Dubai, UAE, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Diesel Market size is anticipated to reach USD 243.99 billion by 2030 from USD 178.01 billion in 2022, exhibiting around 4.02% CAGR through the forecast period of 2023-2030. The diesel engine is more efficient and emits fewer greenhouse gasses compared to gasoline engines. Due to its recent price stability, diesel has become a preferable fuel choice for motorists aiming to reduce fuel expenses, which is boosting market growth.
Diesel engines, which are renowned for their tremendous power production, are perfect for heavy-duty operations such as operating trucks and construction equipment. Additionally, in several non-American nations, diesel is considered a more cost-effective option as it is exempt from federal excise taxes. It serves as a budget-friendly option for people looking to reduce fuel costs.
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Competitive Landscape
Leading companies in the global diesel market are estimated to focus on collaborations as their key strategy to expand their global reach. For instance, Reliance Industries Limited and BP Plc inked a deal in August 2019 to sell petrol, diesel, and other retail fuels. According to reports, Reliance Industries Limited holds a 51% stake in the joint venture, leaving BP with a 49% stake.
Key Players Operating in Global Diesel Market are:
- Chevron Corporation
- BP plc.
- ConocoPhillips Company
- Cenovus Energy Inc.
- Saudi Arabian Oil Co.
- Exxon Mobil Corporation
- Neste
- Shell plc
- LUKOIL
- Eni S.p.A.
- McDermott.
- PT Pertamina(Persero)
- Mangalore Refinery & Petrochemicals Ltd
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Market Segmentation:
By Application
- Marine
- Railway
- Automotive
- Others
Rising International Trade Between Developing Nations to Fuel Demand in Marine Sector
On the basis of application, the marine segment accounted for the largest share of the global diesel market and is expected to continue to lead the market through the estimated period. The segment’s growth is primarily attributable to the increasing international trade between various developing countries. Furthermore, surging demand for economically viable, reliable, fuel-efficient, and highly durable products is propelling segmental expansion.
Additionally, the growing focus on system development within the shipping sector, along with a considerable shift towards diesel engines, is expected to bolster segment expansion during the forecast period.
By Type
- 1 Diesel Fuel
- 2 Diesel Fuel
Increasing Global Environmental Pollution to Fuel Demand for 2 Diesel Fuels
In terms of type, the 2 diesel fuel segment is expected to dominate the global diesel market in the upcoming years. The increasing global environmental pollution is driving the adoption of low-sulfur diesel fuels, which is anticipated to support the segment’s growth. Moreover, the demand for 2 diesel fuel in the Asia Pacific is expected to rise as a result of the surging sales in the automotive sector and the growing use of crude oil and refined products in developing nations such as India and China.
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Enhanced Fuel Efficiency Across Industries Spurs Market Growth
The maritime, construction, healthcare, mining, telecommunications, forestry, and agricultural industries are just a few of the global sectors that use diesel engines widely due to their superior operational performance. They are also becoming more popular in heavy-duty and commercial vehicles due to their higher fuel efficiency when compared to gasoline engines. This plays a pivotal role in driving market expansion and the overall prosperity of the automotive industry. Furthermore, modern diesel engines boast lower maintenance costs and reduced noise levels, addressing concerns that were prevalent in earlier generations.
Surging Carbon Emissions and Noisy Fuel Engines to Restrain Market Expansion
The increase in noise pollution attributes globally is likely to hamper the expansion of the fuel industry. Diesel engines, being heavier and having a more intricate viscosity compared to petrol engines, result in coarser and less stable diesel fuel. Consequently, these factors are expected to impede the growth of the diesel fuel market.
Consumer preferences are shifting towards renewable energy sources and electric automobiles due to growing environmental concerns, especially carbon monoxide emissions. The industry's expansion is predicted to be hampered by the rising demand for alternative fuel sources.
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North America to Lead the Market, Fueled by High Military Spending
North America is the largest market for diesel and is anticipated to maintain its dominant position in the years to come. This is partly due to the significant military expenditure in the region, particularly by the U.S. Army. The expansion of the U.S. Army's vehicle capacity is a major driver for the increasing number of military vehicles in the region. This is projected to spur the demand for diesel fuel in North America, especially given the region's steadily rising sales of other vehicles.
For instance, the Northeastern region of North America has experienced a 33% surge in diesel prices for November 2022 deliveries, leading to increased demand. Consequently, there have been calls for the federal government to bolster the diesel supply.
Part II: Biodiesel Market
As per the latest report published by Extrapolate, the Global Biodiesel Market size is estimated to reach USD 87.36 billion by 2032 from USD 36.18 billion in 2022, recording a healthy CAGR of 9.22% over 2023-2032. The market growth is likely to be driven by government initiatives and tax breaks intended to promote the use of biodiesel. Technological advancements aimed at enhancing performance characteristics are set to contribute to the industry’s expansion.
A clean-burning substitute for diesel, biodiesel is manufactured from a range of agricultural feedstock, recycled cooking oil, and animal fats. It is compatible with diesel engines without requiring any modifications. Market expansion is anticipated to be fueled by the rising demand for biodiesel to replace traditional fossil fuels in power generation and automotive applications.
