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Key Emerging Trends in the Fuel Additive Market
Fuel Additives Market is presently going through some changes that reflect the difference in demand and applications in various industries, especially in the automotive and energy sectors. Fuel additives are indispensable for improving the performance, fuel economy, and environmental features of fuels consumed in modern engines. Fuel additives are in more demand yearly in the automotive market. Thereby, in order to reach the higher fuel efficiency, lower emissions and better engine performance automakers utilize fuel additives to address these issues. The main driver for this trend is increasing environmental regulations, fuel economy and sustainability targets.
The move in the price of crude oil is likely to have an impact on fuel product markets and consequently the fuel additives market. Crude oil prices have been continuously changing during the last five years. As per the Crude Oil Investing the prices have been very volatile from as high as USD 140 per barrel in 2008 to as low as USD 62.09 per barrel in 2019.
Additionally, the aviation industry is becoming more and more the engine of fuel additives market development. Additives jet fuel are used for thermal stability, combustion efficiency and the safety of the aviation fuel. The increasing tendency toward flight efficiency, fuel saving and adopting of strict standards for aviation performance leads to the use of advanced flight additives in the aviation industry. It further pursuits the aviation sector's mission to sustainability, safety, and cost-efficiency.
In the context of the dynamics of fuel additives market, the environmental sustainability is gaining more importance. The demand for the biodegradable additives that can promote better fuel performance while maintaining the environment is ever-increasing. Since this trend is growing, manufacturers are shifting to the production of green and biofuel additives, joining the world community in their efforts to minimize carbon footprints and encourage sustainable practices in the energy sector and transport.
On the other hand, marine segment has some effect on the trends of fuel additives market. Marine fuels additives will address the difficulties associated with fuel stability, corrosion and emissions reduction in marine engines. Increasing environmental regulations bring more fuel additives and meeting emission standards needs. This change comes as a result of the shipping industry's turn to sustainable shipping practices, and the reduction of air pollutants in marine environments.
Fuel Additive Market Highlights:
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