Biofuel Additives Market Size, share, outlook By 2021- 2028

(YorkPedia Editorial):- Byram, United States Nov 10, 2021 (Issuewire.com) – Market Overview:

The Global Biofuel Additives Market is expected to grow at a high CAGR of 6.9% during the forecasting period (2021-2028).

Biofuel additives are specialty chemicals added to increase the efficiency of biofuels. These additives address the problems associated with biofuels like high fuel foaming, injector deposits & corrosions, and low oxidation stability.

Drivers & Restraints

The increasing adoption and demand for biofuels and favorable government policies in some regions are the major drivers boosting the demand for Biofuel Additives globally. The market for Biofuel additives is directly proportional to the global biofuel demand. The demand for Biofuels is increasing worldwide mainly due to the rising demand for clean & efficient fuel, stringent government regulations, and degrading quality of crude oil. Therefore, the rise in biofuel demand is boosting the market for Biofuel additives.

The high cost of biofuel additives can hinder market growth in the coming years.

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Market Segmentation

By Type

• Antioxidants
• Cold Flow Improvers
• Corrosion Inhibitors
• Dyes & Markers
• Demulsifiers
• Others

By Biofuel

• Bioethanol
• Biodiesel

By Application

• Diesel fuel Additives
• Heavy fuel oil Additives
• Shipping fuel Additives
• Gasoline Fuel Additives
• others

Geographical Analysis

The report segments the market by geographic region, including North America, South America, Europe, Asia-Pacific, and Others. North America held the dominant share in the Biofuel Additives market in 2017; this trend is expected to continue during the forecast period. The high share of North America can be attributed to biofuels’ high production and consumption in the region, especially in the U.S. The growth in the biofuels industry in the U.S. is supported by various government policies, mandates, incentives, and new technological advancements. The North American Biofuels market was estimated to be $ 41.2 billion in 2017 and is estimated to reach about

$ 58.2 billion in 2025. Thus, the high growth expected in the biofuels industry will boost the demand for biofuel additives in the region in the coming years.

Asia-Pacific is expected to be the fastest-growing region in the coming years owing to the rapid expansion in biodiesel and bioethanol markets and increasing demand from developing countries like India and China. The government of India launched a Biodiesel program in 2015 and made a B5 blend of biodiesel available to the public through 50,000 state-owned oil marketing companies. The government announced in July 2016 that it plans to implement a new policy, which will help increase ethanol blending to 22.5% in petrol and 15% in diesel. The increasing use of biofuels in the country will automatically increase the consumption of biofuel additives. China is also committed to limiting its emissions by 2030, and biofuel is considered the key to lower emissions from transportation. The increasing adoption of biofuels in the country will propel the market for biofuel additives.

View full report:https://www.datamintelligence.com/research-report/biofuel-additives-market

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