USD 212.40 billion
Report ID: SQMIG10C2011 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 40 | Figures: 64
Diesel Fuel Market was valued at USD 212.40 billion in 2021, and the market size is estimated to reach USD 274.83 billion by 2028, at a CAGR of 3.75% over the forecast period (2022-2028).
Diesel fuel is essential for boosting the global economy and standard of living in a variety of ways, including the transportation of consumer products around the world, the creation of electricity, and improving farm productivity. The market for diesel fuel is being driven by the rising energy demand brought on by population growth and industrial activities. Additionally, the industry is projected to have tremendous potential opportunities due to rising oil and gas exploration and production spending.
The demand for diesel fuel has increased across the regions as a result of the fast industrialization of emerging markets and the rising usage of diesel in non-transporting activities such as home and commercial heating applications. Significant demand for diesel fuel is being seen across many industries, particularly in the automotive and transportation sectors. The key elements influencing the market changes include the cost of fuel; improvements in the automotive industry's technology; governmental regulations; and regional demographics.
However, a surge in carbon emission-related worries as well as a move toward electric cars and renewable energy sources are projected to impede industry expansion. It is projected that the development of alternative fuels, particularly natural gas, and advancements in a number of electric-based technologies, including normal hybrids, plug-in hybrids, and pure electric vehicles (EVs), will change the demand for diesel. These essential components are crucial for assessing and comprehending supply dynamics and demand patterns in various economies.
US Diesel Fuel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 212.40 billion
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Global Diesel Fuel market is segmented based on end-user and region. Based on the end user, the diesel fuel market is segmented as cars, trucks, military vehicles, heavy off-road vehicles, ships, generators, others. Based on region it is categorized into North America, Europe, Asia-Pacific, and MEA.
Diesel Fuel Market Analysis by End User
Due to the higher number of automobile and truck fleets than the other end users, the worldwide diesel fuel industry is forecasted to be dominated by these vehicles. Typically, diesel fuel is used as a fuel for diesel engines. Diesel fuel is used by several cars, buses, and trucks. Diesel fuel sales are projected to increase in the upcoming years due to the expansion of the on-road fleet of vehicles, including cars, buses, and trucks. Other diesel fuel substitutes, such as gasoline, are also used in automobiles, but diesel fuel is more cost-effective than gasoline.
As a result, the market for diesel fuel is anticipated to expand gradually in the foreseeable future. Sales of diesel generators are predicted to increase due to an increase in the use of electricity and the lack of an adequate power grid structure in a number of developing nations, including Brazil, South Africa, and other nations. This is expected to positively affect the development of the diesel fuel market in the near future.
Governments from several nations are concentrating on increasing the use of electric vehicles due to worries about carbon emissions. As a result, the sales of electric vehicles are expanding gradually. Over the projected period, it is anticipated that the market growth for diesel fuel would be hampered by the development of electric car sales.
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Compared to other regions, the North American continent accounts for a large portion of military spending. The U.S. army's growing vehicle capability is the key factor driving the number of military vehicles in the region. New sales of other cars in the region have also been increasing steadily. As a result, the North American area is expected to witness a strong expansion in the diesel fuel market. The manufacturing industry in Europe is well-established and expanding, and it is supported by the chemical, steel, and other industries. The expansion of the region's manufacturing sector has increased exports, which has contributed to the transportation sector's brisk expansion.
The Asia-Pacific region is probably going to be a very promising region for the growth of the worldwide diesel fuel market during the projection period. This might be linked to the region's rising automobile traffic, particularly that of commercial vehicles, as well as the growing demand for decentralised rural electrification initiatives. Furthermore, China is a major exporter of a number of items and is predicted to experience a rapid increase in its exports. As a result, over the course of the projected year, diesel fuel sales in the Asia-Pacific region are anticipated to stay strong.
In terms of demand volume and pace of increase, Europe and North America are anticipated to remain high-value regions for the global diesel fuel market. However, it's expected that their transportation industry will experience a greater level of fuel penetration, including LPG, LNG, and CNG.
