July 20, 2024

Rising Sales Of Passenger Vehicles To Fuel Growth In The Automotive Aftermarket Fuel Additives Market

Market Overview:

Automotive aftermarket fuel additives help improve engine performance and increase fuel efficiency in vehicles. Fuel additives aid in reducing carbon deposits, lubricating engine components, preventing corrosion, and improving fuel storage life. They help control fuel injections systems, and enhance combustion characteristics. The increasing average age of vehicles coupled with the need to optimize engine performance is propelling growth of the automotive aftermarket fuel additives market.

Market key trends:

One of the key trends in the automotive aftermarket fuel additives market is the increasing popularity of multi-functional fuel additives. Most key players are focusing on development of multi-functional additives that can serve various purposes such as improving fuel economy, reducing emissions, preventing low-speed pre-ignition etc. For instance, Chevron Corporation offers Techron Concentrate Plus Fuel System Cleaner that cleans deposits, prevents formation of new deposits, and restore lost power and performance. Similarly, Royal Purple offers Max-Clean Fuel system Cleaner that cleans the intake valves and fuel injection system. The growing demand for multi-functional products from consumers is expected to drive the automotive aftermarket fuel additives market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as technology and equipment required is easily available, however established players dominate the distribution channels.

Bargaining power of buyers: Large automotive OEMs and fuel retailer can negotiate for lower prices due to their high purchasing power.

Bargaining power of suppliers: Strong as raw material suppliers have established relationship with key players and have differentiated products.

Threat of new substitutes: Threat is low as no close substitutes are available and stringent fuel quality norms support use of fuel additives.

Competitive rivalry: Intense competition among existing players to increase market share through expansion, new product launches and mergers.

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 parc and miles driven.

The North America automotive aftermarket fuel additives market holds the major share currently owing to large number of fuel stations and well established infrastructure for distribution of additives in the region. Asia Pacific is expected to witness fastest growth due to rising vehicle ownership in China and India.

Key players operating in the automotive aftermarket fuel additives market include 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.

Note:

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