Europe held the largest market share in the Fuel Petroleum Dyes and Markers Market:
Europe is the dominant market for dyes and markers, owing to increased logistics and adulteration threats to the refined fuel market. European Fuel Petroleum Dyes and Markers Market is anticipated to reach $398 million by 2023 at a CAGR of 2.21%. The stringent regulations levied for using solvents that emit high VOCs are driving the Fuel Petroleum Dyes and Markers Market. Red dyes find their applications across various geographies, majorly APAC and the Middle East. These products have seen high demand over the past few years, and will continue to do, especially with increased demand from the European countries. Solvent Yellow 124 is the standard dye which is used in numerous fuel applications such as heating oil, agricultural diesel as well as various rebated fuels, especially in Estonia and European Union.
Selected Market Share Analysis done in the full report:
As per IndustryARC analysts, the refineries, as far as their demand growth is concerned, varies according to the applications it caters to, namely diesel, gasoline, and jet fuel. Special-purpose markers are likely to propel key revenues in the future. With developing economies focus on aerospace programs and with the inclination in the consumer spending on automobiles, the dyes and markers market will likely be buoyed.
Despite being a mature industry, dyes and markers continue to gone through metamorphism in order to meet the ever increasing consumer demands, pricing issues, globalization, rising emphasis on sustainable products, challenges of regulations, etc. The recent plummet in oil prices could possibly force dyes and markers to plunge down, if continued. However, suppliers like Innospec Inc. and John Hogg Co. Ltd. have been successful in balancing their bottom lines from specialty marker solutions.
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Excerpts on Market Growth Factors:
The fuel/petroleum dyes and markers market is set to witness increased adoption as fuel leakages and growing environmental concerns will require suppliers to include such markers.
Diesel is the largest application area for fuel/petroleum dyes and markers, and is estimated to reach $526.88 million in terms of revenue, and 8438.72 kilo tons in terms of volume by 2021, growing at a CAGR of 3.93% and 5.48% respectively.
The alkyl dyes market, which contributes major revenues shares to the fuel dyes and markers industry, is estimated to reach $509.87 million till 2021 growing at a CAGR of 2.37%.
Azo Dyes Market is anticipated to reach $386.59 million by 2021 at a CAGR of 3.74%.
The market for red dye is anticipated to hit $393.87 million by 2021 at a CAGR of 4.44%.
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Key players of Fuel Petroleum Dyes and Markers Market:
Innospec Inc. is the pioneer supplier in the fuel/petroleum dyes and markers market, contributing to a fair good share of the overall revenue. Its plethora of services, continual product launches and innovation have been successful in catering to a wide range customers, consequently maintaining their hold over the market.
John Hogg & Co. Ltd. has been successful in addressing to logistics and refinery needs, and their strong foothold in bestowing an array of customized solutions is the primary reason as to why they are amongst the leading suppliers.
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