Biofuel Additives Market Size, Share, Growth Analysis, By Product Type(Antioxidants, Corrosion Inhibitors, Cold Flow Improvers, Detergents), By Application(Diesel Fuel Additives, Heavy Fuel Oil Additives, Aviation Fuel Additives, Gasoline Fuel Additives), By Biofuel(Bioethanol, and Biodiesel), By Region - Industry Forecast 2024-2031

Q: What is the market size of Biofuel Additives Market?

Global Biofuel Additives Market size was valued at USD 14.37 billion in 2022 and is poised to grow from USD 15.65 billion in 2023 to USD 30.74 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

Q: Which region accounted for the largest share in Biofuel Additives Market?

North America makes up most of global biofuel additive demand. The implementation of stringent mandates to reduce emissions and high consumer awareness regarding the benefits of biofuel use are allowing this region to hold a dominant market share. High investments in the development of novel biofuel technologies by the public, as well as private sectors, are also slated to boost demand for biofuel additives in this region. Canada and the United States are estimated to be the top markets for biofuel additives suppliers in the North American region going forward.

Report ID: SQMIG15E2511 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 95 | Figures: 68

Biofuel Additives Market News

In April 2022, Afton Chemical, a renowned company providing specialty chemicals and additives to reduce emissions, announced the launch of its new diesel fuel detergent technology for the North American market. Greenclean 3 technology was intended to optimize the operations of heavy-duty fleets by reducing emissions.

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Biofuel Additives Market size was valued at USD 14.37 billion in 2022 and is poised to grow from USD 15.65 billion in 2023 to USD 30.74 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

Biofuel additives suppliers can take advantage of the imposition of stringent vehicle emission mandates being implemented across the world to boost sales. Biofuel additives companies are also continually investing in research and development to enhance the performance and costs of biofuels to boost their large-scale adoption. Market players can also leverage strategies such as collaborations, mergers, acquisitions, and partnerships to fast-track the development of novel biofuel additives and boost the overall market growth. Biofuel additive manufacturers are also focusing on expanding their biofuel additive production capacity to meet the surging demand across the world. 'Evonik', 'Clariant', 'Afton Chemical', 'BASF SE', 'Chevron', 'Eastman', 'E-ZOIL', 'Biofuel Systems', 'Chemiphase Ltd.', 'LUBRIZOL', 'Fuel Quality Services', 'Total Energies'

The increasing focus on sustainability and the immediate threat of climate change are promoting the use of biofuels across the world and this is also slated to favor the demand for biofuel additives.

Growing Use of Clean Fuels: Rising consumer awareness regarding warming is pushing people around the world to opt for clean fuels and clean energy sources. Biofuels have been proven to reduce emissions, which is why more people are opting for the same. Biofuel additives are essential for proper use of biofuels, and this is why this trend is slated to create new opportunities for market growth going forward.

North America makes up most of biofuel additive demand. The implementation of stringent mandates to reduce emissions and high consumer awareness regarding the benefits of biofuel use are allowing this region to hold a dominant market share. High investments in the development of novel biofuel technologies by the public, as well as private sectors, are also slated to boost demand for biofuel additives in this region. Canada and the United States are estimated to be the top markets for biofuel additives suppliers in the North American region going forward.

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