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Rampant Technological Advancements will Boost Terminal Fuel Additives Market Size

 

Terminal Fuel Additives: Introduction

·         Increasing demand of hydrocarbon fuels for heat and power generation from transportation and power generation industries for domestic and industrial power generation has led to the development of a large range of fuel additives to meet industry requirements. Fuel additive can be employed as a standalone single product to solve certain performance related issues. It can also be combined with other similar products to form a multi-functional performance enhancement package to be added to the fuel.

·         Terminal operations need fuel additives, as these additives help boost profitability of operations by increasing the market value of crude oils, intermediates, or refined products. Terminal operations require fuel additives that are able to enhance a broad range of fuels and can perform outstandingly in harsh environments. Terminal fuel additives need to be specifically engineered to meet the high demand for terminal business.

Key Drivers and Restraints of Global Terminal Fuel Additives Market

·         Companies are mandated to reduce carbon emissions owing to the adoption of stringent environmental laws. This can be achieved by adding more efficient and effective fuel additives. This is driving the terminal fuel additives market.

·         Rise in demand for alternate fuels is expected to restrain the terminal fuel additives market

Terminal Fuel Additives: Additive Type Segment

·         Based on additive type, the terminal fuel additives market can be divided into antioxidants, cold flow improvers, octane improver, cetane improvers, fuel lubricity improvers, pour point depressants, corrosion inhibitors, and others. The existence of highly olefinic cracked compounds in refined products can cause darkening, short induction period, and can also result in gum formation, which can be avoided by utilizing antioxidants that improve fuel stability.

·         Cold flow improvers are additives that help improve low temperature handling properties of crude oils, residual oils, and petroleum fuels. Octane improver additives are added to increase the octane value of gasoline in order to protect the engine from knocking.

·         Cetane improver additives are added to diesel fuel for enhancing the cetane number to meet the required standards

·         Fuel lubricity improvers are added to low sulfur containing middle distillates to meet the required fuel standards. Pour point depressants are additives that help prevent sedimentation and help in meeting pipeline requirements.

·         Corrosion inhibitors are added to the fuel to prevent corrosion of terminal equipment and storage. The others segment includes additives such as antistatic additives, hydrogen sulfide scavengers, cloud point depressant, and hazers

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Terminal Fuel Additives: Fuel Type Segment

·         In terms of fuel type, the terminal fuel additives market can be segmented into gasoline, crude oil, diesel, jet fuel, and others

Covid-19 Impact on Terminal Fuel Additives Market

·         On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.

·         Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic

·         Manufacturing of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, and other reasons. This is expected to hamper the terminal fuel additives market.

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North America to Dominate Terminal Fuel Additives Market

·         North America is anticipated to dominate the global terminal fuel additives market during the forecast period. This can be ascribed to the presence of stringent environmental regulations in the region.

·         In terms of market share, Europe is likely to follow North America in the global terminal fuel additives market. However, the market in Asia Pacific is projected to expand at a significant pace during the forecast period, due to increase in adoption of stringent environmental laws in the region, especially in developing economies such as China and India.

Key Manufacturers Operating in Global Terminal Fuel Additives Market

Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global terminal fuel additives market include:

·         Clariant

·         Baker Hughes Incorporation

·         Dorf Ketal Chemicals

·         Callington Haven Pty Ltd.

·         Afton Chemical

·         Amalgamated Inc.

·         Innospec

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