June 16, 2024
Automotive Aftermarket Fuel Additives Market

The Growing Popularity Of Fuel Efficient Vehicles Drives The Global Automotive Aftermarket Fuel Additives Market

The automotive aftermarket fuel additives are added to gasoline or diesel fuel to improve vehicle performance, combustion, efficiency, and other fuel-related operating parameters. These additives help maintain engine health and improve fuel economy while reducing harmful emissions. Common fuel additives include cetane improvers, deposit control additives, lubricity improvers, dyes & markers, cold flow improvers, stabilizers, corrosion inhibitors, and combustion modifiers. With stringent emission regulations and rising consumer demand for fuel-efficient vehicles, automakers focus on manufacturing vehicles with higher fuel economy and lower emissions. This increases the sales of fuel additives to maintain engine performance for such vehicles.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the automotive aftermarket fuel additives market is the use of multi-functional additives. Earlier, separate additives were used to achieve different parameters like combustion improvement, deposit control, etc. However, modern additive packages contain multiple functionalities in a single formulation to reduce costs while improving overall performance. These multi-functional fuel additives cater to the needs of improved fuel efficiency, lower emissions, and better engine protection. They eliminate the need for separate specialty additives, thus driving their adoption. Furthermore, stricter emission norms in major automobile markets like North America and Europe have bolstered the demand for newer generation, low-emission additive technologies in the aftermarket.

Porter’s Analysis
Threat of new entrants: The automotive aftermarket fuel additives market has moderate threat of new entrants due to high capital requirements for R&D and manufacturing.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative options in the market.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many raw material suppliers.

Threat of new substitutes: Threat of new substitutes is low as no direct substitutes are available for fuel additives.

Competitive rivalry: The market is fragmented due to presence of many regional and international players.

Key Takeaways
The Global Automotive Aftermarket Fuel Additives Market Size is expected to witness high growth. The market size is projected to reach US$ 4.04 Bn by 2031from US$ 2.27 Mn  in 2024, expanding at a CAGR of 9.0% during the forecast period.

Regional analysis –

North America region is expected to dominate the global market during the forecast period. The growing automotive sector and rising demand for high-performance fuels are expected to drive the automotive aftermarket fuel additives market in North America.

Key players –

Key players operating in the automotive aftermarket fuel additives market are Hyosung Corporation, Afton Chemical Corporation, Infineum International Limited, The Lubrizol Corporation, Chevron Corporation. Hyosung Corporation is one of the leading players in the global market. The company offers a wide range of fuel additives for automotive and industrial applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it