According to a new report published by Allied Market Research, titled," Emulsified Fuel Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030," the emulsified fuel market size was valued at $13.8 billion in 2020, and is projected to reach $20.8 billion by 2030, at a CAGR of 4.2% from 2021 to 2030.
Emulsified fuel, such as kerosene and heavy oil, is a mixture of water and flammable liquid in a fuel oil. Emulsion is a type of scattering that includes both a continuous and scattered stage. Water-in-diesel emulsion is the most often used emulsion fuel. The key advantage to utilizing emulsified fuels rather than the fuel itself are natural and monetary advantages. The presence of water in a diesel emulsion reduces burning temperatures and nitrogen oxide emissions. This results in improved fuel economy. Oil-in-water-in-oil and water-in-oil-in-water are two forms of emulsions available in the market, depending on the inner and outer phases. Oil-in-water and water-in-oil emulsions are used in internal combustion engines for fuel, whilst the water-in-oil-in-water emulsion is used in cosmetics, food, and pharmaceutical production.
The emulsified fuel market analysis has been done on the basis of application, type, and region. By type, the market is divided into heavy oil, kerosene, and others. Rise in industrialization and marine transport led to increase in the demand for heavy oil. This drives the growth of the emulsified fuel market during the forecast period.
By application, the marine segment is expected to witness robust growth. Based on application, the emulsified fuel market is divided into marine, industrial and other. Rapid expansion of sea transport led to increase in demand for ships, which led to increase in the use of emulsified fuel. This acts as the major driving factor for the global emulsified fuel market during the forecast period.
By region, Asia-Pacific is expected to grow at a rapid CAGR during the projection period, due to an increase in recreational water activities, logistics, and fishing, mainly in the developing nations such as India and China. Emulsified fuel is used in ships to cut NOx emissions and lower combustion temperatures.
The major companies profiled in this emulsified fuel industry report include Alternative Petroleum Technologies, Blue Ocean Solutions, Eneco Holdings, Green Fuels NZ Limited, Nanofuel Co., Ltd., Noritake Co. Limited, Quadrise Fuels International plc., SulNOx Group PLC, Tecnoveritas, and TotalEnergies.
Key findings of the study
- By region, the Asia-Pacific market is projected to grow at the highest CAGR of nearly 4.4%, in terms of revenue, during the emulsified fuel market forecast period.
- By type, the heavy oil segment accounted for the largest emulsified fuel market share in 2020.
- By application, the marine segment garnered the largest market share in 2020.