San Francisco, California, Sept 05, 2018 – The global diesel fuel market is rising at a promising pace riding on the back of the rapid strides made by the global transportation industry. The substantial demand for diesel fuel for various industrial application and non- automotive applications, notably in heating, is a key factor propelling the market growth. Advancements in automotive technology and changes in regulatory frameworks in numerous countries world over are crucial trends having considerable bearing on the dynamics of the market.
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Broad assessment of such trends and insights form the crux of the report by TMR Research. The study is titled “Diesel Fuel Market: Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2017–2025”. The rising demand for gas oil, an inexpensive type of diesel fuel, for commercial and agricultural applications is a notable factor accentuating the market.
Several recent advancements in automobile technologies focused toward enhancing the fuel efficiency of vehicles have a positive bearing on the demand for diesel fuel. The growth is catalyzed by the recent changes in emission norms. A substantial chunk of the worldwide demand for diesel fuel comes from heavy duty trucks and bus engines. The growth is extensively supported by a burgeoning commercial transportation sector, especially in emerging economies such as Asia Pacific and Latin America.
The diesel fuel market is also driven by the rising demand for diesel fuel-based power backup systems in parts of numerous developing countries facing irregular grid supply issues. The substantial usage of diesel generators for meeting the needs of commercial power supply in various regions, notably Europe, is spurring the demand for diesel fuel.
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However, the growth of the market is beset by the rapid emergence of alternate fuels such as LPG, CNG, and LNG for automotive applications. Moreover, the growing popularity of hybrid vehicles is also restraining the demand for diesel fuel.
Key players operating in the market are Royal Dutch Shell plc., Conoco Philips, Valero, ExxonMobil, and Total S.A.