Off Road Fuels Market: Introduction
- Off road fuel, also known as dyed fuel, is an untaxed fuel that is majorly used for various off road applications. Use of off road fuels in on-road vehicles is illegal and may led to fines and heavy penalties. Off road fuels are normally dyed in red color to differentiate them from on-road diesel and highway fuel.
- Off-road diesel fuel is utilized in vehicles and equipment that are not operated on public roads or highways. These include vehicles and equipment used on railways and farms, for electric power generation, and in the construction sector.
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Key Drivers of Off Road Fuels Market
- Rising demand for clear diesel or ultra-low sulfur diesel in construction and farming applications is a major factor driving the global off road fuel market. Increasing demand for ultra-low sulfur diesel in vehicles, such as tractors and trailers, is another factor that is expected to boost the global off road fuels market significantly during the forecast period.
- Moreover, adoption of off road fuels is increasing rapidly in heavy-duty equipment, trucks, cranes, and bulldozers. Increase in infrastructure development projects is another factor driving the global off road fuels market. Furthermore, demand for heavy-duty vehicles is increasing from different end-use verticals such as industrial, aerospace, mining, automobiles, and fishing/ships machinery.
- Additionally, demand for off road fuels is rising in the agriculture industry across the globe. Off road fuel is majorly utilized in vehicles that are used in the agricultural industry, such as tractors, harvesting machines, combine harvesters, and mulching machines.
- Moreover, off road fuels is also expected to be extensively used in marine vessels, as aviation fuel, and in machines at county fairs and carnival rides
- Increasing investments in research to reduce the emission of various toxic gases such as oxides of carbon, nitrogen and sulfur, coupled with a surge in the demand for off road fuel in various end-use industries, including heating oil, trains, mining, and logging, is estimated to offer significant opportunity to manufacturers of off road fuel during the forecast period.
Rise in Demand for Off Road Fuel for Various Equipment in Construction Industry
- Based on dye, the global off road fuels market can be divided into red dyed off road fuels, blue dyed off road fuels, green dyed off road fuels, orange dyed off road fuels, yellow dyed off road fuels, and others (black, pink)
- Based on end-user, the global off road fuels market can be classified into heating oil, farming, construction, mining, and others (trains, logging, etc.). In terms of revenue, the construction segment expected to hold a significant share of the global market, owing to the rising demand for construction equipment and earth moving equipment from various development and new construction projects, especially in countries across Asia Pacific. Moreover, increasing mining activities, related to coal and iron ore, in emerging economies including China, India, and Indonesia is projected to drive the demand for off road fuel, which in turn expected to boost the global market during the forecast period .
Asia Pacific to be a Key Market for Off Road Fuels
- In terms of region, the global off road fuels market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to account for a moderate share, in terms of revenue, of the global off road fuels market during the forecast period. This can be attributed to an increase in urbanization in countries in Asia Pacific. The region is expected to witness mega construction activates, which in turn is expected to increase applications of off road fuel in construction equipment. This is a major factor that is projected to drive the off road fuels market in countries in the region during the forecast period. Additionally, rapid expansion of agriculture and mining industries is also expected to drive the off road fuels market in Asia Pacific.
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Key Manufacturers Operating in Market
- Key manufacturers are consistently focusing on the development of advanced off road fuels, with the objective to expand reach, enhance product offerings, and gain competitive edge in the market
Key manufacturers operating in the global market include:
- Suncor Energy Inc.
- Chevron Corporation
- Marathon Petroleum Company LP
- Exxon Mobil Corporation
- Neste Oyj
- Lehigh Fuels LLC
- Whiteley Fuel Oil Company
- Lion Oil Company
- Mauger & Co., Inc
Global Off Road Fuels Market: Research Scope
Global Off Road Fuels Market, by Dye
- Red Dyed Off Road Fuels
- Blue Dyed Off Road Fuels
- Green Dyed Off Road Fuels
- Orange Dyed Off Road Fuels
- Yellow Dyed Off Road Fuels
- Others (Black, Pink, etc.)
Global Off Road Fuels Market, by End-User
- Heating Oil
- Others (Trains, Logging, etc.)
Global Off Road Fuels Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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