Oil refiners' increasing use of additives is driving market growth, according to research.
Refining on the up Image: Commons |
Transport and industry are making increasing demands for additives in industrial engine oils, metal working fluids, heavy duty motor oil, passenger car motor oil, and fuels such as diesel, gasoline, aviation fuel and marine transport fuel.
Oil refiners are the largest end-users of additives. Fast depleting crude reserves and a rise in crude oil prices are forcing them to process sour and heavy crude reserves which need more additives to meet fuel regulatory standards regarding emissions, performance and clean fuel.
Global Industry Analysts' research points to Asia-Pacific as the largest regional market worldwide, with growing automobile manufacturing, the rise in average life of vehicles and a parallel rise in average miles travelled, stringent government regulations to control industrial and automotive emissions and a rise in demand for clean and efficient fuel.