Pune, India, March 08, 2023 (GLOBE NEWSWIRE) --
The global diesel fuel market is expected to gain impetus from the growth of on-road fleet of trucks, buses, and cars. This information is published in an upcoming report by Fortune Business Insights, titled, “Diesel Fuel Market Size, Share and Global Trend By End-Use (Cars, Trucks, Military Vehicles, Heavy Off-Road Vehicles, Ships, Generators, Others) and Geography Forecast till 2026.” The report further states that the absence of power grid structure and increasing usage of electricity in various developing countries would propel the sales of diesel generators. It would, in turn, impact the diesel fuel market growth during the forecast period.
Market Drivers & Restraints:
The diesel fuel market is influenced by several factors that impact its growth and development. One of the key drivers of the diesel fuel market is the increasing demand for diesel fuel, particularly in developing countries due to population growth and rising industrialization. The transportation industry is the largest consumer of diesel fuel, and its growth has a significant impact on the diesel fuel market. The development of infrastructure such as roads, bridges, airports, and railways also drives the demand for diesel fuel. Additionally, government policies such as subsidies, tax incentives, and regulations on emissions can also influence the demand for diesel fuel.
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On the other hand, there are also several restraints to the diesel fuel market, including environmental concerns. The use of diesel fuel is associated with air pollution and greenhouse gas emissions, leading to increasing pressure to reduce its usage. Fluctuating prices of diesel fuel due to geopolitical tensions, supply disruptions, and changes in demand can also impact the market. Moreover, the increasing popularity of alternative fuels such as electric vehicles and natural gas can pose competition to the diesel fuel market. Technological advancements in engines and fuel efficiency can also reduce the demand for diesel fuel. Lastly, changes in regulations on emissions and fuel standards can impact the demand for diesel fuel, as stricter regulations can make it less attractive to consumers.
Reliance & Indian Government Focus on Joint Ventures & Scraping Old Laws to Expand Market
The market is highly fragmented with the presence of several small, medium, and large scale enterprises. These also include government agencies of numerous countries. They are aiming to increase the diesel fuel market share by joining hands with other companies or reforming the aging rules and regulations. Below are two of the most recent developments that have taken place in the industry:
COVID-19 Impact
Amid the COVID-19 pandemic, the power generation and supply for a particular day are planned on the basis of the demand. The lockdown has taken a huge toll on the demand for electricity from the commercial and industrial sectors. But, the availability of fuel and plant operations was not affected as these are classified as essential services by regulatory bodies. Our research reports will help you pave the way toward success by providing in-depth analysis of the overall industry.
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Regional Insights
Increasing Vehicle Capacity in the U.S. Army to Favor Growth in North America
The diesel fuel market is geographically segregated into North America, the Middle East and Africa, Europe, Latin America, and Asia Pacific. Amongst these regions, North America at present, holds maximum share in the military expenditure. It is mainly propelled by a rise in the vehicle capacity in the U.S. army. Also, sale of other vehicles is rising rapidly in this region. It would boost the diesel fuel market share of this region during the forthcoming years.
Europe, on the other hand, houses a growing and well-established manufacturing sector that is driven by steel, chemical, and other similar industries. It is increasing the rate of exports which, in turn, is leading to a steady growth of the transport sector. This would contribute to the market growth in this region. Asia Pacific would exhibit a notable growth in the upcoming years owing to a rise in the fleet of heavy vehicles as well as increasing sales of new vehicles. China is considered to be one of the largest exporters of various goods and it will also contribute to growth.
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Segmentation of Report:
Cars and trucks are the primary end-users of diesel fuel, accounting for a significant share of the market. Diesel fuel is preferred for these vehicles due to its high energy density, which leads to better fuel efficiency and lower emissions compared to gasoline. In addition, diesel engines are known for their durability and reliability, making them a popular choice for transportation.
Military vehicles also use diesel fuel due to its high energy density and reliability. Military vehicles operate in harsh conditions and require a fuel that can withstand extreme temperatures and conditions. Diesel fuel also provides better fuel efficiency, which is critical in military operations.
Heavy off-road vehicles, such as construction and mining equipment, also use diesel fuel due to its high torque and better fuel efficiency. These vehicles require a fuel that can provide high power output and can withstand heavy loads and rugged terrain.
Ships use diesel fuel as their primary fuel source, particularly in the shipping industry. Diesel fuel provides a high energy density, making it a cost-effective and efficient fuel source for ships. Diesel engines are also known for their reliability, which is essential in the shipping industry.
Generators are another end-user of diesel fuel. Diesel generators are commonly used in areas with unreliable power grids or in emergency situations. Diesel fuel provides a stable and reliable source of power, making it a popular choice for generators.
Other end-users of diesel fuel include agricultural equipment, buses, and trains. The use of diesel fuel in these industries is driven by its high energy density and reliability. However, the increasing popularity of alternative fuels in these industries may impact the demand for diesel fuel in the future.
Industry Development
The Government of India is planning to upgrade the fuel market to enable foreign supermarket chains and energy mammoths, namely, Trafigura, Total, and Saudi Aramco to enter the profitable business. The oil ministry is creating a Cabinet proposal to eliminate the age-old law of curbing the license to market jet fuel, diesel, and petrol to organizations that have proposed to invest or have invested INR 2,000 crore in pipelines, terminals, refining, or exploration and production activities. From the period of 2018-2019, the demand for jet fuel, diesel, and petrol has grown by 9%, 3%, and 8%, respectively in India.
Reliance Industries Limited (RIL), a multinational conglomerate company headquartered in Mumbai, announced that it will soon enter into a joint venture with BP plc, a renowned oil and gas company based in London. The main aim of the collaboration is to supply aviation fuel and run retail fuel stations. Reliance is expected to hold around 51% and BP will acquire the rest in the venture. The latter would take over RIL’s pre-existing retail network of over 1,400 fuel outlets.
Fortune Business Insights lists out some of the reputable organizations operating in the diesel fuel market. They are as follows:
- JSC Mozyer Oil Refinery
- Chevron
- Pertamina and Mangalore Refinery and Petrochemicals Limited
- BP
- Reliance
- Conoco Phillips
- ExxonMobil
- Eni
- Husky Energy
- Viru Keemia Grupp AS
- Saudi Aramco
- McDermott International Inc.
- Neste
- LUKOIL
- Shell
- Other key market players
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers 2030
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter Five Forces Analysis 2030
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Ocean Thermal Energy Conversion Plant Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Competitive Analysis
- Company Market Share Analysis, 2030
- Company Profile
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- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
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