The environmental concerns associated with the use of fuel are causing a paradigm shift toward Marine Fuel Additives. The effective marine fuel additives are being increasingly utilized owing to their novel attributes, including improved reliability, easy maintenance, and longevity. Moreover, marine fuel additives will have a larger role to play in the coming years, given the complications presented by heavy fuel oil (HFO) and severely hydro-treated fuel that produces ultra-low Sulphur diesel.
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Inclination towards Reduced Emission to Boost the Demand for Marine Fuel Additives
The most significant factor that is expected to be a demand driver for marine fuel additives is their capability to bring fuel efficiency in the ships. The reduced emission of harmful gases with the addition of these marine fuel additives is expected to foster the growth of the marine fuel additives market. Furthermore, with the growing regulations and stringency with respect to the reduction of sulfur content, is expected to boost the marine fuel additives market as these products would help the shipping industry to comply with the regulations. Market players have been investing time and resources for developing improved marine fuel additives. In line with this, the International Maritime Organization (IMO) regulation, called IMO 2020 is expected to provide major opportunities of growth to the marine fuel additives market players. For instance, Innospec has launched its new range of marine fuel additives complying with the IMO regulations, which is said to clean tanks while the vessel is underway.
Greater significance given to environment-friendly practices and cleaner and efficient fuels is expected to boost the marine fuel additives market. With the addition of marine fuel additives, it is possible to reduce harmful emissions from marine engine, which is anticipated to be a key industry trend.
Increasing Emphasis gained in Leading Regions Expected to Upsurge the Marine Fuel Additives Market
The global marine fuel additives market is analyzed on a global front by assessing its presence in the key regions. Developing economies are on a constant move towards improving the environmental conditions, owing to which there are various stringent regulations imposed on the usage of fuels in ships and boats. Key regions including North America and Europe have strict regulations when it comes to the fuel emission and environmental safety. Owing to these, there are various fuel additives including marine fuel additives being produced as per the regulations. Owing to this, the marine fuel additives market players have a large scope for business in these regions. For example, Total Additives and Special Fuels has invested in the Kaluga region of Russian Federation for its new production and oil-blending plant.
Asia Pacific market for marine fuel additives is also expected to grow significantly with the new developments in the key economies of region. Chevron Oronite Company LLC in their marine fuel additive segment marked groundbreaking performance in their shipping and blending project in China, as stated in their third quarter earnings results. This facility would provide solutions to the market in China after it becomes operational in the year 2021.
Marine Fuel Additives Market Players Eyeing Opportunities with Improved Strategies and Products
Marine Fuel Additives market players are seen implementing next-generation strategies to ensure that they can make the most of the potential of the market, while enhancing their offerings to the same. The key market participants include Biobor Fuel Additives, West Marine, Chevron Oronite Company LLC, BASF SE, Chemtura Corporation, Innospec, Total Additives and Special Fuels, Afton Chemical Corporation, Lubrizol Corporation, Dow Chemical Company, Baker Hughes, Albemarle, Dorf Ketal, NALCO Champion, Evonik Industries, Clariant, and Eurenco.
Chevron’s research successfully recognized the performance gaps of existing marine fuel additives offered in the market followed by identifying the need for improved solutions. For this, the company introduced their newly formulated and high-performance marine fuel additives solution that combine cleaning power with state-of-the-art protection.
Companies such as Clariant and Covestro along with BASF are seen utilizing the e-commerce platform for offering their large product portfolio to the Chinese consumers. These steps would accelerate the distribution of marine fuel additives as well in the coming future.
Moreover, with research centers established by marine fuel additives market players such as Evonik Industries in Singapore focusing mainly on additive manufacturing the market is expected to witness major developments.
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Marine Fuel Additives Market Segmentation for In-depth Evaluation
The marine fuel additives market segmentation is done on the basis of operation and fuel type.
- According to the operation, the marine fuel additives market is segmented into antioxidant, deposit control, inhibitor, lubricity & CETANE improvers, corrosion, and others
- Based on the fuel type, the marine fuel additives market is segmented into gasoline, diesel, and others.
The research report on highlights a detailed assessment of the entire marine fuel additives market. It included data that is factual and historical, meaningful insights, and industry-validated and statistically supported information providing a better understanding of the market. The inclusion of estimations using adequate set of assumptions and methodologies in the report makes it even more valuable. The research report on marine fuel additives market provides evaluations and data based on the categories including regions, technology, market segments, and applications.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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