Global Heating Oil Additives Market Size 2024, Forecast To 2033
6 Mar, 2024
The heating oil additives market has demonstrated robust growth in recent years, increasing from $5.93 billion in 2023 to $6.32 billion in 2024, with a compound annual growth rate (CAGR) of 6.6%. This growth is attributed to factors such as aging housing stock, changing lifestyles, increased home equity, economic stability and growth, energy efficiency concerns, and the cyclical nature of homeownership. Looking ahead, the market is expected to surge to $8.04 billion by 2028, maintaining a CAGR of 6.2%. Anticipated growth drivers include adaptation to remote work, sustainable and green building practices, place modifications, affordable housing shortages, and the rise in multigenerational living. Major trends in the forecast period encompass eco-friendly remodeling, smart home integration, kitchen and bathroom upgrades, aging-in-place modifications, innovations in materials and technology, and customization and personalization.
Global Heating Oil Additives Market Key Driver
The growing manufacturing of automobiles is expected to propel the growth of the heating oil additives market going forward. Automobiles, motor vehicles powered by gasoline or diesel internal-combustion engines, operate on ordinary roads. Heating oil additives play a crucial role in automotive maintenance by cleaning engines, enhancing fuel and combustion efficiency, and preventing local overheating and chimney fires. With the surge in automobile manufacturing, the demand for heating oil additives rises in tandem. According to the Board of Governors of the Federal Reserve System in August 2023, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. This trend underscores the growing manufacturing of automobiles, which in turn fuels the growth of the heating oil additives market, reflecting its market dynamics in 2023, 2024, and 2028.
Get A Free Sample Of The Global Heating Oil Additives Market ReportGlobal Heating Oil Additives Market Segments
The heating oil additives market covered in this report 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
By Geography:The regions covered in the heating oil additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the heating oil additives market in 2023. Europe was the second-largest region in the global heating oil additives market during the forecast period. The regions covered in the heating oil additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Heating Oil Additives Industry Players
ERC Emmisions-Reduzierungs-Concepte GmbH, Estuary Oils, 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, VALE OILS LTD., Huntsman Corporation, INEOS Group AG, Baker Hughes Company, Chemtura Corporation, Croda International plc, Dorf Ketal Chemicals India Private Limited, Ecolab Inc., Fuel Additive Science Technologies Limited, GE Water & Process Technologies, Innospec Fuel Specialties LLC, Johnson Matthey plc, Kao Corporation, Lanxess AG, NewMarket Corporation, ExxonMobil Chemical Company, CITGO Petroleum Corporation, PQ Corporation, Rheochemie GmbH
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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.