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Competitive Landscape
Prominent players operating in the global biodiesel market are concentrating on investments with the aim of expanding their business. For instance, ExxonMobil signed an agreement in January 2022 to acquire 49.9% of Biojet AS, a start-up firm in the Norwegian biofuels sector that seeks to produce low-emissions ethanol and biofuel components using waste from wood-based building construction and forestry.
Leading companies in the global biodiesel market include:
- Ag Processing Inc
- Wilmar International Ltd
- RB FUELS
- FutureFuel Corporation
- Cargill
- Manuelita
- Ecodiesel Colombia S.A.
- ADM
- Munzer Bioindustrie GmbH
- Neste
Key Industry Insights:
- On the basis of feedstock, the palm segment is expected to generate the highest revenue
- Based on application, the fuel segment is likely to lead the market in the upcoming years
- In terms of region, Europe is projected to be the largest market
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Market Segmentation
By Feedstock
- Soybean
- Rapeseed
- Palm
- Poultry
- Tallow
- White Grease
- Others
Extensive Use of Palm Oil for Biodiesel Production to Spur Demand
On the basis of feedstock, the palm segment is anticipated to generate the highest share of the global biodiesel market in the upcoming years owing to its growing use in several major regions. Countries such as Thailand, Indonesia, France, Germany, and Colombia use palm oil extensively as a feedstock for biodiesel production. Thailand and Indonesia, being significant palm oil producers responsible for over 80% of the total output, allocate a considerable share for biofuel production. Conversely, Europe depends on importing feedstock from these Asian nations, which is fostering the segment outlook.
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By Application
- Power Generator
- Fuel
- Others
Rising Global Demand for Fuel to Augment Biodiesel Market Revenue
Based on application, the fuel segment is projected to lead the global biodiesel market through the projection period, driven by its role as a substitute for crude oil in commercial vehicles. The demand for biodiesel, which emits fewer Volatile Organic Compounds (VOCs) compared to traditional fuels such as diesel, is set to rise. Given its biodegradable nature, lack of sulfur and aromatics, and non-toxic properties, biodiesel finds wide-ranging applications in the maritime sector, and its growth is projected to maintain a rapid CAGR in the near future.
Shift Towards Biodegradable Biofuels to Drive Market Growth
An eco-friendly and sustainable fuel alternative called biodiesel is essential in reducing climate change concerns. It's a viable alternative as it significantly lowers air pollution and greenhouse gas emissions. Comparing biodiesel to traditional fossil fuels, carbon-based pollutants can be reduced by up to 50%. The shift to renewable and biodegradable biofuels as a substitute for fossil fuels, which are known for having significant greenhouse gas emissions, is a major factor driving product demand in developing countries.
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High Feedstock Costs for Biodiesel Production to Pose a Challenge
The demand for biodiesel and eco-friendly fuels is spurred by the agricultural commodities market, a pivotal sector in the transportation industry. Common biodiesel raw materials include vegetable oils including soybean, canola, and palm oils. However, these materials account for between 80 and 85 percent of the cost of producing biodiesel, which is a significant challenge. The fluctuation in feedstock prices poses a significant risk to biodiesel producers, as it jeopardizes their financial sustainability. Rising feedstock prices lead to higher biodiesel costs, ultimately impacting profitability.
Europe to Dominate Market Due to Government Initiatives to Promote Use of Bio-based Sources
Europe has been the largest biodiesel market and is projected to maintain its leading position through the forthcoming period. This growth is mainly attributed to the region's early recognition of biodiesel benefits and government initiatives to promote the shift from carbon-emitting to bio-based sources. A key factor impelling biodiesel demand in Europe is Germany, the leading raw material producer among European nations.
Furthermore, the region is poised to observe sizable growth as a result of the anticipated rise in consumption driven by the affordability of raw materials. Moreover, surging environmental concerns and the demand for sustainable energy alternatives are estimated to further support regional market growth.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Increasing Demand for Eco-Friendly and GHG (Green House Gas) Reduction is a New Trend in the Market
3.3. Market drivers
3.3.1. Low Emission Then Other Product is Propelling the Market
3.4. Market restraints
3.4.1. Low Filtration in Colder Areas is Restraining the Market Growth
3.5. Market opportunities
3.5.1. High Cost of Feedstock to Produce Biodiesel is a Challenge for the Market
3.6. Market Challenges
3.6.1. High Cost of Feedstock to Produce Biodiesel is a Challenge for the Market
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Biodiesel Market
Chapter 5. Global Biodiesel Market Overview, By Feedstock, 2018 - 2032 (USD Million)
Chapter 6. Global Biodiesel Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Biodiesel Market Overview, By Geography, 2018 - 2032 (USD Million)
...
Chapter 13. Competitive Landscape
13.1. Competitive environment
13.2. Strategic framework
13.2.1. Partnership/agreement
13.2.2. Expansion
13.2.3. Mergers & Acquisitions
13.2.4. Recent development
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Biodiesel Market Industrial Chain Analysis
15.2. Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List
Chapter 17. Market Effect Factors Analysis
17.1. Product Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Product Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change
Chapter 18. Future Outlook of the Market
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