The on-road vehicle fleet in Latin America has experienced moderate growth, which is projected to drive demand for diesel fuel as a vehicle fuel in the region. The importation of various items is extremely important to the Middle East and Africa region. Importing goods to the area is inexpensive when done by water. The region's increased import of commodities is predicted to expand its ship fleet, which is predicted to feed the need for diesel fuel. The market for diesel fuel in the Asia-Pacific area is anticipated to grow strongly, mostly as a result of rising new vehicle sales and an expanding fleet of heavy trucks in the region.
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Diesel Fuel Market Opportunity
For large or industrial electrical users, diesel generator sets are the ideal decentralised backup generation option. Over the ensuing years, they are projected to become the primary area of opportunity in the market for diesel fuel. Diesel generators are also used to provide sporadic power to rural homes where it is not practical to draw new grid connections or generate renewable energy. Diesel also has a wide range of domestic uses, including space heating. In order to regularly supply their domestic energy needs, several European nations rely heavily on diesel fuel. Sales of diesel generators are expected to rise due to an increase in the use of electricity and the lack of an adequate power grid structure in a number of developing nations, including Brazil, South Africa, and other nations. This is expected to positively affect the development of the diesel fuel market in the near future.
Diesel fuel has a number of benefits, including improved fuel economy, increased torque, cheaper maintenance requirements, and low taxes. Thus, the many advantages of diesel fuel contribute to the expansion of the global market. Diesel-fueled vehicles deteriorate more slowly. Additionally, diesel fuel saves money because it doesn't require burning coal. Additionally, this fuel is perfect for usage and releases less carbon monoxide into the atmosphere, which will help the industry expand.
Diesel Fuel Market Restraint
The greater price of diesel fuel compared to gasoline and the variable price trends of fuel in general continue to be major factors limiting the global market for diesel fuel. Diesel is an imported item and is used in many nations, which accounts for the greater price. The price of diesel fuel is further increased by ultra-low sulphur diesel (ULSD) requirements. Additionally, diesel is subject to greater taxation than gasoline. There are three categories of end consumers for diesel fuel: transportation; home and commercial; and power generation.
The demand growth for petrol and diesel is going to be severely impacted due to the push towards Compressed Natural Gas (CNG), ethanol blending, and electric vehicles. It is predicted that the growing use of electric vehicles will cause the demand for fossil fuels to decline, disrupting the market for such fuels. The electric vehicle revolution also has the potential to increase demand for natural gas as a fuel for plug-in vehicles. Government regulations and EV incentive programmes have a significant impact on the outcomes for both gas and oil. The current shift toward electric vehicles is a result of both automakers' efforts to meet emissions rules and improvements made to the vehicles themselves by technology. Fuel efficiency regulations will play an equivalent role in reducing demand for oil.
Governments all across the world have imposed "Clean Air Zones" that restrict the use of diesel automobiles. The market for diesel fuel may suffer from rising use of alternative fuels like those powered by compressed natural gas (CNG) and liquefied natural gas (LNG).
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The diesel fuel market is highly fragmented. Some of the major players in the market include Chevron Corporation, Exxon Mobil Corporation, PetroChina Company Limited, Qatar Petroleum, and Royal Dutch Shell Plc. To increase their geographic reach, well-established vendors are implementing expansion tactics like partnerships and mergers. The adoption of alternative fuel vehicles will pose a barrier to the market participants' ability to grow, despite the fact that rising oil and gas E&P investments will present tremendous business potential. Market vendors should preserve their positions in the slow-growing segments while concentrating more on the growth prospects in the fast-growing segments to take advantage of the opportunities.
Diesel Fuel Market Top Players Company Profiles
Diesel Fuel Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the various benefits of diesel fuel, including better fuel economy, more performance, less expensive maintenance needs, and reduced taxes, all help to expand the global market. Vehicles powered by diesel age more slowly. Diesel fuel also saves money because it doesn't require coal burning. The industry will develop because this fuel is also ideal for use and emits less carbon monoxide into the atmosphere.
|Market size value in 2021||USD 212.40 billion|
|Market size value in 2028||USD 274.83 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Diesel Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diesel Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Diesel Fuel Market:
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Product ID: SQMIG10C2011