Biofuels are produced from the conventional feedstock or lignocellulose feedstock, which can be distinguished as first and second generation fuels. The consumption of biofuels has increased across the globe owing to its eco-friendly nature. However, there are several problems associated with biofuels such as high fuel foaming, injector deposits & corrosions, and low oxidation stability. Biofuel additives are specialty chemicals that are added to decrease such problems. Therefore, the market for biofuel additives is directly aligned with the production of biofuels.
The world biofuel additives market is expected to reach $12,560 million by the end of 2022. Increasing demand for clean & efficient fuel, diminishing quality of crude oil, high quality standards associated with renewable fuels, and growing automotive industry are the significant factors responsible for the growth of the biofuel additives market across the globe. However, food verses fuel debate and high investment on the biofuel additives production technology is likely to hamper the market growth.
The market has been segmented on the basis of type, application, and geography. On the basis of type, the market is segmented into antioxidants, corrosion inhibitors, cold flow improvers, detergents & dispersants, octane & cetane improvers, dyes & markers, and others. In 2015, the detergents & dispersants segment occupied one-third share in the overall biofuel additives market, in volume terms. This is due to compulsion of detergents & dispersants by the government as it cleans the fuel supply arrangement. Based on end user of additives i.e. biofuels, the market is segmented into bioethanol and biodiesel. The bioethanol segment occupied more than half of the overall biofuel additives industry due to increasing adoption of bioethanol-blended gasoline fuels in North America.
Furthermore, the market has been segmented on the basis of geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA. In addition, the consumption of biofuel additives in different countries has also been included in the report. In 2015, North America occupied two-fifths of the total biofuel additives market, in volume terms. However, Asia-Pacific is expected to be the fastest growing region during the analysis period.
The leading companies in this market have been proactively working towards the launch of new products, as biofuels are new adoption in the fuel industry. The major companies profiled in the report includes The Lubrizol Corporation, Fuel Quality Services, Inc., Chemiphase Ltd., Clariant AG, Afton Chemical, E-ZOIL, Eastman Chemical Company, Evonik Industries AG, Chevron Oronite Company LLC, and Biofuel Systems Group Ltd.
BIOFUEL ADDITIVES MARKET KEY BENEFITS:
BIOFUEL ADDITIVES MARKET KEY SEGMENTS:
World biofuel additives market is segmented as:
Market By Type
Market By Biofuel type
Market By Geography
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