(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global diesel fuel market size 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.
Key Industry Developments
August 2019: 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.
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Drivers & Restraints –
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
The COVID-19 pandemic initially caused a sharp decline in diesel fuel demand due to lockdowns and reduced transportation and industrial activity. However, as economies reopened, demand partially recovered. Supply chain disruptions and fluctuating prices also affected the market, while discussions about long-term shifts towards cleaner energy sources gained prominence.
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The competitive landscape of the diesel fuel market is characterized by major players such as ExxonMobil, Royal Dutch Shell, and BP. These industry giants dominate production, distribution, and retail segments. However, increasing environmental concerns and a shift towards alternative fuels have encouraged competition from renewable diesel and biodiesel producers.
| By End-Use
| · Cars
· Military Vehicles
· Heavy Off-Road Vehicles
| By Geography
| · North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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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.
The Middle East and Africa are completely dependent upon the imports of numerous goods. It will fuel the market growth in this region. Water transport is the most convenient and economical mode of transportation here.
List of the Key Players Profiled in the Global Market
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
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Table of Content:
Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics
Market Drivers Market Restraints Market Opportunities Key Insights 4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships 4.2 Distribution Analysis 4.3 Porter's Five Forces Analysis 4.4 PEST Analysis 4.5 Technological Developments 4.6 Impact of COVID-19 Continued...
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