Transportation Fuel Market to Observe Strong Development by 2022
Transportation
fuels are energy sources that power various means of transport and
include those derived from petroleum, biomass, and synthetic fuels.
Transportation fuels are consumed by various modes of transportation
i.e. road, rail, air and water. Demand for different types of
transportation fuel depends upon the mode of transportation. Diesel
and gasoline account for the major share of the overall
transportation fuel consumed by road transport. Aviation turbine fuel
(ATF) is the most preferable fuel by the aviation industry.
Similarly, the railway industry consumes diesel as a primary fuel,
followed by electricity.
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Transportation
fuels used across the globe are mainly produced from crude oil
refining. Gasoline, diesel, aviation turbine fuels, fuel oil, and
bunker fuel are produced from crude oil. Theses fuels account for
more than 90% of the total transportation fuel across the globe,
reflecting the high level of dependency on crude oil. High emission
levels from vehicles running on these fuels coupled with the
depleting crude oil reserves has compelled various governments and
organizations to develop and promote the use of clean and
eco-friendly fuels. Biodiesel, bioethanol, hydrogen, natural gas, and
electricity are some of the fuels which have low emission levels. The
use of bio-based transportation fuel is increasing across the globe.
In the U.S., E10, E15, and E85 are the grades of fuel available for
internal combustion engines. These grades contain a certain
percentage of bioethanol blended with gasoline. This has resulted in
reduced consumption of gasoline and increased the market share of
ethanol. Developed regions such as North America and Europe are
producing biofuels in high volumes. However, the production of
biofuels in large volumes is hampered by the food security of a
country as the feedstock for biofuels include palm oil, corn,
rapeseed oil, sugar cane, and soybeans.
The
global transportation fuel market is segmented on the basis of type
and geography. The report is further segmented at country level. On
the basis of type, the transportation fuel market is further
classified into gasoline, diesel, aviation turbine fuel (ATF), and
others. Gasoline dominated the global transportation fuel market in
2013. However, the demand for diesel is anticipated to surpass
gasoline demand during the forecast period. The consumption of
biofuels is anticipated to grow during the forecast period. The
number of natural gas vehicles is anticipated to increase during the
forecast period. Countries such as India are developing their natural
gas infrastructure to promote the use of natural gas vehicles. Brazil
has a substantial share of natural gas and biofuels in its energy
mix. The country has a large number of flexi-fuel vehicles that run
on E85, thus increasing the consumption of ethanol in the country.
The Middle East countries such as the UAE and Saudi Arabia are
switching to more eco-friendly fuels to reduce GHG emissions from the
transportation sector.
Increasing
population in developing countries such as India and China has
increased the sales of passenger cars, boosting the global
transportation fuel market. Moreover, industrialization and
infrastructure development in developing countries have resulted in
increased number of commercial vehicles. This would further boost the
consumption of transportation fuel during the forecast period.
Improving fuel economy in developed regions is hampering the
consumption of transportation fuel in these regions.
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Key
players in the transportation fuel market are integrated companies
that are present across the entire value chain. This makes it
difficult for a new entrant to enter the market. Additionally, need
for high initial investments and a strong distribution network are
also acting as barriers for market entry. Some of the global players
in the transportation fuel market include Chevron Corporation,
ExxonMobil Corporation, Petrobras, Royal Dutch Shell plc, Saudi
Arabian Oil Co., Sinopec Limited, Total S.A., and PetroChina Company
Limited.
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