Global Automotive Aftermarket Fuel Additives Market: Overview
Automotive aftermarket fuel additives are the best solutions to reduce fuel-related issues and preemptive maintenance. These additives are deployed in order to improve diesel fuel and gasoline performance. The automotive aftermarket fuel additives reduce maintenance charges required for poor driveability, engine performance, excessive emissions, lost fuel economy, and others. Usually, automotive aftermarket fuel additives are used in the fuel systems and supplements. Aftermarket fuel additives comprise numerous lubricants such as gear oil, transmission fluid, power steering fluid, and engine oil. These additives clean components where lubricant operates in order to improve the performance of the lubricants.
Global Automotive Aftermarket Fuel Additives Market: Growth Factors
The major growth factor of the market is diesel fuel additives, which contributed to the growth of the global automotive aftermarket fuel additives market. In addition, strict regulations set by the government on vehicular emissions and growth in the automotive sales are expected to fuel the market growth. However, high investment cost involved in technologies, R&D, and materials may hamper the global automotive aftermarket fuel additives market growth to some extent.
Global Automotive Aftermarket Fuel Additives Market: Segmentation
The global automotive aftermarket fuel additives market is categorized based on applications as gasoline and diesel. The global market is bifurcated on the basis of types as multifunctional gasoline and diesel additives, diesel performance additives, specialties for gasoline, gasoline performance additives, cold flow improvers, and diesel and LPG. Of these, multifunctional diesel and gasoline additive accounted for the largest market share. It is useful in the reduction of harmful emissions, improvement in durability, engine cleanliness, extended maintenance intervals, smoother engine performance, improved fuel economy, and acts as excellent injector detergency. Furthermore, the global market is divided based on distribution channel as automotive workshops, 4S stores, unauthorized spare parts and service centers, big stores, e-commerce, gas stations, and others. Of these, big stores segment is the leading distribution channel segment in the global market. E-commerce is also gaining popularity owing to penetration of the Internet in the global market.
Global Automotive Aftermarket Fuel Additives Market: Regional Analysis
Asia-Pacific is the leading market in the global automotive aftermarket fuel additives market. This is owing to widespread usage of diesel fuel additives, which may enhance the market growth in a positive way. Europe is growing at the faster rate to grab the largest market share due to increasing demand for ultra-low sulfur diesel (ULSD). However, in North America, 4S stores and big stores are major supply channels. In addition, gas stations and 4S stores operate in the Asia Pacific.
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Global Automotive Aftermarket Fuel Additives Market: Competitive Players
Major players in the global automotive aftermarket fuel additives market are Chevron Corporation, Ashland Inc., Evonik Industries AG, BASF SE, BG Products, Inc., and Infineum International Ltd. Other key players dominating the global market are Afton Chemical Corporation, Lubrizol Corporation., Innospec Specialty Chemicals, Total S.A., and Lucas Oil Products Inc.