Petroleum-Fuel Dyes and Markers Market Size Predictions : USD 712.1 Million by 2032
The global market is projected to be valued at US$ 445.60 Mn in 2022 and is anticipated to reach around US$ 712.1 Mn by 2032. The global petroleum fuel dyes and markers market is expected to witness a steady growth rate by registering a CAGR of 4.8% during the projection period from 2022 to 2032. The rising production of petroleum and petroleum-based products is predicted to bolster the consumption of petroleum-fuel dyes and markers over the assessment period.
According to the historical projection of the global petroleum-fuel dyes and markers market, the CAGR registered was about 4.2% between 2012 and 2021. Owing to the surging growth of end-use industries such as refineries and increasing usage and consumption of petroleum/fuel products, such as gasoline generators in various developed and developing countries, the global petroleum-fuel dyes and markers market is poised to grow at a 4.8% CAGR between 2022 and 2032.
Leading oil and gas companies are continuously searching for measures that can assist them to stop the smuggling of crude oil. In order to keep an eye out, specific dyes and markers are used. These solutions help prominent oil and gas companies to categorize the products on the basis of functionalities, and properties such as ignition temperature, boiling point, etc. Therefore, rising incidents of fuel theft all over the world along with the surging need to identify different grades of fuels are anticipated to augment the growth of the fuel-dyes and markers market during the assessment period.
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- Strict gasoline pricing and taxation systems help in preventing mismanagement that occurred during the trading of numerous gasoline and diesel grades. Various rates of tax on leaded and unleaded gasoline grades are fully charged at different levels and further, they are promoted to replace unleaded with leaded gasoline. Whereas, from the technical means, colored dyes are used to distinguish leaded and unleaded grades and brands and to restrict mismanagement.
- Most countries are opting for fuel additives or petroleum/ fuel dyes as it is a more preferred and convenient way to restrict the mismanagement of various gasoline brands. In order to switch manufacturing of unleaded gasoline, key players in the market are presently offering incentives for refineries which is also known as the introduction of an environmental tax imposed on the import.
- According to the U.S., numerous state governments have made it mandatory to use dyes and markers for off-road diesel which is non-taxed in order to prevent its laundering in the on-road diesel sector, specifically over the border areas of the states.
- Stringent regulations help in differentiating various grades of different fuels which are expected to drive the petroleum-fuel dyes and markers market and the trend is likely to continue during the forecast period. Different colors of dyes are used for coloring gasoline, lubricating oils, etc. and each of these colors has a different purpose.
Prominent market players in the petroleum-fuel dyes and markers market are concentrating on partnering with end users and entering into long-term supply agreements. Such leading key players in the market are focusing on investing in research and development for developing new products and introducing more sustainable products to minimize the carbon footprint.
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Key Companies Profiled IN Petroleum-Fuel Dyes and Markers Market are Johnson Matthey (Tracerco), The Dow Chemical Company, BASF SE, SGS SA, Innospec, Marquard & Bahls, Pylam Products Company, Inc., John Hogg Technical Solutions, SBZ Corporation, United Color Manufacturing, Inc., Spectronics Corporation, Mid Continental Chemical, Organic Dyes and Pigments, Orient Chemical (Korea) Ltd., American Gas & Chemical Co. Ltd., Authentix, Inc., AXI International, Axyntis Group, Rodanco BV, Sunbelt Corporation
More Insights into the Petroleum-Fuel Dyes and Markers Market
According to the FMI analysis, the U.S. is expected to dominate the global petroleum-fuel dyes and markers market in 2022 by accounting for around 25.3% of the global share. Surging oil production across various sectors in the U.S. is leading to increasing demand for oil products and distillates, such as gasoline, off-road diesel, aviation fuel, kerosene, etc. This factor is expected to drive growth in the market.
India is also expected to remain one of the fastest-growing markets for the consumption of petroleum-fuel dyes and markers all over the globe. A crucial development in the refinery sector combined with growing fuel demand are both influencing the market growth over the projection period.