Published On : 19 Nov 2018
With rapidly increasing pollution levels, a rising demand for alternative fuels that cause less emissions is occurring all over the globe. Although, a complete replacement of conventional fuels is not possible in the near future, there have been several changes made to the currently used ones. And one way by which fuels with better efficiency, less emission, and more environmental-friendly characteristics is possible through the use of biofuel additives. Thus, a widespread use of these substances has led to the existence of a distinct biofuel additives market.
Rising Awareness about Increasing Emissions Stokes Biofuel Additives Market
Changing governmental rules and regulations with regards to fuel usage is primarily driving the global biofuel additives market. This is mainly due to the fact several governments are encouraging the production of biofuels and their additives, in order minimize harm caused to the environment by burning of core fossil fuels. In addition, widespread advancements occurring in the automobile industry, mainly with respect to improving engine performance and fuel efficiency also are key factors that are propelling the need for changing the way we use fuel.
Furthermore, biofuels are employed on a large-scale basis in the field of agriculture in order to sustain the rising demand of food as well as energy production. With biofuel being produced on a frequent basis from agricultural operations through waste materials, the global biofuel additives market is prophesized to witness a bright future.
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High Costs of Production Dampen Opportunities for Expansion
However, manufacturing of fuel laced with biofuel additives as well as expanding the production rate of this fuel type from waste organic produce is substantially costly in terms of generating large volumes. This could initially make the end products notably expensive, further discouraging those having less disposable income from making use of the product. Moreover, various underdeveloped and developing economies are growing at a slow rate in terms of biofuel adoption. This factor poses as a key geographical restraint affecting the global biofuel additives market.
Nonetheless, several companies and organizations are gradually introducing new and innovative ways to manufacture the additives as well as expand the adoption of biofuels. This process could take some time to fully proliferate all over the world, but acts as a prime deterrent to most obstacles acting on the global biofuel additives market’s expansion.
The global biofuel additives market depicts the presence of a gradually intensifying competitive landscape. Currently, the adoption rate of these additives is fairly in its initial stages. However, the competition is likely become fiercer with increasing number of players in this sector. Lubrizol, Fuel Quality Services Chemiphase Ltd., Clariant, Afton Chemical, E-ZOIL, Eastman, Evonik, Chevron, and Biofuel Systems, are key players operating in the global biofuel additives market.
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