Transportation fuels are energy sources that power various means of transport and include those derived from petroleum, biomass, and synthetic fuels. Transportation fuels are consumed by various modes of transportation i.e. road, rail, air and water. Demand for different types of transportation fuel depends upon the mode of transportation. Diesel and gasoline account for the major share of the overall transportation fuel consumed by road transport. Aviation turbine fuel (ATF) is the most preferable fuel by the aviation industry. Similarly, the railway industry consumes diesel as a primary fuel, followed by electricity.
Transportation fuels used across the globe are mainly produced from crude oil refining. Gasoline, diesel, aviation turbine fuels, fuel oil, and bunker fuel are produced from crude oil. Theses fuels account for more than 90% of the total transportation fuel across the globe, reflecting the high level of dependency on crude oil.
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High emission levels from vehicles running on these fuels coupled with the depleting crude oil reserves has compelled various governments and organizations to develop and promote the use of clean and eco-friendly fuels. Biodiesel, bioethanol, hydrogen, natural gas, and electricity are some of the fuels which have low emission levels. The use of bio-based transportation fuel is increasing across the globe. In the U.S., E10, E15, and E85 are the grades of fuel available for internal combustion engines. These grades contain a certain percentage of bioethanol blended with gasoline. This has resulted in reduced consumption of gasoline and increased the market share of ethanol. Developed regions such as North America and Europe are producing biofuels in high volumes. However, the production of biofuels in large volumes is hampered by the food security of a country as the feedstock for biofuels include palm oil, corn, rapeseed oil, sugar cane, and soybeans.
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The global transportation fuel market is segmented on the basis of type and geography. The report is further segmented at country level. On the basis of type, the transportation fuel market is further classified into gasoline, diesel, aviation turbine fuel (ATF), and others. Gasoline dominated the global transportation fuel market in 2013. However, the demand for diesel is anticipated to surpass gasoline demand during the forecast period. The consumption of biofuels is anticipated to grow during the forecast period. The number of natural gas vehicles is anticipated to increase during the forecast period. Countries such as India are developing their natural gas infrastructure to promote the use of natural gas vehicles. Brazil has a substantial share of natural gas and biofuels in its energy mix. The country has a large number of flexi-fuel vehicles that run on E85, thus increasing the consumption of ethanol in the country. The Middle East countries such as the UAE and Saudi Arabia are switching to more eco-friendly fuels to reduce GHG emissions from the transportation sector.
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Increasing population in developing countries such as India and China has increased the sales of passenger cars, boosting the global transportation fuel market. Moreover, industrialization and infrastructure development in developing countries have resulted in increased number of commercial vehicles. This would further boost the consumption of transportation fuel during the forecast period. Improving fuel economy in developed regions is hampering the consumption of transportation fuel in these regions.
Key players in the transportation fuel market are integrated companies that are present across the entire value chain. This makes it difficult for a new entrant to enter the market. Additionally, need for high initial investments and a strong distribution network are also acting as barriers for market entry. Some of the global players in the transportation fuel market include Chevron Corporation, ExxonMobil Corporation, Petrobras, Royal Dutch Shell plc, Saudi Arabian Oil Co., Sinopec Limited, Total S.A., and PetroChina Company Limited.
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