July 12, 2024

Turbocharger Aftermarket Fuel Additives Is The Largest Segment Driving The Growth Of Automotive Aftermarket Fuel Additives Market

Market Overview:

Automotive aftermarket fuel additives help improve performance and increase fuel economy and engine life. They enhance fuel properties like cleaning power and lubrication and prevent deposits in fuel systems.

Market key trends:

One of the key trends in the automotive aftermarket fuel additives market is the rising demand for multi-functional fuel additives. Consumers are looking for fuel additives that can provide maximum benefits with a single product. Hence, manufacturers are developing multi-functional fuel additives that can improve fuel economy, reduce emissions, clean fuel systems, prevent corrosion, and enhance engine performance. For instance, STP produces a fuel system and stability additive that cleans injectors while also preventing gum and varnish buildup.

One of the key trends in the automotive aftermarket fuel additives market is the rising demand for multifunctional additives. Consumers are looking for fuel additives that can serve multiple purposes such as cleaning fuel systems, reducing emissions, improving fuel economy, etc. This has led additives manufacturers to develop complex formulations that can offer enhanced protection and deliver good performance. For example, Chevron Supreme gasoline treatment contains cleaning agents that dissolve sludge and varnish deposits while also enhancing combustion for improved fuel efficiency.

SWOT Analysis
Strength: The automotive aftermarket provides a large established customer base for fuel additives as vehicle owners need products to maintain and restore engine performance.
Weakness: Fuel additive options from generic brands may not deliver the promised results in terms of efficacy.
Opportunity: Growing demand for high-performance vehicles and increasing kilometers driven provide scope for premium fuel system cleaners and treatment products.
Threats: Stricter emission regulations pose formulation challenges for additive companies to balance performance with compliance. Tighter fuel economy standards reduce the importance of fuel additives over time.

Key Takeaways

The Global Automotive Aftermarket Fuel Additives Market Demand  is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing vehicle usage and miles driven.

The global market size for automotive aftermarket fuel additives was valued at US$ 1.97 Bn in 2023. North America dominated the market, accounting for nearly 35% of the overall demand, led by large fleet of vehicles in countries like the US. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing sales of passenger vehicles.

Key players operating in the automotive aftermarket fuel additives are Chevron Corporation, BASF SE, Afton Chemical Corporation, Infineum International Limited, The Lubrizol Corporation, TotalEnergies Additives & Special Fuels, Innospec Inc., Clariant AG, Cerion Energy, BG Products, Â Inc., Lucas Oil Products, Â Inc., Red Line Synthetic Oil Corporation, Liqui Moly GmbH, Royal Purple, Â LLC, STP Products Company. Focus on portfolio expansion through new product development and strengthening distribution channels will be the key strategies adopted.

Note:

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