Fuels, either fossil
or renewable in nature, that are used to power a mode of
transportation are known as transport fuels. Any engine installed in
a car, truck or an airplane requires a source of power generation,
which can only be done if there is a fuel source to propel the
engine. The evolution of transportation fuel can be dated back to the
advent of Industrial Revolution, which brought about mechanical
innovation. This also influenced the way man and material travelled
across distances, and the need for covering long journeys in a short
while grew quickly. As railway engines developed during 1763 to 1775,
the need for diesel increased with it. Further down the timeline
steam engines were later found to propel ships and cars started
running on internal combustion engines. Technology progressed and
developed air travel by the time the two World Wars were over. By the
dawn of the new millennium, further advancement led to running of
engines on bio-based fuels and/or renewable energy sources. This
decade has already seen a minor part of the transportation sector
being propelled by electricity in the form of battery recharging
stations.
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The basic need for
fuel to propel engines and the need for transportation are also the
most important drivers of the transportation fuel market. Rise in
population, increasing purchase power and rising standard of living
are also responsible for the growth of the market. Demand can also be
attributed to the growing number of automobiles, railway lines, ships
and airplanes that are needed for the transportation of personnel and
materials across regions. A major drawback of transportation fuels is
their influence on the environment. Since most transportation fuels
used till today are fossil fuel-based, they contribute more towards
harming the environment. Furthermore, transportation fuels need to be
refined from crude oil to generate high quality fuels in order to
avoid corrosion of engines. Refining is a major step in making
transportation fuels viable for use, which adds to the cost of the
fuel and further deteriorates the environment in the form of
effluents, both air and water based. Technological development will
see a considerable increase in the use of bio-based and/or renewable
energy sources to power engines, in the years to come.
Segmentation of the
transportation fuel market can be done on the basis of applicable
modes of transportation that they used in, such as, road, rail, air
and sea. Despite this transportation fuel can be bifurcated based on
the actual products, namely, aviation turbine fuel, compressed
natural gas (CNG), gasoline, diesel, kerosene and liquid oxygen.
Based on the type of engine, the market is fragmented into combustion
engines and electrical engines. Combustion engines can be further
subdivided into internal combustion, external combustion and
air-breathing combustion.
Geographically,
transportation fuel is not processed across the globe, but is
demanded by and supplied to every country that runs transportation
services within it. The regions covered are North America, Europe,
Asia Pacific and Rest of the World (RoW).
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Some of the key
players in the processing of transportation fuel across the globe
are: ExxonMobil Corporation, Royal Dutch Shell plc, BP plc, China
Petroleum & Chemical Corporation (Sinopec Limited), Saudi Arabian
Oil Company, Valero Energy Corporation, Chevron Corporation, Petróleo
Brasileiro SA (Petrobras) and Phillips 66.
This research report
analyzes this market on the basis of its market segments, major
geographies, and current market trends.
Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report
provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a
complete study of current trends in the market, industry growth
drivers, and restraints. It provides market projections for the
coming years. It includes analysis of recent developments in
technology, Porter’s five force model analysis and detailed
profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players
and new entrants along with detailed value chain analysis.
Reasons for
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