PUBLISHER: Grand View Research | PRODUCT CODE: 1376112
PUBLISHER: Grand View Research | PRODUCT CODE: 1376112
The global diesel fuel market size is expected to reach USD 306.02 billion by 2030, according to a new study by Grand View Research, Inc.. The market is projected to grow at a CAGR of 3.96% from 2023 to 2030. Diesel fuel has several advantages, including lower maintenance, increased torque, fewer taxes, and improved fuel economy. The growing technological advancements globally are expected to boost the market growth. The increased energy demand for transportation, manufacturing, and power generation owing to the fast industrialization, urbanization, and substantial economic growth, is boosting the market growth.
Diesel fuel is in high demand across various industries including auto and transportation sectors. Factors such as the price of fuel, advancements in vehicle technology, regulatory laws, and local demographics are driving market fluctuations. Moreover, diesel fuel is commonly utilized to power heavy machinery, generators, and other equipment in the construction and industrial sectors. Mining operations and energy production backup power sources both require diesel engines. Demand for diesel fuel is influenced by the expansion of mining operations and the requirement for dependable power generation.
The rising population is boosting the demand for goods and public transportation, thus propelling the usage of diesel fuels over the past years. However, the demand for alternative fuels and growing environmental concerns have fueled rivalry among manufacturers of renewable diesel and biodiesel. Due to the nitrogen oxide (NOx) and particulate matter (PM) emissions from diesel engines, they are linked to air pollution. The rising popularity of sustainable alternative fuels, electric vehicles (EVs), and hybrid technology are expected to pose a threat to the market growth of diesel fuel.