The latest research study “Biofuel Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global biofuel additives market reached a value of US$ 15.58 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 24.47 Billion by 2027, exhibiting a CAGR of 7.60% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
Biofuel additives refer to the specialty chemicals that enhance the efficacy of biofuels, including methanol, biodiesel, ethanol, diethyl ether, etc. They are widely utilized to improve the engine performance and combustion quality while reducing brake-specific fuel consumption (BSFC) and heating. Biofuel additives are commonly available as emulsifiers, antioxidants, octane improvers, cetane improvers, dyes, markers, detergents, dispersants, and corrosion inhibitors. They are synthesized from lignocellulosic feedstock or conventional feedstock and exhibit excellent density, viscosity, and solubility. When compared to traditional additives, biofuel additives offer higher oxygen content, are cost-effective and non-toxic, and do not produce any harmful chemicals. As a result, biofuel additives find wide-ranging applications across the aviation, automotive, marine, and power sectors.
Global Biofuel Additives Market Trends and Drivers:
The expanding automotive industry across the globe is primarily driving the biofuel additives market. In addition to this, the development of hydrodynamic cavitation techniques for the manufacturing of the product with enhanced reaction rates and energy efficiency is further catalyzing the market growth. Moreover, the growing demand for low-emission engines and the launch of various initiatives by government bodies toward sustainable development are also augmenting the global market. Apart from this, the inflating product demand in the aviation industry and the elevating levels of air travel across countries are anticipated to bolster the biofuel additives market in the coming years.
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Biofuel Additives Market Report Scope |
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Report Coverage |
Details |
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Market size value in 2021 |
US$ 15.58 Billion |
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Market forecast in 2027 |
US$ 24.47 Billion |
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Growth Rate |
CAGR of 7.60% from 2022 to 2027 |
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Base year for estimation |
2021 |
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Historical data |
2016-2021 |
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Forecast period |
2022-2027 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Biofuel Type, Application and Region |
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Regional scope |
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
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Key companies profiled |
Afton Chemical Corporation (NewMarket Corporation), BASF SE, Biofuel Systems Group Ltd., Chemiphase International Ltd., Chevron Corporation, Clariant AG, Eastman Chemical Company, Evonik Industries AG, E-ZOIL, Fuel Quality Services Inc., Infineum International Limited and The Lubrizol Corporation. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
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Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Antioxidants
- Corrosion Inhibitors
- Cold Flow Improvers
- Detergents and Dispersants
- Octane and Cetane Improvers
- Dyes and Markers
- Others
Breakup by Biofuel Type:
- Bioethanol
- Biodiesel
Breakup by Application:
- Diesel Fuel Additives
- Heavy Fuel Oil Additives
- Shipping Fuel Additives
- Gasoline Fuel Additives
- Others
By Geography:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
List of Major Key Players:
The major players in the market are Afton Chemical Corporation (NewMarket Corporation), BASF SE, Biofuel Systems Group Ltd., Chemiphase International Ltd., Chevron Corporation, Clariant AG, Eastman Chemical Company, Evonik Industries AG, E-ZOIL, Fuel Quality Services Inc., Infineum International Limited and The Lubrizol Corporation.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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