In recent years, the growing preference for clean fuel sources has pushed the adoption of conventional fuel alternatives such as biofuel. As compared to traditional fossil fuels, biofuels produce less carbon emissions, and, thus help in mitigating greenhouse gases. Additionally, biofuels can yield quality output in greater quantities than their counterpart. The rising inclination towards biofuel is set to unlock lucrative opportunities for the biofuel additives market. With the rising environmental concerns around the world, biofuel additives are expected to gain significant prominence. Heightening of crude oil prices is further propelling the utilisation of biofuels. Other benefits of biofuel additives include efficient output, durability, reliability, cost-effectiveness, and easy availability. Antioxidant biofuel additives also reduce NOx emissions, enabling greater sustainability and low emissions. Consequently, all these trends are expected to drive the global biofuel additives market to sound maturity.
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Growing Adoption of Biofuels in Transportation Sector to Aid in Biofuel Additives Market Expansion
The transportation and logistics sector contributes immensely to the growth of an economy of a state. At present, fossil fuels are the major source of energy for commercial vehicles. The growing environmental concerns have also pushed the transportation industry to adopt biofuels. In addition to fewer carbon emissions, biofuels also enhance the fuel security of the vehicle, reducing brake-specific fuel consumption (BSFC). Apart from that, biofuel additives also address several issues associated with biofuels including increased wax formation in low temperatures, corroded fuel systems, and fuel foaming. All these factors are collectively stimulating growth across the global biofuel additives market.
Burgeoning Sales of Cetane to Create Positive Dynamics in Biofuel Additives Market
The global biofuel additives market is experiencing a major boost from the rising sales of cetane. There are numerous benefits attached to this type of biofuel additive. On adding the cetane improver at low concentrations in biofuels, the cetane number of the biofuel blend significantly rises. The cetane improver enables a quick startup with less smoke emission, improved cold start, reduced engine noise, enhanced wear reduction, and smooth engine operation and efficiency. As a result of this, the demand for cetane improvers such as octyl nitrate has increased in biofuels. Such a favorable landscape is projected to unlock new growth opportunities in the global biofuel additives market.
North American Biofuel Additives Market to Lead with Favorable Government Policies
North America is projected to maintain its lead in the global biofuel additives market. Key factors including the adoption of biofuels in different industrial applications, particularly, logistics and transportation, and growing dependency on alternative fuel sources, are scaling the demand for biofuel additives in the region. Moreover, the increased efforts by the U.S. government to achieve energy security and mitigate greenhouse gas (GHG) emission is expected to soar the demand for biofuels. Against this backdrop, the use of biofuel additives has increased due to their ability to improve the efficacy of biofuel.
Key Market Players
Some of the major players in the biofuel additives market include OBR Joint Stock Company, Eastman Chemical Company, BASF SE, E-Zoil Products Inc., Evonik Industries AG, Chemiphase Ltd., Clariant AG, Afton Chemical, Biofuel Systems Group, The Lubrizol Corporation, and Chevron Oronite Company LLC
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