High Speed Diesel Market Forecast and CAGR
As per a latest study, the global High speed diesel market is forecast to grow at a CAGR of around 4% to 5% over the forecast period of 2021 to 2031. Commercial vehicles, stationary diesel engines, locomotives, and pumps, among other things, use high-speed diesel as a fuel in medium and high-speed compression ignition engines (running over 750 rpm).
Increase in agricultural activities has provided additional impetus to the rural economy. Agriculture-based activities are still driving consumption and growth of this diesel type for mechanized farm equipment. Increase in both road transportation and rail freight boosting the speed diesel market. Also increase in number of commercial vehicles use of speed engines also driving the high speed diesel market.
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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.
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What is Driving Demand for High Speed Diesel?
The demand for high speed diesel from its end-user industries like Road transportation, Residential use, Commercial industries, Agriculture industry, Electricity Generation industry, Rail and Domestic Waterways, Marine Bunkers and Other Industry is increasing day by day which is boosting the market for this product.
Increase in agricultural technology, also use of various machineries in the farming which requires such kind of diesel, is also boosting the demand for it. Also road transportation and rail transportation is increasing due to increase in number of passengers. Development in automobile sector also boosting the market.
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Asia Pacific Demand Outlook for High Speed Diesel Market
Over the next few years, Asia Pacific is anticipated to lead the global market in terms of super kerosene oil consumption. Asia-Pacific is estimated to be the fastest growing segment owing to the factors such as increase in the investment by the major companies in the developing nations, developments in the agriculture sector and increase in the transportation as population is growing.
Developing countries are the major market for the high speed diesel as increase in technology many companies are transporting there technologies into the Asian countries that is helping to boost the market for this product. As industrialization in developing countries is increasing shipping and logistic also increasing Shipping and logistics is the management of the flow of goods from their point of origin to their point of distribution and/or consumption, which includes the integration of transportation.
North America Demand Outlook for High Speed Diesel Market
The market in North America is expected to grow at a moderate rate due to improved power infrastructure. Rising concerns about power outages, combined with high power demand, are expected to drive the growth of the North American High speed diesel market in the coming years.
Commercial application and transportation has been observed as the highest revenue-generating segment for this market. Demand is mainly accelerated by the increase in business of transportation also increase of public and commercial vehicles and rail transportation.
As public concern about carbon dioxide emissions and fuel efficiency has grown, fuel regulations have become more stringent. Growth in agriculture sector maximum use of new technologies for farming boosting the market.
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Who are the Key Manufacturers and Suppliers of High Speed Diesel?
Some of the leading manufacturers and suppliers are
- EXXON MOBIL
- Indian Oil
- Petronas etc.
Key players are investing in Technology launches, acquisitions and R&D activities. Key players also increasing investments into the production of biofuels and biodiesel. Transesterification, a chemical process that converts oil and fats into fatty acid methyl esters, is used to produce biodiesel from renewable feedstock such as vegetable oils, animal fats, and others. It can be used as a replacement for petroleum diesel fuel or mixed with it in different proportions. When compared to petroleum, biodiesel can reduce exhaust emissions.
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