A new report shows the growth will increase at a rate of 8.2% from 2014 to 2022
The global fuel additives market, currently valued around $5.47bn last year, is expected to almost double its compound annual growth over the next seven years to $10.28bn by 2022. The increase is set to come from rising demand for higher quality lubes in emerging markets, like China and India.
Demand for ultra-low sulphur diesel (ULSD) will contribute to an increase in consumption of additives products in China and India, where governments are increasingly under pressure to lower emissions and optimise fuel efficiency.
A growing fleet fitted with more sophisticated technologies across the entire Asia Pacific region will also contribute to a large portion of growth in this segment.
According to the research, the North American market will continue to post healthy growth as auto sales pick up, while demand for diesel additives from Europe will contribute around 50% of the ULSD segment. Diesel typically requires more additives than conventional gasoline.
Meanwhile, deposit controlled additives drew more than 30% of global demand as gasoline emerged as the fuel of choice for most vehicles.