Kenneth Research, in its repository of market research reports, has recently added a report on Automotive Aftermarket Fuel Additives Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Automotive Aftermarket Fuel Additives Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Automotive Aftermarket Fuel Additives Market products.
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The global Automotive Aftermarket Fuel Additives market was valued at USD 983.9 million in 2016 and is projected to reach USD 1,808.9 million by 2025, growing at a CAGR of 7.0% from 2017 to 2025.
Automotive Aftermarket Fuel Additives market is expected to grow rapidly owing to increasing number of sales through aftermarket channel. The rising pollution concerns couple with increasing number of vehicle coming up with customizations in terms of engine designs is expected to drive market demand.
1. Market Drivers
1.1 Increasing automotive sales in aftermarket
1.2 Stringent environmental regulations on vehicular emissions
2. Market Restraints
2.1 Supply of raw materials
The global Automotive Aftermarket Fuel Additives market is segmented on the basis ofproduct, application,and region.
1. By Distribution Channel:
1.1 Unauthorized Service Stations
1.2 Big Stores
1.3 4S Stores
1.4 Automotive Workshops
1.5 Gas Stations
2. By Application:
3. By Supply Mode:
3.1 Third Party
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Chevron Corporation
2. Afton Chemical Corporation
3. Innospec Specialty Chemicals
4. Total SA
6. Lucas Oil Products Inc.
9. Infineum International Ltd.
10. Lubrizol Corporation
11. BG Products Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Automotive Aftermarket Fuel Additives market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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