After the advent of the internal combustion engine in the late eighteen century, diesel, as a fuel, witnessed momentum in demand as it was the most suitable alternative for the traditional fuel i.e. coal dust. Later, during World War II, diesel passenger cars began gaining traction in Europe and North America. These days, diesel engines are used in several applications, such as transportation, power generation, construction and manufacturing, among others. Across the globe, around 37% of vehicle parc is accounted for by the diesel engine and almost all heavy vehicles use diesel engines. Thus, diesel, as a fuel, has become integral to the working of the world economy. Based on fractional temperature and specification, diesel fuel is categorized into three different types — No.1, No.2. and No.4 diesel fuel. Among all the types, No.2 diesel fuel is prevalently used in automobiles, trucks and railroad locomotives, among others.
According to the U.S. Energy Information Administration (EIA), No.2. diesel fuel is defined as a fuel that can be distilled out with 10% recovery at 500 oF and with 90% recovery at 640 oF distillation temperatures. Also, fuel has to comply with specifications defined under the ASTM specification D 975. No.2 diesel fuel is preferred in high-speed diesel engines that operate under uniform load and speed conditions. Further, no.2. diesel fuel is comprised of high energy and lubricant components that offer good fuel performance as compared to the other two types of diesel fuels. They even protects seals, injection pumps and other engine parts.
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Growing vehicle parc across the globe is a major factor that will drive the no.2. diesel fuel market. Also, increasing awareness about the use of high performance fuels and increasing per capita spending will provide momentum to the growth in demand for no.2. diesel fuel. In developed and developing regions, substantial growth of the transportation industry — wherein trucks play an indispensable role – will push the demand for diesel fuel during the forecast period. Moreover, increasing use of fuel additives to improve fuel performance will further provide impetus to the growth of the market. Increasing demand for portable power engines across the globe wherein diesel fuel is predominantly used for power generation will also, in turn, help to drive the market. Also, less price of no.2 diesel fuel as compared to no.1 diesel fuel will help to drive the market. A part from this, in cold places, use of no.2 diesel fuel causes problems as the engine does not start due to the formation of a thickened gel at low temperatures.
On the basis of sulfur content, the global No.2. diesel fuel market is segmented into:
- High Sulfur diesel fuel (> 500 ppm)
- Low Sulfur diesel Fuel (15 – 500 ppm)
- Ultra Low Sulfur diesel Fuel (< 15 ppm)
On the basis of application, the global No.2. diesel fuel market is segmented into:
- On road
- Off Road
- Marine shipping
- Electric power generation
North America and Europe are expected to dominate the market over the forecast period. Strict regulatory guidelines over fuel characteristics in these regions are expected to be a major reason expected to drive the market. However, various European government initiatives to make 10% use of biofuel in the transportation sector may hamper the growth of diesel fuel market during the second half of the forecast period. Upcoming new refining projects in the Asia pacific region to cater to the increasing demand for diesel fuel owing to the significant growth of the industrial sector, infrastructural developments and increasing urbanization will help to drive the market over the forecast period. Also, Latin America and Middle East & Africa region are expected to register healthy CAGR over the forecast period.
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Examples of some of the market participants identified across the value chain of the global No.2. Diesel Fuel market are ExxonMobil Corporation, B.P. Plc., Royal Dutch Shell plc., Chevron Corporation, Compañía Española de Petróleos (CEPSA), PetroChina Company Limited, Sinopec Corp. and Petro-Canada Corporation, among others.