COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Specialty Fuel Additives market worldwide will grow by a projected US$3.7 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 5.7%. Deposit Control Additives, one of the segments analyzed and sized in this study, is forecast to grow at over 6.5% and reach a market size of US$5.4 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Deposit Control Additives market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 6.8% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$168.6 Million to the region's size over the next 7 to 8 years. In addition, over US$168.5 Million worth of projected demand in the region will come from Rest of European markets. In Japan, the Deposit Control Additives segment will reach a market size of US$410.2 Million by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Specialty Fuel Additives market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 6% over the next couple of years and add approximately US$625.4 Million in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Specialty Fuel Additives market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, Albemarle Corporation; Baker Hughes, Inc.; Chemtura Corporation; Chevron Oronite Company LLC; Clariant AG; Dorf-Ketal Chemicals India Pvt., Ltd.; DowDuPont, Inc.; EURENCO; Evonik Industries AG; Lubrizol Advanced Materials, Inc.; Nalco Champion; TOTAL Additives and Special Fuels