by Automotive Aftermarket Fuel Additives Market provide solutions to enhance vehicle performance and efficiency by conditioning fuel, cleaning injectors and reducing emissions. Automotive aftermarket fuel additives improves fuel economy, increases power, reduces maintenance costs and extends the life of engines.
The global Automotive Aftermarket Fuel Additives Market is estimated to be valued at US$ 1.97 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increasing demand for vehicle fuel efficiency solutions is a key trend bolstering the growth of the global automotive aftermarket fuel additives market. Rising prices of fossil fuels and stringent government regulations regarding vehicle emissions have encouraged consumers to look for solutions to improve fuel efficiency of their vehicles. As fuel additives improve fuel combustion and reduce emissions, their demand has increased significantly over the years. Various types of fuel additives such as cleaners, cethane improvers and lubricity improvers are increasingly being adopted by consumers globally to get better mileage and reduce maintenance costs, thus driving the automotive aftermarket fuel additives market.
SWOT Analysis
Strength: The automotive aftermarket fuel additives market is experiencing high demand due to factors such as improving vehicle performance and fuel economy. Automobile manufacturers require high-quality additives for fuel enhancement.
Weakness: Higher R&D costs and stringent regulations associated with automotive fuel additives can hamper market growth to some extent.
Opportunity: Growing demand for eco-friendly additives and expansion of automotive industry in developing nations offer opportunities for market growth. Development of multi-functional additives also opens up opportunities.
Threats: Price volatility of crude oil affects the raw material costs and competitive landscape of automotive fuel additives. Economic slowdowns also impact market demand.
Key Takeaways
The global Automotive Aftermarket Fuel Additives Market Share is expected to witness high growth. Over the forecast period of 2023 to 2030, the market is expected to rise at a CAGR of 9.0% and reach a size of US$1.97 billion by 2024.
Regional analysis reveals that Asia Pacific region dominates the market currently. Factors such as increasing vehicle production, improving economic conditions, and rising disposable incomes are driving the demand for automotive fuel additives in Asia Pacific region. With surging automobile ownership, countries like China and India are projected to experience high growth during the forecast period.
Key players operating in the automotive aftermarket fuel additives market are Hyosung Corporation. The major players focus on new product launches, collaborations and expansions to strengthen their market position. For instance, Hyosung Corporation develops innovative corrosion inhibitors and fuel stabilizers to cater to the growing demand from automotive OEMs worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
