Global Heating Oil Additives Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
20 Jul, 2023
The global heating oil additives market size is expected to grow from $5.56 billion in 2022 to $5.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global heating oil additives market size is expected to reach $7.53 billion in 2027 at a CAGR of 6.2%.
Global Heating Oil Additives Market Key Driver
The increasing production of automobiles is projected to drive the growth of the heating oil additives market in the future. An automobile is a motor vehicle with a gasoline or diesel internal-combustion engine that is built for use on public roads. In automobiles, heating oil additives are used to clean the engine, enhance fuel efficiency and combustion efficiency, and minimise local overheating and chimney fires. The heating oil additives industry is growing in tandem with the rise of automotive manufacturing.
Get a sample of the global heating oil additives market reportGlobal Heating Oil Additives Market Segments
The global heating oil additives market is segmented:
1) By Type: Biocide, Water Controller, Heating Oil Stabilizer, Oil Gun Cleaner
2) By Application: Diesel, Gasoline, Aviation Fuel, Other Application
3) By End-User: Industrial, Residential, Commercial
4) By Geography: The regions covered in the heating oil additives market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global heating oil additives market.
Major Heating Oil Additives Industry Players
ERC Emmisions-Reduzierungs-Concepte GmbH, Estuary Oils Depot, Afton Chemical Corporation, BASF Group, Bell Performance Inc., Lubrizol Corporation, CPS Fuels Ltd., Evonik Industries AG, Peak Oil and Gas Ltd., East Cork Oil Company Unlimited Company, Chevron Corporation, Clariant AG, Novatek, Infineum International Limited, Hydra International Limited
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Heating Oil Additives Market Overview
Heating oil additives refer to chemicals used to improve the efficiency of a tank's ignition by altering fuel specifications, such as its thickness and temperature. Heating oil additives contain antioxidants that stabilize the oil, preventing it from degrading and making sure the fuel combusts correctly.
Heating Oil Additives Global Market Report 2023 provides data on the global heating oil additives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The heating oil additives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.