Presence of strategic agreement with efficient technological surge led by North America market
Bangalore, India: With its recently published study “Octane Improver Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, Infoholic Research forecasts that the increasing fuel consumption and need for its long-term storage draws the path for various advanced solution in fuel additive industry. ‘the fuel additive industry develops and employs the products to enhance the fuel quality and performance. In this regard, octane improver is one such additive that added to fuel and to get the desirable properties.
Octane improver been developed to meet the needs of the fuel industry and to provide efficient transportation. The development of octane improver, satisfy the demand of current and future fuel needs as well as provide a cost-efficient solution. It has an advance solution, for gasoline that finds its extensive use in automotive, marine & aviation etc. This varied use of octane improver has resulted in higher exposure in the global economy, and is encouraging the innovators for further enhancement in the technology.
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The increasing modernization in the economy expanded the market of octane improver with the improving economic situation in developing countries as well, which will increase the market potential, and gives a boost to the expected market growth. This trend is expected to continue during the forecast period 2016–2023, to further improve the octane improver market at a CAGR of 7.5% and reach a value of $480.8 million by 2023.
Currently, North America dominates the market for octane improver and provides proof for major and rapid transformation in technological developments. The region has grown rapidly in the past decades and is continuing to grow. The market has an advantage of the presence of large automotive industry and a transforming economy. The region is dominating in both value and volume terms, and is being followed by other regions such as Europe and Asia Pacific. This dominance trend of North America is expected to continue during the forecast period while the underdeveloped countries are expected to witness a higher penetration, thus pushing the octane improver market.
In the overall octane improver industry, the ethanol that has biggest share and it is increasing its market, owing to the benefit of environment improvement and limit the emission of toxic substances. This provide the support from the government and from various environmental agencies as well. The contribution from ethanol is expected to increase exponentially over the years, generating much higher revenues for the overall octane improver market in the future.
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“Octane improver is an additive, use to increase the gasoline's octane rating or act as corrosion inhibitors or lubricants, for greater efficiency and power. Innovations in this technology continue as the companies, such as Lyondellbasell and BASF SE, continue to involve into the R&D. This technology is changing the economic scenario across the globe, and tend to drive the growth in the coming years.”– Pooja Kumari, Research Analyst.
The key insights of the report are as follows:
- The global octane improver market has been analyzed based on the following additive types:
- The study constitutes a classification based on the following end-users:
- Marine & Aviation
- Industry outlook: Market trends, drivers, restraints, and opportunities