Transportation Fuel Market Segment Forecasts up to 2022
The global transportation fuel market is deriving much of is growth from the rising interest of consumers in personal vehicles. Increasing disposable income in emerging economies has enabled consumers to buy and maintain personal vehicles, resulting in the soaring demand for transportation fuel. In 2013, global consumption of transportation fuel stood at 2,332.57 MTOE. Propelled by increasing trade activities and passenger movements, the market is expected to rise at a CAGR of 1.62% from 2014 to 2022 and reach an estimated consumption volume of 2,698.36 MTOE by the end of the term.
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Gasoline: Declining Demand Results in Shrinking Market Share
Gasoline, aviation turbo fuel (ATF), diesel, and other types of transportation fuels are the major product segments of the global transportation fuel market. These fuels are derived by crude oil distillation and fulfil over 90% of the global demand for transportation fuel.
The market for gasoline acquired the leading position in the market, holding around 40% of the overall transportation fuel market in 2013. However, the demand for gasoline is projected to decline in the coming years. Taking the adverse environmental effects of gasoline into account, various governments have mandated ethanol to be mixed with gasoline, which has further reduced the consumption of gasoline across the world. The market for diesel captured the second position among all the transportation fuel product market in 2013.
Biobased Fuel: Next Market Leader
Apart from this, increasing usage of crude-oil-based fuel in automobiles has triggered an increase in the emission of greenhouse gases (GHG), compelling the governments of several nations to impose stringent regulations limiting the utilization of crude-oil-based fuel and promoting a shift toward biobased fuel, its eco-friendly alternative.
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With government support, the overall production of biobased fuel is expected to increase significantly in the near future. The demand for bio-based fuel is expected to rise over the next few years on account of the increasing demand from the transportation industry, with natural gas-based vehicles being the latest trend.
Asia Pacific Poised to Lead Global Market
North America, Asia Pacific, Europe, and the Rest of the World are the major regional markets for transportation fuel. In terms of revenue, the North America market for transportation fuel topped the regional markets, contributing a 30% share of the overall industry in 2013. The regional market also reported the highest production volume the same year. However, the transportation fuel market in Asia Pacific is estimated to lead the global market by 2022, owing to the rising population, rapid development, and growing industrialization in the region.
Global Transportation Fuel Market: Major Participants
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The global transportation fuel market is a highly concentrated industry. Entry into this global market is pretty difficult owing to the presence of integrated organizations across the entire industry value chain. High initial investment also creates a barrier for firms willing to enter this industry.
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