A three-pronged approach was followed for deducing the specialty fuel additives market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for specialty fuel additives market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of specialty fuel additives market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The specialty fuel additives market was categorized into three segments, namely product (Deposit Control, Cetane Improvers, Antioxidants, Lubricity Improvers, Cold Flow Improvers, Corrosion Inhibitors), application (Gasoline, Diesel, Aviation Turbine Fuel), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The specialty fuel additives market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The specialty fuel additives market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; Germany; the UK.; France; China; India; Japan; Brazil; Saudi Arabia.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The specialty fuel additives market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
NewMarket Corporation is a global manufacturer of petroleum additives. The company is focused on manufacturing, developing, marketing, and blending of oil, lubricants, and fuel additives through its subsidiaries namely, Ethyl Corporation, Afton Chemical Corporation, NewMarket Development Corporation, and NewMarket Service Corporation. Afton Chemical is engaged in manufacturing fuel additives, engine oils, industrial lubricants, gasoline distillate fuels, and driveline fluids. These products have a wide range of application in fleets, cargos, pipelines, mining, automotive, construction, and refineries. NewMarket has blending and manufacturing facilities in Latin America, North America, and Europe.
Innospec, Inc. is a manufacturer of specialty chemicals and operates through three business segments, which include fuel specialties, performance chemicals, and oilfield services. The company operates through its production facilities located in over 20 different countries including the UK, the U.S., Germany, France, and the Philippines. It offers a wide range of specialty fuel additives under the fuel specialties segment. Its product portfolio includes refinery specialties, renewable fuel specialties, power fuel specialties, performance fuel specialties.
BASF is a German company engaged in the production of chemicals. The company has an operational presence in over 80 countries through its subsidiaries and joint ventures. It has over 340 production sites spread across the globe. It operates through five business segments including chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. It operates in various business segments through 13 business divisions and 84 SBUs. The functional materials & solutions product segment includes performance materials division, which is responsible for the production of polyurethanes, thermoplastics, and foams.
Infineum is a private company operating as a joint venture of Shell Chemicals UK Ltd. and ExxonMobil Chemical Company. The company is a formulator, manufacturer, and marketer of petroleum additives for lubricants and fuels. It had divided its products along five distinct segments, namely, driveline additives, engine oil additives, fuel additives, industrial products, and marine additives. It offers engine oil additives such as passenger car and heavy-duty diesel engine oil additives, viscosity modifiers, marine and railroad engine oil additives, small engine and gas engine oil additives, and additive components. In addition, the company also offers fuel additives such as pipeline, refinery, and terminal additives. It caters biodiesel additives, fuel borne catalysts, and fuel performance additives to various end-use industries. The company offers additive solutions for compressor fluids, metalworking fluids, and tackifiers. It has production facilities across the globe with sales representatives in over 70 countries and a global supply chain.
Albemarle is a specialty chemicals company having a global presence and catering to customers in over 100 countries. The company operates through refining solutions, lithium and advance materials, bromine specialties, fine chemistry services, and MSDS business units. The company offers fuel additives under its refining solutions. It is a manufacturer of performance chemicals and catalyst solutions that are utilized in various other industries such as pharmaceutical, agriculture, electronics goods, refineries, automotive, paper, and photography. The company’s product portfolio includes clean fuel additives, heavy oil, lithium, and specialty chemicals.
Baker Hughes is an oil field service company having operations in over 80 countries across the world. The company offers its expertise to find, drill, process, and transport hydrocarbon resources. It also manufactures specialty chemicals and downstream chemicals. Its fuel additives mainly include heavy fuel oil combustion additives, cold-flow additives, fuel lubricity improvers, SULFIX H2S scavengers, cetane improvers, fuel biocides, antioxidants, conductivity improvers, and rust inhibitors. The company’s geographical presence includes North and South America, North Sea, Europe/Russia Caspian, Saudi Arabia, Middle East, Asia Pacific, Africa, and Latin America.
Lanxess AG is a specialty chemicals manufacturer operational in 29 countries. It has 54 production sites across the globe and is engaged in development, manufacturing, and marketing of chemical intermediates, fine specialty chemicals, and plastics. The company’s business is divided into various segments including advanced intermediates, specialty additives, performance chemicals, engineering materials, and ARLANXEO. Its specialty additives segment is involved in the manufacturing of specialty fuel additives for various industrial applications such as power generation, metalworking, and aerospace. The company also offers e-business solutions to increase efficiency in customer reach & accessibility, vendor purchase management, and inventory management.
The Dow Chemical Company is a producer of plastics, agriculture products, advanced materials, and chemicals. The company provides a wide range of products and solutions to its customers in over 175 countries. The company offers its services to infrastructure, transportation, consumer care, packaging, electronics, agriculture, and various other sectors. As of 2016, it manufactured over 7,000 product categories at 189 sites across 39 countries. Dow operates through its five business segments, which include agricultural sciences, infrastructure solutions, consumer solutions, performance materials & chemicals, and performance plastics. It provides foams to automotive sector under the consumer solutions segment.
Chevron Oronite is a manufacturer of fuel and lubricant additives and chemicals serving the consumers in transportation and industrial equipment sectors. It operates through seven production facilities, one each located in the U.S., France, Singapore, Brazil, Mexico, Japan, and India. Its product portfolio includes fuel additives for all types of diesel, natural gas, and gasoline engines. It also offers additives for hydraulic fluids, gear oils, components, and other specialty chemicals. The company has a presence in various regions including North and South America, Europe, Middle East, Africa, and Asia Pacific.
Total S.A. is a French multinational oil & gas company. It is also involved in manufacturing chemicals and solar energy. The company mainly serves refiners, fuel distributors, car manufacturers, and the motor sports industry. Its products are categorized into racing range, motor industry, oilfield production additives, refining additives, and performance additives. The company’s performance additives segment is further classified into TOTAL EXCELLIUM concentrate diesel, gasoline additives, diesel additives, domestic fuel-oil additives, non-road diesel, and after-market.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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