No.2 Diesel Fuel Market Segmentation by Sulfur Content (High Sulfur Diesel Fuel, Low Sulfur Diesel Fuel, and Ultra-Low Sulfur Diesel Fuel); and by Application (Railways, Transportation, Marine Shipping, Electric Power Generation, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3702 | Published Date: Feb 07, 2023
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. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period in view of the rising demand for diesel fuel backed by 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.
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The global no.2 diesel fuel market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global no.2 diesel fuel market includes the following segments:
By Sulfur Content
By Application
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving market growth are growing awareness regarding the usage of high-performance fuels, and rising per capita spending across the world.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Utilization of biofuels in the transportation sector is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the rising demand for diesel fuel backed by significant growth of the industrial sector in the region.
Ans: The major players in the market are B.P. plc, ExxonMobil Corporation, Royal Dutch Shell plc., Chevron Corporation, Compañía Española de Petróleos (CEPSA), and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by sulfur content, application, and by region.
Ans: The transportation segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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