Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Octane Improver Market by Additive Types (Ethanol, MTBE, Methanol and Others) by End-users (Automotive, Marine & Aviation and Others) and By Geography-Global Drivers, Restraints, Opportunities, Trends & Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Octane Improver Market is expected to grow at a rate of 7.5% CAGR by 2028.
Octane improver is a fuel additive use to improve the efficiency of the fuel and enhance its quality as well. Octane improver comes under oxygenate category, as it increase gasoline's octane rating or act as corrosion inhibitors or lubricants. This helps in maintaining higher compression ratios for greater efficiency and power.
The increasing popularity of high-performance vehicles, sports cars, and luxury cars creates a demand for octane improver market. High-performance engines require gasoline with improved anti-knock properties to achieve optimal power and efficiency. In addition to this the governments and environmental agencies worldwide are implementing stricter emission standards to reduce air pollution and combat climate change.
Higher-octane fuels, facilitated by octane improvers, can lead to cleaner and more efficient combustion, resulting in lower emissions of harmful pollutants which further propel the market growth. On the contrary, the factors such as unfavorable conditions arising because of the COVID-19 outbreak and strict environmental regulations are impeding the market growth.
Octane Improver Market by Additive Types:
- Ethanol
- MTBE
- Methanol
- Others
Octane Improver Market by End-users:
- Automotive
- Marine & Aviation
- Others
Octane Improver Market by Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World
On the basis of additive type, the octane improver market is bifurcated into Ethanol, MTBE, Methanol and Others. The Ethanol segment is projected to have the highest share in the market. Ethanol has an octane rating of about 108 and is mixed to fuel to improve the overall octane rating of the fuel. The usage of ethanol-blended fuel minimizes the emission of NOX, and particulate matter. Owing to the less carbon to hydrogen ratio, the use of ethanol minimizes carbon-dioxide emissions and improves fuel efficiency. The use of ethanol produced from bio-based rather than petroleum-based is projected to minimize pollution and propel the market during the forecast period.
Further, on the basis of end a user, the octane improver market is divided into Automotive, Marine & Aviation and Others. Automotive holds the highest market share. The growth of the segment is accredited to the rising demand for automobiles around the world. This is the result has increased the usage of octane improver. Octane improvers are gas additives which are added to the fuel tank to increase the fuel's octane rating. For example, the octane improver gasoline additive can fuel an engine's performance, enhance efficiency and minimize the environmental impact of automobile engines.
Further based on the geography, the Asia-Pacific region is projected to lead the market for octane improver during the forecast period owing to a surge in demand from countries such as China, and India. Moreover, along with government support, are leading to the augmenting demand for octane improver market in the Asia Pacific during the forecast period.
Moreover, the ongoing research and development of fuel additives, such as octane improvers, are leading to more effective and efficient products. Global manufacturers are continuously improving their formulations to meet the stringent requirements of modern high-performance engines. Further, there is a growing global trend towards cleaner and more sustainable fuels in response to environmental concerns. Octane improvers play a role in improving fuel efficiency and reducing emissions, making them a relevant solution in the quest for greener transportation. Henceforth, the above mentioned trends are leading to the growth of global octane improvers market.
Companies Mentioned
- BASF SE
- BP PLC
- Chevron Corporation
- China Petroleum & Chemical Corporation (Sinopec)
- Dorf Ketal Chemicals
- Exxon Mobil Corporation
- Hindustan Petroleum Corporation Limited (HPCL)
- LyondellBasell Industries N.V.
- Royal Dutch Shell plc
- Tesla Inc.
For more information about this report visit https://www.researchandmarkets.com/r/d6j0c3
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