The global marine fuel additives market is predicted to witness an upturn in over the coming years. As reported by Transparency Market Research (TMR), the need to maintain efficiency of the marine engine is providing tailwind to the marine fuel additives market. Titled, “Marine Fuel Additives Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025,” the report provides the market determinants, which are likely to have an impact in the coming years, along with throwing light on the global marine fuel additives market’s segments, and the threats and opportunities that the industry may face.
Present marine engines are designed to offer an enhanced fuel efficiency and reduced harmful emissions. To ensure the efficient operation of a marine engine, it is pivotal for complete fuel combustion to occur. The partial combustion of fuels may lead to fuel wastage along with discharging harmful effluents. To ensure that the fuel is completely combusted, marine fuel additives are added to it. The function of the chemical concoction is to drive the combustion process, thus enhancing the performance of the engine. Marine fuel additives also protect the engine parts from damage, and curbs the fuel depositions from getting built up on the vessel surface. On account of these highly appealing advantages gained by the use of additive, the global market for marine fuel additives is predicted to flourish in the coming years.
Strict regulations have surfaced regarding the emission of exhaust gases, which is a significant factor driving the overall marine fuel additives market. There has been a transformation in the way marine vessels are being operated, with rise in use of automatic sensors that are monitoring and controlling marine engines on a large scale. This leads to an automatic monitoring of internal factors such as corrosion, fuel deposits, extensive pressure, and others, which has resulted in awareness regarding taking preventive measures for safeguarding marine equipment. The involvement of fuel additives in marine vessels is expected to see an impetus on account of the longevity of the engine, the ease of maintenance and the cost-effectiveness that they provide. As a result, the global marine fuel additives market is expected to witness increased opportunities for growth in the years to come.
Regionally, the worldwide marine fuel additives market is divided into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. On account of existence of stringent regulations regarding fuel cleanliness and gas emissions, North America and Europe are forecasted to lead the market. The Middle East and Africa have a strong foothold in the shipping sector, and the region is thereby predicted to offer wide avenues for growth.
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Some leading names operating in the global fuel additives market are Afton Chemical Corporation, The Dow Chemical Company, Biobor Fuel Additives, Chevron Oronite Company LLC, and Baker Hughes.