Biofuel Systems, Lubrizol, Chevron, Fuel Quality Services, Evonik, Chemiphase Ltd., Eastman, Clariant, E-ZOIL, and Afton Chemical. On March 2019, E-ZOIL acquired Tonawanda-based Emulso International Corporation to enhance productivity and reduce operational costs. Acquisitionis done to provide better services to the customers.
Full Report Overview@ https://www.qyresearch.com/index/detail/1140134/global-biofuel-additives-market