Email
Print
APAC Bottled Fuel Additives Market - Forecast(2023 - 2028)
APAC Bottled Fuel Additives Market Overview
The APAC Bottled Fuel Additives Market size is forecasted to reach US$187.6 million by 2027, after growing at a CAGR of 1.5% during the forecast period 2022-2027. Fuel additives are chemicals that are mixed into fuels to lubricate and clean the engine. The fuel additives improve performance while lowering emissions. Bottled fuel additives are fuel additives that are packaged in a bottle. The bottled fuel additives such as cetane improvers, corrosion inhibitors, emulsifiers and more have several advantages such as superior fuel efficiency, ease of use, engine cleaning and more. These properties benefit the overall engine and machine performance. The growth of the transport industry in the APAC is fueling the APAC bottled fuel additives industry growth. However, in 2020, the restriction on production activities, lockdown measures and other similar measures were imposed to curb the spread of the Covid-19 pandemic. As a result, the APAC bottled fuel additives industry suffered losses. In 2021, the ease of regulations related to the Covi-19 pandemic boomed the APAC bottled fuel additive market growth. Moreover, the oil and gas industry growth in APAC will fuel the demand for bottled fuel additives. This, in turn, will expand the APAC Bottled Fuel Additives market size growth in upcoming years.
Report Coverage
The "APAC Bottled Fuel Additives Market Report–Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the APAC Bottled Fuel Additives Market.
Key Takeaways
- China dominated the APAC Bottled Fuel Additives Market, owing to the automotive industry growth in the country. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles OICA, in 2021, the total automotive production in China was 26,082,220, an increase of 3% over 2020.
- In the oil & gas industry, bottled fuel additives such as octane improvers, metal deactivators and more increase the refinery blend. This results in cost-saving, owing to this the adoption of bottled fuel additives is increasing in the oil & gas industry, which, in turn, is accelerating the market growth.
- Moreover, the growing demand for environmentally friendly packaging is driving the use of eco-friendly bottles for bottled fuel additives in APAC. This, in turn, is driving the market growth.
- Nevertheless, environmental issues related to the disposal of bottles are expected to restrict the APAC bottled fuel additives industry growth during the projected forecast period.
Figure: China Bottled Fuel Additives Market Revenue, 2021-2027 (US$ Million)
For More Details On this report - Request For Sample APAC Bottled Fuel Additives Market Segment Analysis – by Application
The diesel segment held the largest APAC Bottled Fuel Additives Market share in 2021 and is forecasted to grow at a CAGR of 1.5% during the forecast period 2022-2027. Bottled fuel additives, such as fuel stabilizers, corrosion inhibitors and others, are substances that are injected alongside diesel to either clean debris from the engines or lubricate the engine's moving parts and improve ignition quality. The bottled fuel additives keep the diesel from degrading and the components well-lubricated. This property results in reduce wear and tear inside the engine. Moreover, bottled fuel additives reduce the dangerous emissions produced by engines. As a result, there are lower diesel emissions. Thus, owing to such benefits of bottled fuel additives, their adoption is increasing in diesel applications. This, in turn, is spurring the APAC bottled fuel additives market growth.
APAC Bottled Fuel Additives Market Segment Analysis – by End-Use Industry
The transport segment held the largest APAC Bottled Fuel Additives Market share in 2021 and is forecasted to grow at a CAGR of 2.0% during the forecast period 2022-2027. The primary function of bottled fuel additives in the transportation industry is to improve a vehicle's performance and fuel efficiency by cleaning fuel injectors, reducing exhaust gases by managing engine knocking and preventing fuel line corrosion. Factors such as surging disposable income, the rapid pace of industrialization and more similar factors are fueling the growth of the transport industry in the Asian region. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles OICA, in 2021, the production of light commercial vehicles in Asia was 5,099,264 units, an increase of 9% over 2020. Moreover, according to Boeing, the total fleet demand for commercial aircraft in Asia-Pacific will increase by 3.1% reaching 43,610 units during the forecast period of 2021-2040. Hence, the growth of the transport industry is fueling the demand for bottled fuel additives. As a result, the APAC market growth is accelerating.
