The global No.2 diesel fuel market is expected to exhibit growth at a CAGR of 1% - 4% during the forecast period. These fuels comprise of high energy and lubricants that offer better performance and protect injection pumps, seals, and other parts of the engine. Driven by this, demand for No.2 diesel is anticipated to surge over the forecast period.
| Report Attribute | Details |
| No.2 Diesel Fuel Market Projected Growth Rate (2022-2032) | 1% - 4% CAGR |
With the advent of internal combustion engine in the 18th century, the demand for alternative fuels i.e., coal dust and diesel gained momentum. Diesel is categorized into No1., No.2, and No.4 depending on its specification and fractional temperature. Among these, No.2 diesel is most preferred in automobiles, automotive, and railroad locomotives due to its high fuel performance.
Increasing applications of diesel engines in construction and manufacturing, power generation, transportation, and others is anticipated to further propel the demand for No.2 diesel.
Furthermore, the compliance of No.2 diesel with the ASTM specification D 975 is boosting its application in various sectors. This is anticipated to continue pushing sales in the market in the forthcoming years.
Growing awareness about the benefits of using high-performance fuels such as low maintenance of vehicles and high performance will spur the sales of No.2 diesel.
In addition to this, lower volatility and reasonable pricing due minimal requirement of refinement is likely to bolster the growth in the market.
Increasing investments in research and development (R&D) activities in the field of oil and gas will offer lucrative opportunities for the market players.
Subsequently, low cost of solar PV systems is fueling the adoption of solar-diesel hybrid power systems in various industries. Thus, the demand for No.2 diesel fuel is projected to rise at a considerable pace over the forecast period.
Rising environmental concerns such as emission of carbon monoxide is compelling consumers to prefer renewable sources of energy and electric vehicles. Hence, rising demand for alternative fuel source is expected to restrain the growth in the market.
Also, noise generated by the diesel engines is anticipated to reduce the usage of No.2 diesel fuel, which will limit the sales during the assessment period.
Furthermore, high viscosity of the No.2 diesel fuel reduces its application in cold temperatures, leading to ignition problems, which might have a negative impact on sales.
As per the study, Asia Pacific is projected to witness high demand for No.2 diesel amid ongoing advancements in industrial and infrastructural sectors.
Increasing environmental pollution in the region is boosting the adoption of low sulfur diesel fuels. This is anticipated to contribute to the growth in the market.
Furthermore, increasing sales in the automotive sector, along with growing applications of crude oil and refined products in developing countries such as China and India will continue spurring demand for No.2 diesel in the region.
According to Future Market Insights, North America is expected to dominate the global No.2 diesel fuel market during 2022-2032.
Growing investments in R&D activities for the development of low sulfur diesel fuels in countries such as the U.S. and Canada will create lucrative opportunities for players operating in the market.
Likewise, the introduction of stringent government regulations to control vehicular emissions in various countries will push sales of No.2 diesel fuel.
Key players profiled in the global No.2 Diesel Fuel market include PetroChina Company Limited, ExxonMobil Corporation, Petro-Canada Corporation, Royal Dutch Shell plc., Chevron Corporation, BP plc., Sinopec Corp., and Compañía Española de Petróleos (CEPSA), among others.
Leading manufacturers are improving their manufacturing process to meet the rising demand for fuel across the globe, which will help them gain a competitive edge in the market. Moreover, players are adopting inorganic strategies such as collaborations, partnerships, and acquisitions to strengthen their global presence.
| Report Attribute | Details |
| Growth Rate | 1% - 4% CAGR |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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Rising environmental concerns due to high carbon monoxide emission is the primary factor restraining the growth in the global No.2 diesel fuel market.
Increasing preference for fuel efficiency in passenger vehicles, along with growing demand for high-performance fuels are expected to drive sales in the market.
The global No.2 diesel fuel market is estimated to record growth at a CAGR of 1% - 4% during the assessment period.
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No.2 Diesel Fuel Market
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