San Francisco, California, May 30, 2017: Diesel fuel is highly in demand from the transportation and automotive sector and this is expected to drive its market. TMR Research in its latest report, studies the global diesel fuel market. The report is titled “Diesel Fuel Market: Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2017 – 2025.” The comparatively lower pricing of the fuel and supporting government regulations are factors driving the growth of this market. Regional demographics and technological advancements in automobile sector are some of the other factors boosting the growth of this market. Diesel fuel is also used in non-transporting applications such as use in commercial and residential heating. This is expected to create a heightened demand for diesel fuel. Rapid industrialization in developing nations will also bode well for the market. The report thus, analyzes all the factors boosting the growth of this market and predicts the estimated worth during the forecast period.
However, there are a few factors that are altering the demand rate of diesel fuel, which is impacting the growth of the market adversely. The emergence of alternative fuels such as natural gas is one of the key challenges faced by the diesel fuel market. The introduction of electric vehicles, plug-in hybrid vehicle, and regular hybrids is threatening the demand for diesel fuel. It is expected that the diesel fuel market will witness a sluggish growth on the developed and industrialized regions such as Europe, Australia, Canada, the U.S., and Japan. Stringent fuel efficiency regulations and standards are also hampering the growth of the global diesel fuel market. On the other hand, the rapid industrialization in emerging nations will create a significant need for diesel, making up for the slow growth experienced in developed nations.
Unreliable power supply is an issue faced by various developing nations and thus, many power consumers are opting for diesel fuel-based power backup. This is helping industries whose daily operations are dependent on the steady supply of electricity to have a reliable power back up if grid supply were to fail.
On the basis of geography, the market is expected to be led by Asia Pacific on account of the heavy use of commercial vehicles in the region and the growing need to decentralize electric supply in rural areas. Europe and North America are also expected to continue to be lucrative markets in the coming years. Latin America is also estimated to show remarkable growth in the future. Key players in the market include: Valero, Total, Conoco Philips, Exxon, and Shell.