Allied Market Research

2024

Off-road Fuels Market

Off-Road Fuels Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Eswara Prasad
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Off-road fuels are one of the most appealing fuel sectors for consumers and their automobiles. Off-road fuels, often known as colored diesels, are untaxed fuels designed for use in off-road vehicles. The use of off-road fuels in on-road vehicles is unlawful and can result in severe penalties and fines. Off-road fuels are typically colored red to distinguish themselves from highway fuel and on-road diesel. Farmers are now using off-road fuels to power harvesters, tractors, and ploughs in farmlands as a standard practice. Off-road fuel/diesel equipment, such as bobcats, cranes, bulldozers and backhoes are used by construction businesses. Some maritime boats, aircraft fuels and county fair and carnival rides are likely to benefit from off-road fuels.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

  2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

  Product Type, Application and Region

  Companies Covered

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.

 

COVID-19 Impact analysis

  • The off road fuels market was negatively affected due to the outbreak of COVID-19 pandemic.
  • The global impact of the coronavirus epidemic was utterly unexpected, and it has wreaked havoc on the global economy. The demand for off-road vehicles has also been harmed. As a result, demand for off-road gasoline has decreased.
  • The COVID-19 pandemic has caused the imposition of lockdown due to which the production of off road fuels decreased and the global supply chain was affected.
  • The off road fuels market faced downfall of revenue due to the COVID-19 pandemic. 

Top Impacting Factors

The growing demand for clear diesel or ultra-low Sulfur diesel in construction and farming applications is one of the primary factors driving the global off-road fuel industry. A growth in demand for ultra-low Sulfur diesel in vehicles such as tractors and trailers is another factor expected to boost the global off-road fuel market during the forecast period. Off-road fuels are quickly being used by heavy-duty machinery, trucks, bulldozers, and cranes. Increased infrastructure development initiatives are another element driving the global off-road fuel market. Heavy-duty vehicle demand is increasing across a wide range of end-use industries, including industrial, mining, automobiles, aerospace, and fishing/ship machinery. In the agriculture industry all around the world, off-road fuel is in high demand. Agricultural vehicles that require off-road petroleum include tractors, harvesting machines, combine harvesters, and mulching machines, to name a few. Off-road fuel is expected to be widely used in maritime vessels, aviation, carnival rides, and fairground gadgets. Increased research funding for reducing harmful gas emissions such as nitrogen dioxide, sulfur dioxide, and carbon dioxide, as well as a growing market for off-road gasoline during the projected period, several end-use industries such as mining, logging, heating oil, and trains are expected to present considerable potential for off-road fuel makers.

Market Trends

  • The need for off-road gasoline is expected to rise as mining activities related to coal and iron ore increase in growing nations such as Indonesia, China and India. The global off-road fuel market can be divided into construction, heating oil, mining, farming and others based on end-user. Due to increased demand for construction equipment and earth-moving equipment from various development and new construction projects, particularly in Asia Pacific, the construction segment is predicted to hold a substantial share of the global market in terms of revenue. The need for off-road gasoline is expected to rise as mining activities related to coal and iron ore increase in growing nations such as Indonesia, China and India.
  • During the projected period, North America is expected to account for the majority of the market, commercial producers of renewable isobutanol for new product lines of off-road fuels and marine applications are likely to present significant prospects for the region.
  • Europe, followed by North America, is expected to see significant growth in the usage of colored bio-diesel, resulting in new prospects in the off-road fuel market.
  • Market players are adopting many strategies such as acquisition, mergers, contract, new product launch, agreement and partnership to expand their business.
     

Key Benefits of the Report

  • This study presents the analytical depiction of the off road fuels industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the off road fuels market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the off road fuels market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed off road fuels market analysis based on competitive intensity and how the competition will take shape in coming years.

Off-Road Fuels Market Report Highlights

Aspects Details
Off-Road Fuels Market By Region
By Region
  • Asia-Pacific  (China, India, Japan, South Korea, Rest of Asia-Pacific)
  • North America  (United States, Canada, Mexico)
  • Europe  (Germany, United Kingdom, France, Italy, Rest of Europe)
  • South America  (Brazil, Argentina, Rest of South America)
  • Middle-East and Africa  (Saudi Arabia, South Africa, Rest of Middle-East and Africa)
Off-Road Fuels Market By Product Type
By Product Type
  • Red Dyed Off Road Fuels
  • Blue Dyed Off Road Fuels
  • Green Dyed Off Road Fuels
  • Others
Off-Road Fuels Market By Application
By Application
  • Heating Oil
  • Farming
  • Construction
  • Mining
  • Others
Key Market Players
Key Market Players

Mauger & Co., Inc, Lehigh Fuels LLC, Suncor Energy Inc., Lion Oil Company, Whiteley Fuel Oil Company, Neste Oyj, Marathon Petroleum Company LP, Chevron Corporation, Exxon Mobil Corporation

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Off-Road Fuels Market

Global Opportunity Analysis and Industry Forecast, 2023-2032