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The increasing production of automobiles is likely to stimulate innovation in the manufacturing of heating oil additives, propelling the market over the forecast period.

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 global heating oil additives market size is expected to reach $7.53 billion in 2027 at a CAGR of 6.2%.

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Global Heating Oil Additives Market Segments Include:

• By Type: Biocide, Water Controller, Heating Oil Stabilizer, Oil Gun Cleaner
• By Application: Diesel, Gasoline, Aviation Fuel, Other Application
• By End-User: Industrial, Residential, Commercial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global heating oil additives market in 2021.

Major Market Players in the heating oil additives market include ERC Emmisions-Reduzierungs-Concepte GmbH, Estuary Oils Depot, Afton Chemical Corporation, BASF Group, Bell Performance Inc., Lubrizol Corporation, CPS Fuels Ltd., Evonik Industries AG.

Product innovations are a prominent trend in the heating oil additives market. To maintain their market position, major players in the heating oil additives market are focusing on providing innovative solutions. Vestige Marketing, an India-based company that provides cleanliness, health, and wellness products, for example, debuted Mach-Drive Nanoenergizer, the first of its new array of automotive products, in June 2020. It is an engine oil additive that minimises engine drag, friction, and noise, hence increasing engine longevity. It is based on a unique and groundbreaking technology that contains 20-nanometer platinum-coated zirconium powder emulsified in mineral oil that helps safeguard the engine by decreasing hazardous emissions by up to 70% and fuel consumption by up to 15%.

The Heating Oil Additives Global Market Report 2023  provides a heating oil additives market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The heating oil additives market forecast analyzes heating oil additives market size, heating oil additives market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Heating oil additives are substances that are used to improve the efficiency of a tank’s ignition by modifying fuel characteristics like thickness and temperature. Antioxidants in heating oil additives stabilise the oil, keeping it from deteriorating and ensuring that the fuel burns properly.

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