by The automotive aftermarket fuel additives market involves the usage of additives that help maintain and enhance the performance of vehicles by optimizing the engine fuel combustion and stability. These additives prevent internal corrosion and deposit formation in engines by removing sludge, gum, and varnish. Fuel additives improve vehicle mileage, reduce emissions, improve fuel efficiency, and enhance the octane rating of fuels by preventing premature ignition.
The Global Automotive Aftermarket Fuel Additives Market is estimated to be valued at US$ 2.27 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Automotive Aftermarket Fuel Additives Market Demand are Hyosung Corporation, Afton Chemical Corp., Lubrizol Corporation, Chevron Corporation, BASF SE. The demand for fuel additives is growing across regions due to the rising vehicle fleet and increasing fuel quality concerns. Stringent emission regulations have led automakers and fuel additive manufacturers to focus on developing high-performance products that reduce tailpipe emissions. Major players are expanding their global footprint through strategic collaborations and mergers and acquisitions to cater to the growing aftermarket demand.
Market key trends
Performance-enhancing fuel additives are increasingly being used to derive benefits like power boosting and improved combustion efficiency. These specialized additives optimize spark timing and combustion stability to enhance engine response and horsepower. They also help clean valves and pistons for smooth engine operation.
Porter’s Analysis
Threat of new entrants: Low capital required for production setup but established players dominate supply channels. Bargaining power of buyers: Large fleet operators can negotiate better prices but retail buyers have limited influence. Bargaining power of suppliers: Suppliers of raw materials like fuel conditioners have some pricing power due to differentiated products. Threat of new substitutes: Alternate powertrains like electric vehicles may reduce demand but ICE vehicles still dominate market. Competitive rivalry: Global players compete on product quality, distribution reach and pricing with frequent new product launches.
Geographical Regions
North America accounts for the largest share in the automotive aftermarket fuel additives market in terms of value owing to high vehicle usage and replacement rates. The region witnesses frequent product launches catering to varied vehicle types and is supported by stringent emission norms.
Asia Pacific is expected to register the fastest growth during the forecast period attributed to rising vehicle parc, increasing per capita income and stringent emission standards especially in major countries like China and India. Rapid urbanization coupled with expansion of transportation fleets across industries stimulates regional market demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
