Transportation Fuel Market Size [2023-2030] | Industry Share, Growth, Statistics And Trends Analysis Forecast Report
Future of Transportation Fuel Market Looks Promising as Increasing Number of People Opt for Private Transportation; Transportation Fuel Market: Berkshire Hathway Invests $10 Bn in Occidental Petroleum to Takeover Anadarklo Petroleum: Fortune Business Insights
Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) — Growing transportation services are aiding the expansion of the global transportation fuel market. This information was shared by Fortune Business Insights in a report, titled “Transportation Fuel Market Size, Share and Global Trend By Fuel (Gasoline, Diesel, Biofuels, and others), By End User (Roadways, Airways, Railways, Waterways), and Geography Forecast till 2026.” Transportation fuels are extensively used in different vehicles to generate energy. Some of transportation fuels include diesel, gasoline, aviation turbine fuel, and biofuel. The global market is expected to grow with the rapidly increasing international trade.
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Key Industry Developments
In April 2019, Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum. The investment is contingent on the company completing its proposed takeover of Anadarko Petroleum.
In May 2019, The largest independent oil and gas company in Europe was formed after a multibillion-euro merging deal between the energy unit of German chemical group BASF with rival DEA.
Drivers & Restraints –
Shift Towards Eco-friendly and Bio-based Fuels Spurs Growth of the Market
The rapid growth in industrialization and the increasing sales of passenger cars are likely to stimulate growth in the transportation fuel market. Majority of the vehicles are highly dependent on crude oils which include gasoline, fuel oil, diesel among others. “The growing carbon emissions from such vehicles is compelling organizations and governments to develop bio-based, clean, and eco-friendly transportation fuels,” stated a lead analyst at Fortune Business Insights. Moreover, governments are planning to promote some of the low emission fuels which include hydrogen, electricity, natural gas, and biodiesel. Furthermore, the demand for the above mentioned fuels is expected to increase across the world over the projected horizon. This, as a result, is anticipated to contribute to the growth of the transportation fuel market.
Rising disposable income among population is resulting in increasing number of vehicles. This is another factor driving the market and thus increasing the transportation fuel consumption. Furthermore, the improved transportation infrastructure in developed and some developing countries act as a potential growth enabler in the market.
However, certain environmental issues associated with transportation fuel are likely to hamper the growth of the market. In addition to this, emission control norms have become strict in developed and developing nations, which can impede the growth of the market. Also, the population caused by transportation fuels is expected to restrict the growth in the next few years.
The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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· Aviation Turbine Fuel
|By End User
|· North America (the US and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Japan, 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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Asia Pacific Sees Maximum Growth Among Other Regions
Asia Pacific is anticipated to expand at a higher rate in the global transportation fuel market during the forecast years. The market registers the maximum growth in Asia Pacific owing to the rising population. This is further expected to fuel demand of transportation fuels and will continue to increase in the forthcoming years. The number of vehicles in countries such as India, Indonesia, and China is increasing, primarily on account of rising per capita income among end-users. This is expected to enable growth in the transportation fuel market in Asia Pacific.
The growing aircraft traffic in countries such as France, Germany, U.K., and the U.S. is expected to augment demand for aviation fuel during the forecast period. Consequently, the transportation fuel market in North America and Europe is anticipated to rise between 2018 and 2026. Apart from these regions, the market is likely to grow in the Middle East and Africa owing to its improving economic rate.
Market Advances with a Multibillion Euro Deal Between BASF and DEA
Georgia Power is planning to collaborate with Georgia Tech in March 2019. This collaboration is aimed at building a new 1.4 MW microgrid in Metro Atlanta. Some of the other companies functioning in the global microgrid market include ABB, Encorp, Schneider Electric, Schweitzer Engineering Laboratories, S&C Electric, Siemens, PowerSecure, Power One Solutions, Spirae, Emerson Automation Solutions, Honeywell, CleanSpark, Exelon Corporation, and Power Analytics. Companies are focusing on adopting new technologies for the development of scalable and flexible microgrids. For instance, ABB Ltd. has plans to adopt a new microgrid enabled with battery storage in January 2019. The company signed an agreement with IIT Roorkee in July 2018 to develop a smart campus for IIT Roorkee.
List of the Key Players Profiled in the Global Market:
- Exxon Mobil Corporation
- Hindustan Petroleum
- Bharat Petroleum Corporation Limited
- BP plc
- Chevron Corporation
- Total SA
- Allied Aviation Services, Inc.
- Valero Marketing and Supply Company
- Royal Dutch Shell Plc
- Siyanda Oil Holdings (Pty) Ltd.
- Sinopec Group
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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
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
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