LONDON–Technavio’s latest market research report on the global fuel additives market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The growing demand for biofuels will drive the growth in the fuel additives market. Biofuels can be derived directly from plants and commercial, domestic, agricultural, and industrial wastes. The increase in the demand for antioxidants, corrosion inhibitors, and cold flow improvers will boost the use of biofuels in the global market.
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The top three emerging market trends driving the global fuel additives market according to Technavio research analysts are:
- Growing demand for multifunctional additives
- Increase in investment from defense sector
- Growing demand for biofuels from aviation sector
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Growing demand for multifunctional additives
The growing demand for multifunctional additives for gasoline and diesel is expected to propel the market growth. These additives provide an efficient and cost-effective way of delivering multiple benefits in a single additive package. Multifunctional gasoline additives are often a combination of a deposit control additive with demulsifier and corrosion inhibitor. Multifunctional diesel additives are more complex and may combine deposit control additive with a corrosion inhibitor, cetane number improver, and antifoam additive.
According to Hitesh Bhatia, a lead analyst at Technavio for additives, adhesives, and sealants, “Multifunctional additives reduce the amount of additives required to help fuels perform well and to remain in compliance with the safety standards. The growing interest of consumers in eco-friendly and sustainable products has created substantial demand for multifunctional additives in the global market.”
Increase in investment from defense sector
The increase in demand for defense and military products is growing in the Middle East, Eastern Europe, North Korea, and the South China Sea due to the rise in global tension. The countries such as Saudi Arabia, Japan, India, South Korea, the UAE, and China have increased the investments for the next generation military vehicles and equipment. In 2015, China increased its military expenditure by 7.4% and Russia by 7.5% as compared with the previous year, to curb the threat to national security.
“The increasing number of military vehicles, drones, and aviation jets is expected to increase the use of fuel additives. In 2016, India signed 15 contracts of more than USD 10 billion with foreign vendors, including the contracts for 36 Rafale fighter jets and 145 M777 lightweight Howitzers. An increase in the number of fighter jets is expected to drive the jet fuel market, thereby driving the demand for jet fuel additives,” says Hitesh.
Growing demand for biofuels from aviation sector
Biofuels help in meeting the carbon emissions reduction goals and ease the dependence on fossil fuels. The increasing use of biofuels in the aviation sector is expected to drive the global fuel additives market. Biofuel is expected to be the significant aviation fuel and is projected to account for more than 60% of the global aviation fuel market by 2030. Several major airlines have initiated long-term agreements with biofuel suppliers. In March 2016, the United Airlines commenced daily flights with sustainable alternative fuel from Los Angeles Airport (LAX), supplied by AltAir and it is the first airline to introduce alternative jet fuel into its business operations.
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