The global gasoline octane improvers market size is likely to grow at a promising pace owing to the escalating levels of vehicular pollution worldwide, states Fortune Business Insights™ in its report, titled “Gasoline Octane Improvers Market Size, Share & Industry Analysis, By Type (Ethanol, Ethyl Tertiary Butyl Ether (ETBE), Methyl Tertiary Butyl Ether (MTBE), Tertiary Amyl Methyl Ether (TAME), Others), By End-Use (Automobile, Aviation, Marine, Others) and Regional Forecast, 2020-2028”. Emissions from automobiles have been the leading cause for increasing air pollution around the world. Scientific evidence has also shown that unbridled air pollution is intensifying the effects of global warming and accelerating climate change. More importantly, vehicle emissions are having calamitous implications for human health. According to a study released by the International Council of Clean Transportation (ICCT), exhaust from on-road diesel vehicles is responsible for 181,000 premature deaths worldwide, with nearly 67% of these occurring in India, France, Germany, and Italy. Jointly conducted by the ICCT, the University of Colorado-Boulder, and the George Washington University, the study illustrates how vehicle emissions are contributing to the rising levels of particulate matter, ozone, and nitrogen oxides. Gasoline octane improvers are instrumental in lowering carbon emissions from vehicles as they can enhance the octane number of fuels and increase the fuel efficiency of a vehicle.
Salient Features of the Report
Unrivalled insights into the factors driving and restraining the market;
Holistic examination of the market segments;
Granular analysis of the regional dynamics shaping the market; and
In-depth evaluation of the key market players and their dominant strategies.
Sudden Drop in Demand for Automobiles amid COVID-19 to Disrupt Market Growth
The severe economic downturn triggered by the eruption of the COVID-19 pandemic has shocked the automotive industry. Compounding this is the rapid adoption of work from home facilities by several companies worldwide, which has further diminished the demand for vehicles. For example, in Europe, the demand for light vehicles shrunk by 44% year-on-year in March 2020, while in the ASEAN it declined by 40% during the same period. Projections of weakening demand and the imminent revenue losses forced large automakers across Europe to shut down their plants. Fiat Chrysler, for instance, announced in March that it was temporarily closing down all production activities at its plants in Poland, Serbia, and Italy. Similarly, PSA Group, the French carmaker, also announced closure of over a dozen of its plants scattered across Europe. The adoption of gasoline octane improvers is likely to suffer in this grim scenario as automotive companies shore up their finances and come to terms with the unprecedented economic situation created by the coronavirus.
Stringent Emission Norms to Favor the Growth of the North America Market
North America is expected to lead the gasoline octane improvers market share in the foreseeable future due to the strict implementation of emission norms by the National Highway Traffic Safety Administration of the US. These regulations are forcing automakers to install emission-reducing technologies and equipment in vehicles, thereby boosting the uptake of octane enhancers in the region.
In Asia Pacific, booming demand for passenger cars, especially in India and China, and the resultant soaring consumption of gasoline will be the main factors driving the market’s growth. Meanwhile, in Europe, the market is anticipated to derive growth from the increasing demand for gasoline octane improvers from the region’s robust marine industry.
Key Players to Adjust Production Operations to Cope with COVID-19
The gasoline octane improvers market growth is facing serious challenges as prominent market players have been forced to take extreme measures to comply with social distancing rules amid the COVID-19 pandemic. The stringent imposition of social distancing and remote working measures have substantially reduced the productivity at manufacturing facilities, causing companies to work less efficiently and incur massive losses.
March 2020: LyondellBasell Industries slowed down the construction of its propylene oxide (PO) and tertiary butyl alcohol (TBA) plant at Channelview, Texas. The slowdown announced by the company followed government guidelines to limit human contact and suspend all non-essential activities.
List of Key Players Covered in the Gasoline Octane Improvers Market Report:
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