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No.2 Diesel Fuel Market

Market Insights on No.2 Diesel Fuel covering sales outlook, demand forecast & up-to-date key trends

No.2 Diesel Fuel Market By Sulfur Content (High Sulfur Diesel Fuel, Low Sulfur Diesel Fuel, Ultra Low Sulfur Diesel Fuel), Application (Transportation, Marine Shipping, Rail, Electric Power Generation) & Region - Forecast 2022-2032

No.2 Diesel Fuel Market Overview

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.

Which Factors are Boosting Sales in the No.2 Diesel Fuel Market?

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.

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Which Factors are Hampering the Growth in No.2 Diesel Fuel Market?

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.

Will Asia Pacific Emerge as an Attractive Pocket in the No.2 Diesel Fuel Market?

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.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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What is Driving the North America No.2 Diesel Fuel Market?

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.

Market Competition

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.

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Scope of Report

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

  • Sulfur Content
  • Application
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • PetroChina Company Limited
  • ExxonMobil Corporation
  • Petro-Canada Corporation
  • Royal Dutch Shell plc.
  • Chevron Corporation
  • BP plc.
  • Sinopec Corp.
  • Compañía Española de Petróleos (CEPSA)

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Key Segments Profiled in the No.2 Diesel Fuel Market

Sulfur Content:

  • High Sulfur Diesel Fuel (>500 ppm)
  • Low Sulfur Diesel Fuel (15 – 500 ppm)
  • Ultra-Low Sulfur Diesel Fuel (< 15 ppm)

Application:

  • Transportation
    • On Road
    • Off Road
  • Marine Shipping
  • Rail
  • Electric Power Generation

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Japan
  • Middle East & Africa

Frequently Asked Questions

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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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Find your sweet spots for generating winning opportunities in this market.

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No.2 Diesel Fuel Market