APAC Bottled Fuel Additives Market Segment Analysis – by Geography
China is the dominating country as it held the largest APAC Bottled Fuel Additives Market share in 2021 up to 45%. The booming industries such as automotive, aerospace, marine, oil & gas and similar industries are spurring the growth of China's economy. The growing transport and logistics activities and purchasing power of people in China are fueling the demand for passenger cars and commercial vehicles in the country, which is aiding the automotive industry's growth. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles OICA, in 2021, the total production of passenger cars in China was 21,407,962 units, an increase of 7% over 2020. Moreover, in 2021, the production of light commercial vehicles in China was 2,171,546, an increase of 1% over 2020. Also, new aerospace manufacturing facilities expansion in China is driving the aerospace industry growth. For instance, in December 2021, Gardner Aerospace established an aerospace manufacturing factory in China to tap into the potentially massive Asia Pacific market. Therefore, the surging transport industry in China is boosting the demand for bottled fuel additives. This, in turn, is propelling the APAC bottled fuel additives market size growth.
APAC Bottled Fuel Additives Market Drivers
Growth of Oil and Gas Manufacturing
Bottled fuel additives, such as cetane improvers and corrosion inhibitors, are used in the oil and gas industry to significantly reduce the amount of soot and unburnt hydrocarbons formed during the combustion of heavy fuel oils (by more than 50%). This improves the performance of heavy fuel oil and crude oil. The recent oil & gas exploration projects in Asia and increasing foreign direct investment in oil & gas expansion projects are the key determinants accelerating the oil & gas industry growth in APAC. For instance, according to the India Brand Equity Foundation, in 2020, the total production of crude oil in India was 20.6 million metric tons, an increase of 5.1% over 2019. Moreover, as of July 2022, several oil & gas projects are under the development stage, including Indonesia Deepwater Development in Indonesia (completion year in 2024), Jurong Island Refinery Expansion in Singapore (completion year in 2023), Sriracha Refinery Expansion in Thailand (completion year in 2024) and more. Therefore, the growth of the oil & gas industry is boosting the demand for bottled fuel additives to prevent soot and unburnt hydrocarbons formation. This factor is driving the APAC bottled fuel additive market growth.
Surging Demand for Eco- friendly Bottles by Bottled Fuel Additives Manufacturers in APAC
Eco-friendly bottles composed of polyethylene terephthalate (PET), starch, bioplastics and other similar materials help to minimize the long-term problems caused by excessive plastic use. Polyethylene terephthalate (PET) has various advantages, including lightweight, highly transparent, re-sealable, shapeable and 100 percent recyclable, with superior mechanical and barrier properties at a commodity price. PET also has a very low environmental impact when compared to other non-plastic materials. Certain APAC-based polyethylene terephthalate (PET) bottle manufacturers provide PET bottles for bottled fuel additives packaging. For instance, Zhongshan Huangpu Guoyu Plastic Products Factory, based in China offers eco-friendly PET bottles for bottled fuel additives applications. As a result of the aforementioned benefits of eco-friendly bottles, the demand for eco-friendly bottles by bottled fuel additives manufacturers in APAC is increasing. This is aiding the APAC bottled fuel additives market.
APAC Bottled Fuel Additives Market Challenge
Environmental Issues related to Disposable of Bottles
Bottled fuel additives such as emulsifiers, octane improvers, biocide and more have the critical benefit of corrosion protection, durability and more. Although on the other side, the mass production of bottles used in the packaging of fuel additives as well as the non-recycling of plastics adds an increase in plastic landfills. For instance, according to a study on plastic waste published by the World Bank (WB), in 2021, more than 75% of the material value of recyclable plastic, including plastic bottles for bottled fuel additives is lost in countries such as Thailand, the Philippines and Malaysia. This amounts to US$6 billion per year when single-use plastic is discarded rather than recovered and recycled. Thus, the environmental issues related to the disposal of bottles for bottled fuel additives in APAC may limit the market growth during the forecast period of 2022-2027.
Refined Clay Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the APAC Bottled Fuel Additives Market. The top 10 companies in the APAC Bottled Fuel Additives Market are:
- Afton Chemical
- Baker Hughes, a GE Company LLC
- Clariant
- Croda International Plc
- BASF SE
- Chevron Corporation
- Evonik Industries AG
- Exxon Mobil Corporation
- Dorfketal Chemicals (I) Pvt. Ltd.
- Eni SpA
Relevant Reports
Report Code: CMR 0034
Report Code: CMR 0126
Report Code: CMR 0123
For more Chemicals and Materials Market reports, please click here