Biofuel Additives Market Share, Growth Revenue, Trends, Growth Factors, Region Analysis & Forecast

0
36

Market Highlights

The global Biofuel Additives Market Share is projected to be valued at USD 27,520.28 million by the end of 2028, registering a CAGR of around 14.2% during the forecast period.

Biofuel additives are the key constituents of petroleum products used for automobiles and transportation purposes. For instance, compared to conventional fuel gasoline and diesel, biodiesel tends to oxidize, which makes its additiveplay an important role. The diminishing petroleum reserves and the growing environmental concerns ve driven the researchers and makret market manufacturers for better and efficient approaches for producing advanced biofuels from biomass as a feedstock. Biomass provides an ultimate alternative to fossil resources. In actual fact, biomass is the only sustainable source for organic molecules and is the ideal substitute compared to petroleum for the production of biofuels and chemicals. It is an abundant, widespread, and inexpensive energy resource resulting from organic substances, including agricultural residues, perennial grasses, forest resources, wastes, algae, woody crops, and others.

The primary factor driving the global biofuel additives market is stringent emission norms and regulations for environmental and human safety. Additionally, increasing automotive production and their harmful emissionssupports the growth of the global biofuel additives market. According to the WHO, around 4.2 million premature deaths globally were reported dueto outdoor air pollution. In 2019, GHGs released by the transportation sector wasover 25% of the global emissions, according to the USEnvironmental Protection Agency. The high emission of GHGs has resulted in the imposition of norms by several organizations pertaining to exhaust emission. According to the European Union, consumption of energy is higher in the roadways sector, which is 82% compared to the other 18%,which comprises  rail, aviation, non-specific transport, and pipeline transport sectors. Thus, emissions from the automotive sector highly contribute to GHG emissions. Owing to these factors the biofuel additives market is expected to gain am major traction during the forecast period.

COVID Impact Analysis

The outbreak of COVID-19 resulted in the shutting of factories and businesses, canceled air transport routes, and lockdowns, negatively impacting the industry. However, with the lift of lockdown measures and trade restrictions, the demand for fuel additive is likelyto gain pace and drive the market growth.

The governments and managements have imposed several fiscal and monetary policies across the globeto limit the damage caused by the pandemic, which is expected to result in certain relief for consumers.

Get Sample Report Copy Here @

https://www.marketresearchfuture.com/sample_request/10626

Segment Analysis

The global biofuel Additives market share has been segmented on the basis of metal type, technology, vehicle type, and region.

On the basis of product type, the global biofuel additives market has been segmented into antioxidants, detergents, lubricity improvers, corrosion inhibitors, octane, cetane cold flow improvers, dyes markers, and others. The antioxidants segment accounted for the largest market share in 2020, with the highest CAGR of over 10%. It is extensively used in gasoline and other petroleum products as an additive to reduce oxidization which is expected to boost the global biofuel additives market.

By application, the biofuel additives market share has been categorized into diesel fuel additives, heavy fuel oil additives, shipping fuel additives, gasoline fuel additives, and others. Among these, the diesel fuel additives segment emerged as the fastest-growing segment during the review period. The diesel fuel additives are increasingly used in diesel engine and the transportation sector.

Key Findings of the Study:

The global biofuel additives market is projected to reach a value of USD 27,520.28 million by 2028, with a CAGR of around 14.2% during the forecast period from 2021 to 2028.

Asia-Pacific accounted for the largest market share in 2020; this is due to the high production and sale of automobiles in China, India, and Indonesia.
Middle East Africa is expected to be the fastest-growing regional market registering a CAGR of over 9%.
With the rising concern regarding energy conservation and climate change, the demand for reduced toxic emissions engines and fuel is increasing rapidly, which is expected to favor the growth of the biofuel additives market in the coming years.

The proliferating automotive industry in Latin America and the Middle East Africa, coupled with a focus on product innovation and technology development, are the key opportunities in this market.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members. 

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com

Website: https://www.marketresearchfuture.com

Related Report:

https://www.marketresearchfuture.com/reports/adipic-acid-market-5479

https://www.marketresearchfuture.com/reports/ester-market-5531

https://www.marketresearchfuture.com/reports/anti-tacking-agents-ma...

https://www.marketresearchfuture.com/reports/india-polyacrylamide-c...

Cerca
Categorie
Leggi tutto
Literature
Facial Wipes Market Top Competitor, Growth Opportunities, Geographical Overview| Forecast 2030
Facial Wipes Market Outlook These wipes are an easy means of washing away dirt buildup,...
By Amit Oliver 2023-06-09 07:05:27 0 104
Health
Drug Device Combination Market Research, 2022 - Market Demand, Growth Opportunities, Future Trends, Key Players, and Forecast to 2030
Market Highlights Following a careful analysis of the latest trends, Market Research Future...
By Shweta Shweta 2023-03-16 09:38:55 0 29
Altre informazioni
Finesse Farming and Agribusiness Market Trends, Key Players, DROT, Analysis & Forecast Till 2028
Reports and Data has recently published a research report on global Precision Farming/Agriculture...
By Steve Faulknar 2023-02-14 05:53:24 0 44
Altre informazioni
Polio Vaccine Market Size, Share Analysis, Key Companies, and Forecast To 2030
The Polio Vaccine Market report provides detailed analysis of global market size,...
By Adams Mark 2022-10-10 09:11:33 0 39
Theater
Geotextile Size, Share, Key Players, Growth Trend, And Forecast, 2030
The Geotextile Market is forecasted to grow from USD 5.75 billion in 2020 to USD 11.86...
By Tom Hardy 2022-11-08 10:09:32 0 25