Diesel Fuel Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 244.26 Billion |
| Market Size (2029) | USD 290.10 Billion |
| CAGR (2024 - 2029) | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Diesel Fuel Market Analysis
The Diesel As Fuel Market size is estimated at USD 244.26 billion in 2024, and is expected to reach USD 290.10 billion by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).
- Over the medium term, the increasing industrial application of diesel fuel in the industrial application and availability of diesel infrastructure around the globe is expected to drive the market during the forecasted period.
- On the other hand, the increasing environmental concerns for air pollution are expected to hinder the market's growth during the forecasted period.
- Nevertheless, the increasing advancements in biodiesel and renewable diesel technology are expected to create huge opportunities for the Diesel as fuel market.
- Asia-Pacific is expected to witness significant growth in the diesel as fuel market due to the region's increasing energy demand and industrial infrastructure activities.
Diesel Fuel Market Trends
Transportation Segment is to Expected to Dominate in the Market
- Diesel fuel is widely used in heavy-duty vehicles, such as trucks, buses, and locomotives. These vehicles require energy that can provide high torque, efficiency, and range to transport goods and people long distances. Diesel engines are known for their ability to deliver high power output and fuel efficiency, making them well-suited for these applications. As a result, the transportation sector accounts for a significant portion of diesel fuel consumption.
- The expanding global transportation network and the increasing mobility needs contribute to the growing demand for refined products. According to the International Organization of Motor Vehicle Manufacturers, global vehicle production increased by more than 6% between 2021 and 2022. This growth in vehicle production is expected to increase fuel demand during the forecasted period.
- The transportation sector includes a well-established infrastructure for diesel fuel distribution and refueling. Fueling stations are readily available, and the existing fleet of diesel-powered vehicles is substantial. This infrastructure and the widespread use of diesel vehicles contribute to the dominance of the transportation segment in the diesel fuel market.
- Diesel fuel is favored in long-haul and freight transportation due to its energy density and range. Trucks transporting goods over significant distances rely on diesel engines for their power and efficiency. The ability to cover long distances without frequent refueling makes diesel fuel an attractive option for these applications. It led to the development of fuel technologies.
- For instance, in May 2023, Jio-bp, the joint venture between Reliance Industries Ltd and bp Plc, introduced a high-quality diesel fuel blended with additives that enhances fuel efficiency. This superior-grade diesel is priced lower than regular or additive-free diesel available. The diesel, infused with ACTIVE technology, helps minimize the likelihood of unplanned maintenance caused by dirt accumulation.
- Therefore, as mentioned above, the transportation segment is expected to dominate the market during the forecasted period.
Asia-Pacific is Expected to Witness Significant Growth in the Market
- The Asia-Pacific region is experiencing rapid economic growth, with countries like China, India, and Southeast Asian nations emerging as major economic powerhouses. This growth drives increased industrialization, infrastructure development, and transportation needs, contributing to higher demand for diesel fuel.
- The region contains a large and growing population, along with increasing urbanization. It leads to greater demand for transportation for personal and commercial purposes. Diesel fuel is widely used in the region's expanding transportation sector, including cars, trucks, buses, and motorcycles, further fueling the market growth.
- Asia-Pacific includes diverse manufacturing, construction, mining, and agriculture industries. These sectors heavily rely on diesel fuel to power machinery, equipment, and generators. As industrial activities expand to meet the growing demand, diesel fuel consumption increases, driving market growth.
- For instance, in April 2023, SIG, a packaging company, unveiled the inauguration of a new manufacturing facility in Palghar, India. The newly established plant will focus on producing bag-in-box and spouted pouch packaging, previously marketed under Scholle IPN and Bossar, respectively.
- Additionally, many countries in the Asia-Pacific region implemented policies and regulations to promote the use of diesel fuel and improve fuel quality. These measures aim to enhance energy efficiency, reduce emissions, and ensure compliance with environmental standards. Such initiatives provide a supportive environment for the diesel fuel market to thrive.
- Therefore as per the points mentioned above, the Asia-Pacific region is expected to dominate the market during the forecasted period.
Diesel Fuel Industry Overview
The diesel as fuel market is fragmented. Some of the major players in the market (in no particular order) include Chevron Corporation, Exxon Mobil Corporation, PetroChina Company Limited, Qatar Petroleum, and Shell Plc., among others.
