Heating Oil Additives Global Market Report 2024

The heating oil additives market has grown strongly in recent years. It will grow from $5.93 billion in 2023 to $6.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The expansion observed in the historical period can be attributed to factors such as an aging housing stock, evolving lifestyle preferences, a rise in home equity, economic stability and growth, growing concerns about energy efficiency, and the cyclical nature of homeownership.

The heating oil additives market is expected to see strong growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to factors such as the adaptation to remote work, the adoption of sustainable and green building practices, modifications to living spaces, shortages of affordable housing, and an increase in multigenerational living. Key trends expected in the forecast period encompass eco-friendly remodeling, integration of smart home technologies, upgrades to kitchens and bathrooms, modifications for aging-in-place, innovations in materials and technology, as well as a focus on customization and personalization.

The heating oil additives market is expected to experience growth due to the increasing manufacturing of automobiles. Automobiles, defined as motor vehicles with internal-combustion engines designed for operation on ordinary roads, utilize heating oil additives to enhance engine cleanliness, fuel efficiency, combustion efficiency, and prevent local overheating and chimney fires. The rising manufacturing of automobiles contributes to the expansion of the heating oil additives market. In July, total vehicle production in the United States increased to 11.77 million units, up from 10.91 million units in June, as reported by the Board of Governors of the Federal Reserve System. Therefore, the growing automotive manufacturing sector is a significant driver for the heating oil additives market.

The growth in the aviation sector is anticipated to propel the heating oil additives market forward. The aviation sector, encompassing activities related to the design, development, production, operation, and maintenance of aircraft and spacecraft, utilizes heating oil additives to enhance the performance and reliability of aircraft fuels, particularly in cold climates. According to the International Air Transport Association (IATA), airline industry net profits are expected to reach $9.8 billion in 2023, more than double the previous forecast of $4.7 billion. Thus, the expansion of the aviation sector is a key factor driving the heating oil additives market.

A prominent trend in the heating oil additives market is product innovations. Major companies within the market focus on developing innovative solutions to maintain their competitive position. For instance, Bolloré Energy S.A., a France-based petroleum products producer, introduced Calorza, a biofuel blend consisting of 30% fatty acid methyl esters (FAME) derived from vegetable oil. This innovation reflects Bolloré Energy's commitment to providing sustainable alternatives to traditional heating oils and addressing environmental concerns. The company collaborates with the FF3C to reduce reliance on fossil fuels in domestic heating oil.

Companies in the heating oil additives market also emphasize product innovations, such as single-oil solutions for MAN B&W two-stroke marine engines. In May 2022, Infineum International Limited launched the Infineum M8040 heating oil additive package, a single oil solution designed for MAN B&W two-stroke engines running on low sulfur fuels (< 0.5% S). This additive package meets the new category II lubricant standards set by MAN ES, providing superior piston cleanliness.

In June 2023, Macfarlane Energy, Inc., a U.S.-based heating oil products and services provider, successfully acquired the full-service heating fuels business assets from Horan Oil Corp. This strategic acquisition enabled Macfarlane's expansion of its customer base and services, including the introduction of innovative fuel additives. Concurrently, Macfarlane Energy pursued facility enhancements and modernization. Horan Oil Corp. is a U.S.-based heating oil and additive producer.

Major companies operating in the heating oil additives market report are ERC Emmisions-Reduzierungs-Concepte GmbH, Estuary Oils, Afton Chemical Corporation, BASF Group, Bell Performance Inc., Lubrizol Corporation, CPS Fuels Ltd., Evonik Industries AG, Peak Oil and Gas Ltd., East Cork Oil Company Unlimited Company, Chevron Corporation, Clariant AG, Novatek, Infineum International Limited, Hydra International Limited, VALE OILS LTD., Huntsman Corporation, INEOS Group AG, Baker Hughes Company, Chemtura Corporation, Croda International plc, Dorf Ketal Chemicals India Private Limited, Ecolab Inc., Fuel Additive Science Technologies Limited, GE Water & Process Technologies, Innospec Fuel Specialties LLC, Johnson Matthey plc, Kao Corporation, Lanxess AG, NewMarket Corporation, ExxonMobil Chemical Company, CITGO Petroleum Corporation, PQ Corporation, Rheochemie GmbH.

Asia-Pacific was the largest region in the heating oil additives market in 2023. Europe was the second-largest region in the global heating oil additives market during the forecast period. The regions covered in the heating oil additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heating oil additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of heating oil additives include biocide, water controller, heating oil stabilizer, and oil gun cleaner. Biocides are additives specifically designed to address microbial growth inside the tank, controlling organisms such as sulfate-reducing bacteria and iron-oxidizing bacteria, which can lead to corrosion and product degradation. These additives find applications in various fuels, including diesel, gasoline, aviation fuel, and others, catering to industrial, residential, and commercial sectors.

The heating oil additives market research report 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.

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.

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 resales along the supply chain, either further along the supply chain or as part of other products.


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