Transportation Fuel Market Size, Industry Share and Growth Rate 2018-2026
Transportation fuels drive the world by providing energy for transportation. Transportation fuels are essential in
Transportation fuels drive the world by providing energy for transportation. Transportation fuels are essential in every transportation medium. People opt for private transport over public transport due to the advantages of comfort, affordability, and less time required to travel. This has led to an increase in the number of people owning vehicles in most of the countries. The demand for transportation fuel has also increased in parallel.
As the Governments of various countries have now put forward strict emission norms, therefore there has been an increase in the utilization of other fuels which are not derived by crude oil. This has led to the transportation market to get even bigger as there are new ways to feed the vehicle and opening the door for new competitors to enter the market.
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On the basis of fuel, the global transportation fuel market can be segmented into gasoline, diesel, biofuels, aviation turbine fuel, CNG and others. Fuels derived from petroleum are the most used for transportation. But as the emission control norms are becoming strict, there has been a drift towards the usage of other cleaner fuels.
On the basis of the end users, the global transportation fuel market can be segmented into roadways, airways, railways, and waterways. Different type of fuel is used for different means of transport. Gasoline and diesel account for most of the fuel used for road transport. Aviation turbine fuel is used for air transport. For railways, diesel is the primary fuel followed by electricity.
The key market driver for the global transportation fuel market is the increase in the number of vehicles. The rise in the disposable income of the people has also been an important factor for the increase in the number of vehicles, which has led to the growth of the global transportation fuel market.
Key market restraint for the global transportation fuel market is the environmental issues caused due to the burning of transportation fuel. As the emission control norms have become strict in each country, the pollution caused by transportation fuel acts as a key market restraint in the growth of the global transportation fuel market.
KEY PLAYERS COVERED
Some of the notable companies in global transportation fuel market are 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., Petronas, Gazprom, Rosneft, Sinopec Group, and Centrica
· 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)
The global transportation fuel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region has seen the maximum growth in the demand for transportation fuel in recent years and the trend is expected to continue in the forecast period. The increase in the number of vehicles mainly in China, India, and Indonesia, due to the increase in the disposable income of people, has led to support the growth in this region. The recent increase in business aircraft traffic mainly in countries like the USA, UK, France, and Germany has helped increase the demand for aviation fuel leading to the growth of the transportation market in Europe and North America. Brazil and Mexico are the two largest transportation fuel in Latin America. Also, there has been growth in the transportation fuel market in the Middle East and Africa due to the improving economy of the region.
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.
- In December 2018, the Indian civil aviation ministry has sought a major tax rejig on aviation fuel to increase the profits of airlines as the profits of airlines were not increasing with a number of passengers growing immensely.