A new report from Global Industry Analysts Inc. shows positive projected growth in the world fuel additives market over the next five years.
“Petroleum Additives: A Global Strategic Business Report” predicts the Asia-Pacific region as the fastest-growing additives market as global fuel oil additives sales look set to reach $2.4bn by 2012.
While dispersants currently represent the largest segment of lubricating oil additives, the report states antioxidants as the fast growing segement of the industry. Having been hit by the decline in the auto industry as a knock-on of the global recession, marketing has shifted from OEM and consumer fuel and lubes to the benefits of lubes and additives for vehicle life extension.
The balance of markets is already changing, according to the report, with the US additives market having almost reached saturation point and Europe currently leading the way in additives consumption. By 2015 the global market is expected to reach $8.2bn, with companies such as Afton, Chemtura, Infineum and Lubrizol amongst those that are set to benefit.
Meanwhile, a report from Freedonia Group "Fuel Additives" questions the possibility of US sturation, reporting US additives are forecast to rise by 2.2% annually. This would mean a $1.2bn market by 2012, with deisel addtivies leading volume growth because of expanding ultra low sulphur diesel products and biodiesel regulations.