The global aviation fuel additives market is anticipated to attain a valuation of US$ 940.82 million in 2023 and is projected to reach US$ 1730.9 million by 2033, trailing a CAGR of 6.2% during the forecast period.
The market for aviation fuel additives is experiencing significant growth due to increased demand from the aviation industry. Also, extensive research and development efforts are undertaken in the aviation fuel additives industry.
A diverse range of products has been developed to cater to companies involved in converting hydrocarbon fuels for applications like transportation and electricity production. According to ATC data, around 95 percent of on-road retail fuel is treated with performance additives, meeting European government standards. Furthermore, market expansion is expected to be driven by increased research and development in the Ultra-Low Sulfur Diesel sector.
The demand for jet fuel additives is expected to benefit from strict emissions regulations imposed on automobiles and refineries. Also, concerns regarding air pollution resulting from incomplete and complete combustion of hydrocarbons are driving growth and expansion in the jet fuel additives product portfolio.
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The Clean Air Act, for instance, mandates the use of detergents and deposit control additives to reduce carbon monoxide emissions. Moreover, a wide range of additives for different types of fuels enhances fuel performance.
Fuel-related issues in engines and machinery, including fuel efficiency, can be effectively addressed through the application of additives. These additives are commonly utilized in refineries, distribution systems, and storage tanks across various transportation systems and vehicles.
Petroleum oils undergo rapid photo-oxidation and biodegradation due to marine microorganisms utilizing them as a carbon source. This degradation primarily occurs at the oil-water interface, resulting in the formation of various compounds that degrade the quality of petroleum oil. Under specific conditions, these factors accelerate the oxidation process. Fuel additives effectively remove carbonaceous deposits from combustion chamber walls.
Ongoing crude oil reservoir mining for petroleum oil and natural gas contributes to the declining quality of crude oils. In addition, the increasing demand for additives to maintain quality and meet government regulations is expected to propel market growth.
Key Takeaways
- The demand for aviation fuel additives in India is projected to expand with a promising CAGR of 6.2% during the forecast period.
- India is expected to accumulate over 24.6% market share by the end of the forecast period.
- The sales of aviation fuel additives in the United States are expected to rise with a CAGR of 6.1% during the forecast period.
- By application, military aircraft are expected to generate significant demand for aviation fuel with a CAGR of 7% during the forecast period.
“Growing concerns regarding air pollution caused by incomplete and complete combustion of hydrocarbons is expected to drive market growth during the forecast period,” – comments an FMI Analyst
Competitive Landscape
The market for aviation fuel additives is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
Key Innovations in the Aviation Fuel Additives Market
- In September 2021, Royal Dutch Shell plc announced plans to produce around 2 million tonnes of sustainable aviation fuel (SAF) annually until 2025. The company’s objective is to have at least 10% of its global aviation fuel sales composed of SAF.
- In January 2021, BASF Enzymes LLC and Innospec Fuel Specialties LLC forged a distribution agreement to enhance consumer value and showcase their dedication to the ethanol yield business.
- In December 2021, BASF introduced KEROPUR-D, a new multipurpose diesel additive, in South Korea. This high-performance additive effectively eliminates engine deposits and prevents the formation of new deposits.
- In November 2021, Evonik revealed the establishment of a state-of-the-art oil additive performance test lab in the Asia Pacific region.
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Aviation Fuel Additives Market: Top Players
- Afton Chemical Corporation
- BASF SE
- Dorf-Ketal Chemicals India Pvt., Ltd.
- Hammonds
- Meridian Fuels
- Nalco an Ecolab Company
- Shell Chemicals LP
- The Chemours Company
- Biobor Fuel Additives
- Nexeo Solutions.
- Innospec Chemical Company
- Albemarle Corporation
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