No.2 Diesel Fuel Market size is anticipated to witness lucrative growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to the growing awareness regarding the usage of high-performance fuels, and rising per capita spending across the world. Along with these, increasing population of automobiles on the roads globally, and substantial progress of transportation industry, specifically in developed and developing regions are also expected to boost the market growth in the upcoming years. According to the International Organization of Motor Vehicle Manufacturers, about 91.786 million automobiles were produced in the year 2019, out of which around 67.149 million units were cars and 24.637 million units were commercial vehicles. Furthermore, escalating demand for portable power engines, and surge in utilization of fuel additives for enhancing fuel performance are projected to offer profitable opportunities for market growth in the near future.
Growth Drivers
Challenges
The market is segmented by application into railways, transportation, marine shipping, electric power generation, and others, out of which, the transportation segment is anticipated to hold the largest share in the global no.2 diesel fuel market. This can be accounted to the rapidly increasing urbanization and industrialization, and increase in government investments to improve transportation facilities. Additionally, on the basis of sulfur content, the ultra-low sulfur diesel fuel segment is predicted to witness noteworthy growth during the forecast period, which can be credited to the deployment of stringent government regulations to lower the amount of sulfur in diesel fuel, and growing awareness regarding environmental pollution among consumers across the globe.
Our in-depth analysis of the global no.2 diesel fuel market includes the following segments:
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By Sulfur Content |
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By Application |
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APAC Market Statistics
On the basis of geographical analysis, the global no.2 diesel fuel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is poised to hold largest revenue share by 2036, ascribed to significant growth of the industrial sector in the region. In addition, increasing infrastructural developments, and rapid rate of urbanization are also predicted to propel APAC’s market growth in the coming years. As per the United Nations Economic and Social Commissions for Asia and the Pacific, it is calculated that urbanization rate in the entire region will reach 50 percent by the end of 2026. Moreover, the market in Europe is evaluated to occupy the largest share during the forecast period ascribing to stringent regulatory framework associated with fuel characteristics, and new refining projects in the region.
October 2021- Jio-bp, the fuel retailing venture between Reliance Industries Ltd and BP Plc, announced that it will sell additive fuels at no extra cost at its mobility stations.
August 2021- ExxonMobil declared that it plans to produce renewable diesel for reducing transportation emissions in Canada. The project will also include carbon capture and storage to meet low-carbon fuel standards.
Author Credits: Dhruv Bhatia
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