Heating Oil Additives Global Market Report 2023

Major players in the heating oil additives market are ERC Emmisions-Reduzierungs-Concepte GmbH, Estuary Oils Depot, Afton Chemical Corporation, BASF Group, Bell Performance Inc., Lubrizol Corporation,

New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heating Oil Additives Global Market Report 2023" - https://www.reportlinker.com/p06479835/?utm_source=GNW , Evonik Industries AG, Peak Oil and Gas Ltd., East Cork Oil Company Unlimited Company, Chevron Corporation, Clariant AG, Novatek, Infineum International Limited, and Hydra International Limited.The global heating oil additives market 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 heating oil additives market is expected to reach $7.53 billion in 2027 at a CAGR of 6.2%.The heating oil additives market consists of sales of corrosion inhibitors, friction modifiers, antioxidants and viscosity index improvers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.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.Asia-Pacific was the largest region in the heating oil additives market in 2022.Europe was the second-largest region in the heating oil additives market.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.The main types of heating oil additives are biocide, water controller, heating oil stabilizer, and oil gun cleaner.Biocides are heating oil additives that treat microbial growth inside the tank to control sulfate-reducing bacteria, iron-oxidizing bacteria, and others that cause corrosion and degrade products.The applications include diesel, gasoline, aviation fuel, and others that are used by industrial, residential, and commercial sectors.The growing manufacturing of automobiles is expected to propel the growth of the heating oil additives market going forward.An automobile refers to motor vehicle with a gasoline or diesel internal-combustion engine designed for operation on ordinary roads.Heating oil additives are used in automobiles to clean the engine, improve fuel efficiency and combustion efficiency, and prevent local overheating and chimney fires.As the growth of manufacturing of automobiles is increasing, it enables the growth of the heating oil additives market.For instance, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group of the automobile industry, the production of motor vehicles increased to 79.1 million in 2021, up 1.3% from 2020. Therefore, the growing manufacturing of automobiles is driving the growth of the heating oil additives market.Product innovations are a key trend gaining popularity in the heating oil additives market.Major companies operating in the heating oil additives market are focused on developing innovative solutions to sustain their position in the market.For example, in June 2020, Vestige Marketing, an India-based company that sells hygiene, health, and wellness products, launched Mach-Drive Nanoenergizer, the first of its new portfolio of automotive products.It is an engine oil additive that reduces engine drag, friction, and noise, enhancing the longevity of the engine.It is developed based on unique and revolutionary technology containing 20-nanometer platinum-coated zirconium powder emulsified in mineral oil that helps protect the engine by reducing harmful emissions by up to 70 percent and bringing down fuel consumption by up to 15 percent.In November 2020, Evonik Oil Additives GmbH, a Germany-based provider of synthetic base fluids and lubricant additives, partnered with MidContinental Chemical Company, Inc.With the partnership, MidContinental will be the distribution partner of Evonik’s VISCOPLEX viscosity index improvers, VISCOPLEX pour point depressants, and VISCOBASE base fluids in the United States and Canada regions.MidContinental Chemical Company, Inc. is a US-based manufacturer and distributor of petroleum additives.The countries covered in the heating oil additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.The heating oil additives market research report is one of a series of new reports that provides heating oil additives market statistics, including heating oil additives industry global market size, regional shares, competitors with a heating oil additives market share, detailed heating oil additives market segments, market trends and opportunities, and any further data you may need to thrive in the heating oil additives industry. This heating oil additives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06479835/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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Heating Oil Additives Global Market Report 2023