Surge in concern toward reducing carbon emissions, no requirement for additional retrofitting, improved engine performance drive the growth of the global emulsified fuel market. The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of emulsified fuel industries, caused disruptions in the supply chain, thereby, adversely affected the overall production and manufacturing facilities of emulsified fuel industries.
Portland, OR, Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global emulsified fuel market generated $13.8 billion in 2020, and is projected to reach $20.8 billion by 2030, witnessing a CAGR of 4.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in concern toward reducing carbon emissions, no requirement for additional retrofitting, improved engine performance drive the growth of the global emulsified fuel market. However, competition from other renewable sources of energy and lack of awareness and standardization restrain the market to some extent. On the other hand, favorable government policies encourage cleaner and greener sources of energy, which in turn, presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of emulsified fuel industries, thereby adversely affecting the overall production and manufacturing facilities.
The pandemic also caused disruptions in the supply chain, which led to difficulty in the supply of raw materials and finished products. This, in turn, affected the market demand and reduced sales.
Gaps in demand-supply, price volatility, and change in government policy are expected to affect the growth of various end-use industries. Nevertheless, the market is estimated to witness significant growth in the post-pandemic period.
The report offers detailed segmentation of the global emulsified fuel market based on type, application, and region.
Based on type, the heavy oil segment held the highest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the kerosene segment is estimated to register the highest CAGR of 4.5% from 2021 to 2030.
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Based on application, the marine segment held the largest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 4.3% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global emulsified fuel market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 4.4% during the forecast period.
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Leading players of the global emulsified fuel market analyzed in the research 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.
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