Transportation Fuel Market to Rise at 1.62% CAGR from 2014 to 2022, Demand for Eco-friendly Fuels on the Rise: Transparency Market Research
Transportation Fuel Market, By Type, Gasoline, Diesel, Aviation Turbine Fuel (ATF) and Others (Bioethanol, Bunker Fuel & CNG) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022
Albany, NY, Jan. 20, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has released a new market study, titled “Transportation Fuel Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022”. According to the report, by volume, the global transportation market will expand at a modest 1.62% CAGR from 2014 to 2022, for the market to amount to 2,698.36 MTOE (million tons of oil equivalent) by 2022 from 2,332.57 MTOE in 2013.
Infrastructural development in emerging economies leading to improved transportation modes is one of the major factors driving the transportation fuel market. In these economies, rising disposable income has also been a reason for increased passenger movement for leisure and business reasons, thereby stimulating the demand for transportation fuels.
However, increasing greenhouse gas emissions are detrimental to the growth of the transportation fuel market. This is because more than 90% of the fuels that are used as transportation fuels are derived from crude oil distillation and are thus hydrocarbon-based. To address the problem of GHG emissions, several countries around the world are encouraging the adoption of bio based fuels, which will hamper demand for crude-oil based transportation fuels. Moreover, with advanced technology, the mileage of modern vehicles has increased significantly, which is slowing the growth of this market.
The report studies the global transportation market on the basis of fuel type and region. By fuel type, gasoline, diesel, aviation turbine (ATF), and others are the segments of the market. Gasoline led the global market for transportation fuel in 2013, accounting for more than 40% of the overall market. However, in the coming years, the demand for gasoline is expected to be slow due to the increasing fuel efficiency of modern vehicles. In addition, government mandates for mixing ethanol with gasoline, which is related with environmental pollution concerns, further suppress the demand for gasoline. In 2013, diesel held the second largest share in the global transportation market.
By geography, North America, Asia Pacific, Europe, and Rest of the World are the segments of the transportation fuel market. Amongst all, in 2013, North America led the market with a share of more than 33% in the overall market. However, in the coming years, Asia Pacific is expected to take over the lead position in the market. Rapid industrialization, infrastructural development, and changing lifestyles are some of the major reasons that will propel the APAC market during the forecast period.
Europe will be the least attractive market for transportation fuels during the forecast period. Governmental mandates for enhanced fuel economy, in order to reduce vehicle emissions, are hindering the consumption of transportation fuels in the Europe regional market. Consumers in this region have a preference for fuels based on renewable energy sources. Several countries in this region promote the use of natural gas for vehicles for environmental conservation reasons. Some of the top players operating in the global market for transportation fuel are Valero Energy, Sinopec, Royal Dutch Shell, ExxonMobil, Chevron, Total, Philips, PetroChina, Essar, and BP.
The Transportation Fuel Market has been segmented as follows:
Global Transportation Fuel Market: Type Analysis
Aviation Turbine Fuel (ATF)
Global Transportation Fuel Market: Regional Analysis
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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(January 20, 2016 - 5:15 AM EST)
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