Diesel Fuel Market Leaders
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Chevron Corporation
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Exxon Mobil Corporation
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PetroChina Company Limited
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Qatar Petroleum
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Shell Plc
*Disclaimer: Major Players sorted in no particular order
Diesel Fuel Market News
- May 2023: Petrobras, the state oil company of Brazil, gave the green light to a revised fuel pricing policy that will result in significant cost reductions for drivers. As per the newly approved strategy, gasoline, and diesel prices will experience a considerable decline, with a nearly 13% reduction.
- February 2023: Europe officially confirmed the prohibition on selling new petrol and diesel cars starting in 2035. As the world's second-largest car market, this decision follows the passing of a law by the European Parliament. The law mandated car manufacturers to achieve complete elimination of CO2 emissions from all newly produced vehicles.
Diesel Fuel Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Demand from Industrial Applications
4.5.1.2 Growing Infrastructure Across the World
4.5.2 Restraints
4.5.2.1 A Rise In Concerns Related To Carbon Emissions And A Shift Towards Electric Vehicles And Renewable Sources Of Energy
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 End-User
5.1.1 Transporation
5.1.2 Industrial
5.1.3 Others
5.2 Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Russia
5.2.2.3 Germany
5.2.2.4 Norway
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Indonesia
5.2.3.4 Malaysia
5.2.3.5 Vietnam
5.2.4 Middle-East and Africa
5.2.4.1 Saudi Arabia
5.2.4.2 United Arab Emirates
5.2.4.3 South Africa
5.2.4.4 Nigeria
5.2.4.5 Egypt
5.2.4.6 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Argentina
5.2.5.2 Brazil
5.2.5.3 Venezuela
5.2.5.4 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Chevron Corporation
6.3.2 Exxon Mobil Corporation
6.3.3 PetroChina Company Limited
6.3.4 Qatar Petroleum
6.3.5 Shell Plc
6.3.6 Reliance Industries Ltd
6.3.7 Saudi Arabian Oil Co
6.3.8 SK energy Co., Ltd.
6.3.9 NK Rosneft' PAO
6.3.10 BP plc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Sustainable Fuels Such as Biofuels and Renewable Diesel
Diesel Fuel Industry Segmentation
Diesel fuel is a liquid fuel primarily used in diesel engines, which are internal combustion engines to ignite fuel through compression rather than a spark. It is a hydrocarbon fuel made from crude oil, similar to gasoline, but with a different refining process that yields a fuel with higher energy density and different chemical properties. Diesel fuel comprises hydrocarbons, mostly alkanes, cycloalkanes, and aromatic compounds. It typically includes a higher energy density and lower volatility than gasoline, which releases more energy per unit volume and contains a higher flash point (the temperature at which it can ignite).
The market is segmented by end-user and geography. The market is segmented by end-user into transportation, industrial, and others. The report also covers the market size and forecasts for the diesel as fuel market across major regions. Each segment's market sizing and forecasts are based on revenue (USD).
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| Transporation | |
| Industrial | |
| Others |
| Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} | ||||||||
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Diesel Fuel Market Research FAQs
How big is the Diesel as Fuel Market?
The Diesel as Fuel Market size is expected to reach USD 244.26 billion in 2024 and grow at a CAGR of 3.5% to reach USD 290.10 billion by 2029.
What is the current Diesel as Fuel Market size?
In 2024, the Diesel as Fuel Market size is expected to reach USD 244.26 billion.
Who are the key players in Diesel as Fuel Market?
Chevron Corporation , Exxon Mobil Corporation , PetroChina Company Limited , Qatar Petroleum and Shell Plc are the major companies operating in the Diesel as Fuel Market.
Which is the fastest growing region in Diesel as Fuel Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Diesel as Fuel Market?
In 2024, the North America accounts for the largest market share in Diesel as Fuel Market.
What years does this Diesel as Fuel Market cover, and what was the market size in 2023?
In 2023, the Diesel as Fuel Market size was estimated at USD 236 billion. The report covers the Diesel as Fuel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Diesel as Fuel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Diesel Industry Report
Statistics for the 2024 Diesel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Diesel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
