The latest market report published by Credence Research, Inc. “Gas Oil Market, By Geography- Growth, Future Prospects and Competitive Analysis, 2016 – 2030,” the global Gas Oil market was valued at US$ 580.9 Bn in 2016, and is expected to each US$ 1050.8 Bn by 2030, expanding at a CAGR of 4.3% from 2016 to 2030.
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Global gas oil market is projected to witness significant growth over the forecast period. Growing use of gas oil in commercial and domestic vehicles coupled with increasing array of applications of gas oil in railways, international bunkers and marine fuel is anticipated to drive the demand for gas oil over the forecast period. Further, Gas oil is also used in industries for various applications such as power generation or as a fuel in boilers, machinery and other applications expected to fuel the demand for gas oil over the forecast period. Growth in disposable income along with increasing number of vehicle especially in the Asia Pacific is expected to upsurge the demand for the gas oil during the forecast period. However, growing environmental concerns over the emission of greenhouse gases influencing government to impose regulatory guidelines for the usage of gas oil which in turn is expected to restraint the demand for gas oil. Moreover, volatile oil prices of crude oil influencing the prices for gas oil which in turn is expected to restrain the growth of global gas oil market during the forecast period (2016-2030).
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By Geography, Asia Pacific was the most dominant region in 2015 and anticipated to continue its dominance over the forecast period. The segment is also projected to witness fastest growth during the forecast period. Followed by it, Europe is was the second largest market in the global gas oil market. Increasing consumption of gas oil in Germany, France and U.K. is anticipated to drive the demand of gas oil in the region over the forecast period (2016-2030).
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Considering the competition, the global gas oil market is expected to witness a significant rise in investment in capacity expansion for the production and supply of gas oil. Further, market has witnessed strategic mergers and collaborations among gas oil regional and global players. Such growth strategies are focused on increasing their market penetration in key consuming economies.
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