Off-road Fuel 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 fuel in on-road vehicles is illegal and may lead to fines and heavy penalties. Off-road fuel is usually dyed in red color to differentiate it 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.
Key Drivers and Restraints of Off-road Fuel Market
- Rise in 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. Increase in 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 fuel market during the forecast period.
- 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 fuel market. Furthermore, demand for heavy-duty vehicles is increasing in different end-use verticals such as industrial, aerospace, mining, automobiles, and fishing/ship machinery.
- Demand for off-road fuel 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.
- Off-road fuel is also expected to be extensively used in marine vessels, as aviation fuel, and in machines at county fairs and carnival rides
- Increase in investments in research to reduce the emission of various toxic gases such as oxides of carbon, nitrogen, and sulfur; and surge in demand for off-road fuel in various end-use industries, including heating oil, trains, mining, and logging, are estimated to offer significant opportunities to manufacturers of off-road fuel during the forecast period.
Global Off-road Fuel Market: Segmentation
- The global off-road fuel market can be segmented based on dye and end-user
- Based on dye, the global off-road fuel 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 and pink)
- Based on end-user, the global off-road fuel market can be classified into heating oil, farming, construction, mining, and others (trains, logging, etc.). In terms of revenue, the construction segment is expected to hold 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. Rise in 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.
Global Off-road Fuel Market: Regional Segmentation
- Based on region, the global off-road fuel market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- In terms of revenue, Asia Pacific is expected to account for moderate share of the global off-road fuel market during the forecast period. This can be ascribed to increase in urbanization in countries in Asia Pacific. The region is expected to witness mega construction activates. This, in turn, is expected to increase applications of off-road fuel in construction equipment. Additionally, rapid expansion of agriculture and mining industries is expected to drive the off-road fuel market in Asia Pacific.
COVID-19 Impact on Off-road Fuel Market
- The global impact of the coronavirus pandemic was completely unpredicted, and it has put the world economy in severe distress. Demand for off-road vehicles has also been negatively impacted. This has resulted in lower demand for off-road fuels. However, demand for automobiles is gradually returning to normalcy after relaxation in lockdown. This is expected to propel the sales of off-road fuel during the forecast period.
Key Players Operating in Market
- 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 Fuel Market: Research Scope
Global Off-road Fuel Market, by Dye
- Red Dyed Off-road Fuel
- Blue Dyed Off-road Fuel
- Green Dyed Off-road Fuel
- Orange Dyed Off-road Fuel
- Yellow Dyed Off-road Fuel
Global Off-road Fuel Market, by End-user
- Heating Oil
Global Off-road Fuel 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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