The global no.2 diesel fuel market is estimated to garner a large amount of revenue and grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. 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.
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.
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.
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.
The global no.2 diesel fuel market is further classified on the basis of region as follows:
Our in-depth analysis of the global no.2 diesel fuel market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing awareness regarding the usage of high-performance fuels, and rising per capita spending across the world.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Utilization of biofuels in the transportation sector is estimated to hamper the market growth.
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.
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.
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.
The market is segmented by sulfur content, application, and by region.
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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