Heating Oil Additives Market : A Strong Growth Outlook from 2023 to 2035
Research Nester’s recent market research analysis on “Heating Oil Additives Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global heating oil additives market in terms of market segmentation by type, fuel type, end-user, and by region.
Growing Incidents of Engine Failures to Drive Growth of the Global Heating Oil Additives Market
The global heating oil additives market is estimated to grow majorly on account of the growing demand for heating oil additives to reduce the number of incidents associated with the failure of engines across the globe. Most engine failure incidents occur owing to clogged tanks where fuel can flow properly. Engine failures are expected to cause multiple unpleasant events and this issue is anticipated to hike the market growth over the forecast period. For instance, the annual rate of engine failure across the globe was estimated to be around 200. If the engine failure is associated with the aviation sector, it was projected to deduct around 300,000 scheduled flight hours. Furthermore, the surge in the prices of fuel worldwide and rising government initiatives towards fuel efficiency are further expected to expand the market size during the forecast period. For instance, it was anticipated that the average price reached around USD 1.35 per liter worldwide in 2022.
Furthermore, the global heating oil additives market is also anticipated to grow on the back of the growing production of diesel and its growing demand in the automotive industry over the forecast period. Heating oil additives are mixed in the diesel to increase its efficiency and it is also a highly preferable fuel by the consumer owing to its enhanced properties. For instance, more than 45 billion gallons of diesel were noticed to be consumed in the USA in 2021 while around 1 billion barrels of diesel were produced in a similar year in the United States. Additionally, the surge in the production of automobiles with combustion engines worldwide is further anticipated to hike the market growth over the forecast period. As of 2021, nearly 75 million motor vehicles were anticipated to be produced across the globe. Hence, all these factors are projected to influence the growth of the market positively during the forecast period.
Some of the major growth factors and challenges that are associated with the growth of the global heating oil additives market are:
Growth Drivers:
- Surge in Production of Motor Vehicle
- Rising Concern of Cod Emission from Vehicles
Challenges:
The presence of substitute products and the requirement for a Large Amount of Money as an Initial Investment are some of the major factors anticipated to hamper the growth of the global heating oil additives market during the forecast period. Furthermore, increasing production of electric vehicles is projected to hamper the market growth as well in every aspect. Electric vehicles are produced with the notion of eliminating the utilization of fuel completely. The higher production of electric vehicles has been observed in recent decades. For instance, there will be more than 120 million electric vehicles on the road by 2030.
By end-user, the global heating oil additives market is segmented into industrial, residential, and commercial. The commercial segment is expected to generate the most revenue by the end of 2035, with a significant CAGR over the forecast period. The growth of the commercial segment can be ascribed to the higher sales volume of fuel additives across the globe on the back of booming demand in the aerospace and automotive industry. Furthermore, the lower quality of the crude oil is furthermore anticipated to propel the segment growth over the forecast period. As of 2021, approximately 65 million automobiles were sold across the globe. Furthermore, by fuel type, the market is further bifurcated into bio-diesel, diesel, LPG, and petrol, out of which, the diesel segment is estimated to hold the largest share during the forecast period. The segment is estimated to grow on the back of higher demand for diesel in various industries such as automotive, aerospace, and others.
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By region, the Asia Pacific heating oil additives market is to generate the highest revenue by the end of 2035. This growth is anticipated increasing sales of 2 and 3-wheelers in the region coupled with the escalated production of passenger cars in the region. Asia Pacific has an important role in the global automotive industry which is also one of the major growth factors of the market. For instance, approximately 30 million passenger cars were noticed to be produced in the Asia pacific in 2020. Furthermore, the surge in the manufacturing sector of the region which is being supported by the up-surged investment is also expected to hike the market growth owing to higher demand for heating oil additives over the forecast period. Furthermore, the market is also estimated to witness notable growth in the European region by obtaining the second-largest share during the forecast period. Europe is known to be the leading consumer of heating oil additives which is expected to flourish the market growth over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global heating oil additives market which includes company profiling of, Emissions-Reduzierungs-Concepte GmbH, Yorkshire Oils Ltd, Estuary Oils Depot, HomeFuels Direct Ltd, Bell Performance, Inc., Afton Chemical Corporation, BASF SE, Lubrizol Corporation, CPS Fuels Ltd, and others.
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