Refinery Fuel Additives Market Trend, Share, Growth, Size and Forecast 2032

Refinery Fuel Additives Market: Size

The global refinery fuel additives market size was worth around USD 9.14 billion in 2023 and is predicted to grow to around USD 15.43 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.00% between 2024 and 2032.

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The report covers forecasts and analysis for the refinery fuel additives market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on volume (Kilo Tons) and revenue (USD Billion).

Refinery Fuel Additives Market: Overview

Refinery fuel additives are used in the refining operation of fuels to refine and enhance their properties. The increasing oil and gas exploration activities across the globe are expected to be the major demand driver for the growth of the market. Increasing urbanization and population growth have been major factors for the high demand for energy. An increasing number of cars in all the countries across the globe has increased the demand for fuels.

The study includes drivers and restraints for the refinery fuel additives market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the refinery fuel additives market on a global as well as regional level.

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Refinery Fuel Additives Market: Growth Drivers

The increasing number of planes due to the high passenger traffic has increased the demand for jet fuel. According to the International Energy Administration (IEA), the global energy demand grew by 2.3% in 2023. Increasing regulations and government policies on the standards for fuel in order to ensure its quality has further fueled the adoption of refinery fuel additives. The growing concern regarding the environment and its protection has led governments across the globe to implement regulations on the petroleum industry. However, the high price of the refinery fuel additive is expected to be a major restraint on the growth of the global refinery fuel additives market. This has led to its low adoption in a few countries.

However, increasing demand from emerging economies such as India and China is expected to provide growth opportunities for the key players operating in the global refinery fuel additives market.

Refinery Fuel Additives Market: Segment Analysis

The global refinery fuel additives market is segmented based on product, application, and region.

Based on type, the market is segmented into antioxidants, anticorrosion, antiknock agents, cetane improvers, cold flow improvers, deposit control, lubricity additives, and others.

Based on application, the market is segmented into diesel, gasoline, jet fuel, and others. The diesel segment accounted for the largest market share in the global refinery fuel additives market. 

Refinery Fuel Additives Market: Report Scope

Refinery Fuel Additives Market: Regional Analysis

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global refinery fuel additives market in 2018. Increasing shale oil production in the U.S. is expected to be a major driving factor for the increasing demand for refinery fuel additives. The U.S. is expected to usurp Russia in terms of oil export by 2032. Moreover, the regulations imposed by the Environmental Protection Agency (EPA) in the  U.S. have further fueled the adoption of refinery fuel additives in North America. The Asia Pacific is also expected to register significant growth during the forecast period. Increasing energy demand from emerging economies such as China, India, Indonesia, etc. is expected to fuel the growth of the refinery fuel additives market in the region.

Refinery Fuel Additives Market: Key Players Analysis

Some key players operating in the global refinery fuel additives market include:

• BASF SE
• Clariant
• ECIC
• Innospec
• Lubrizol
• Racheme Fze
• WRT BV
• Afton Chemical
• Calling ton Haven
• Dorf Ketal
• Infineum
• Lanxess
• Nalco
• Total S. A

This report segments the global refinery fuel additives market into:

By Product

• Antioxidants
• Anticorrosion
• Antiknock Agents
• Cetane Improvers
• Cold Flow Improvers
• Deposit Control
• Lubricity Additives
• Others

By Application

• Diesel
• Gasoline
• Jet Fuel
• Others

By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa