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Transportation Fuel Market - Global Industry Analysis by 2024
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The global transportation fuel market has been segmented on the basis of fuel type into gasoline, diesel, aviation turbine fuel, and others. More than 90% of the global transportation fuel demand is fulfilled using fuel derived from crude oil distillation, namely gasoline, diesel, aviation turbine fuel, and bunker fuel. Demand for transportation fuel is anticipated to increase across the world due to increasing seaborne trade and offshore exploration and production activities. Increasing greenhouse gas (GHG) emissions from vehicles powered by crude oil-based fuels and depleting oil reserves have compelled governments of different countries to switch to eco-friendly and bio-based fuels.
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Many countries are focusing on infrastructure development to provide fuel for natural gas vehicles and raise the overall production of bio-based fuels. Demand for eco-friendly fuels from the transportation sector is anticipated to rise during the forecast period. Gasoline dominated the global transportation fuel market in 2013. Gasoline accounted for more than 40% of the global transportation fuel market in 2013. However, improving fuel economy of vehicles is expected to hamper the demand for gasoline during the forecast period. Government policies that mandate the blending of ethanol with gasoline further reduces the consumption of gasoline. Diesel held the second-largest share of the global transportation fuel market in 2013. Diesel has certain advantages over gasoline such as the energy content in diesel is more than that in gasoline; and diesel is low cost as compared to gasoline. However, increasing costs for removal of sulfur, soot, and other pollutants to reduce the emission levels is inflating the price of diesel. The railway industry is depended on coal, diesel, and electricity to supply energy. Majority of energy used by the railway industry is generated using diesel. Other fuels used by the transportation industry apart from gasoline and diesel are natural gas, biofuels, electricity, bunker fuel, and auto gas. Demand for biofuels and clean transportation fuel is increasing across the globe due to stringent emission regulations and efforts of various governments to reduce dependency on crude oil-based fuels.
The global market for transportation fuel has been segmented into North America, Asia Pacific, Europe, and RoW. North America accounted for more than 30% of the global market share in 2013. It was the largest regional segment in terms of volume in the same year. However, Asia Pacific is anticipated to dominate the global transportation fuel market by 2022. Rapid development, growing population, and increasing industrialization are fueling the demand for transportation fuel in the region.
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