Methyl Tertiary Butyl Ether MarketGrowing Demand for Multifunctional Additives in Fuels is Driving the Growth of Methyl Tertiary Butyl Ether Market.
Methyl Tertiary Butyl Ether Market is forecast to reach $22.9 billion by 2026, after growing at a CAGR of 4.7% during 2021-2026. With rise in the consumption of gasoline or petrol, the methyl tertiary butyl ether market is witnessing an increase in demand. Growing public interest towards automotive sector will further enhance the overall market demand for methyl tertiary butyl ether during the forecast period.
Methyl Tertiary Butyl Ether Market - By End-Use Industry
Automotive sector has been the primary market for methyl tertiary butyl ether. Due to increase in the global middle-class spending and absence of effective alternatives to fossil fuels, the consumption methyl tertiary butyl ether in fuel additives has always been considerably high in automotive application in comparison to other applications. It is used to enhance engine performance, improve combustion efficiency, and to reduce emissions of air pollutants. Methyl Tertiary Butyl Ether (MTBE) is added to gasoline for a number of different reasons. It is used to raise octane levels. Motor vehicles require a minimum octane level to operate properly. MTBE has been used as a replacement for tetraethyl lead when that substance was banned as a fuel additive to increase octane levels.
Methyl Tertiary Butyl Ether Market - By Geography
APAC has dominated the methyl tertiary butyl ether market with a share of more than 35% in 2020, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the aviation and automotive industries. According to OICA, APAC automotive sales has increased over the years during 2012-2019 by 6 million, with South East Asian countries having huge potential to grow.
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Methyl Tertiary Butyl Ether Market Drivers
Growing demand for multifunctional additives in fuels
Multifunctional additives decrease the number of additives required by the fuels to perform well and maintain safety standards. Rising adoption of sustainable and environment-friendly products from end-users is expected to boost the demand for multifunctional additives. Thus, the growing demand for multifunctional additives in gasoline, diesel, and other fuels is favouring market growth of methyl tertiary butyl ether.
Implementation of Stringent Environment Regulations
Governments globally are focusing on boosting the fuel economy in accordance with standards of the Corporate Average Fuel Economy, and fuel additives help in the reduction of vehicular emission. Methyl Tertiary Butyl Ether is also a fuel additive. At present, fuel additives are required to meet the inevitably strict vehicular emission standards, as developing countries such as China, and India are updating instructions to control emissions which will further boost the adoption of fuel additives such as methyl tertiary butyl ether.
Methyl Tertiary Butyl Ether Market - By Challenges
Growing demand for battery electric vehicles
The shift towards electric vehicles in the developed and developing nations would hamper the growth of existing IC engine vehicles and also impact the methyl tertiary butyl ether market over the forecast timeframe. According to the report published by The U.S. DRIVE Grid Integration Technical Team (GITT) and Integrated Systems Analysis Technical Team (ISATT), the Electric vehicles sales in U.S.A for 2030 is estimated to total 320 thousand (2% of new vehicle sales), 2.2 million (12%), and 6.8 million (40%) in the low, medium, and high scenarios respectively. Whereas in India, Delhi government has also released a policy regarding electric vehicles (2020) in which the Delhi governments will give incentives to the electric vehicles buyer for all kind of vehicles.
Impact of COVID-19
The rapid spread of coronavirus has had a major impact on global markets as major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including manufacturing, which was hit by slowing demand in goods’ production and exports. This situation has slowdown the market for Methyl Tertiary Butyl Ether Market.
Methyl Tertiary Butyl Ether Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the methyl tertiary butyl ether market. In 2020, the market of methyl tertiary butyl ether has been consolidated by the top five players accounting for xx% of the share. Major players in the methyl tertiary butyl ether market are Emirates National Oil Company, Panjin Hayen Industrial Group, Petroliam Nasional Berhad (Petronas), Saudi Basic Industries Corporation (SABIC), Zhenhai Refining and Chemical, among others.
In January 2020, Emirates National Oil Company (ENOC) subsidiary Dragon Oil has wrapped up its acquisition of BP’s Gulf of Suez assets for USD 500 million.
Asia-Pacific dominates the methyl tertiary butyl ether market owing to increasing demand from end-use industries such as automotive, aviation and Others.
The growing popularity of new-age fuel delivery technologies, such as the gasoline direct injection (GDI) system, is likely to aid in the market growth of methyl tertiary butyl ether.
COVID-19 pandemic will create hurdles for the methyl tertiary butyl ether market, as due to the imposed lockdown the demand for oil have gone massively lower down.
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