Fuels,
either fossil or renewable in nature, that are used to power a mode
of transportation are known as transport fuels. Any engine installed
in a car, truck or an airplane requires a source of power generation,
which can only be done if there is a fuel source to propel the
engine. The evolution of transportation fuel can be dated back to the
advent of Industrial Revolution, which brought about mechanical
innovation. This also influenced the way man and material travelled
across distances, and the need for covering long journeys in a short
while grew quickly. As railway engines developed during 1763 to 1775,
the need for diesel increased with it. Further down the timeline
steam engines were later found to propel ships and cars started
running on internal combustion engines. Technology progressed and
developed air travel by the time the two World Wars were over. By the
dawn of the new millennium, further advancement led to running of
engines on bio-based fuels and/or renewable energy sources. This
decade has already seen a minor part of the transportation sector
being propelled by electricity in the form of battery recharging
stations.
The
basic need for fuel to propel engines and the need for transportation
are also the most important drivers of the transportation fuel
market. Rise in population, increasing purchase power and rising
standard of living are also responsible for the growth of the market.
Demand can also be attributed to the growing number of automobiles,
railway lines, ships and airplanes that are needed for the
transportation of personnel and materials across regions. A major
drawback of transportation fuels is their influence on the
environment. Since most transportation fuels used till today are
fossil fuel-based, they contribute more towards harming the
environment. Furthermore, transportation fuels need to be refined
from crude oil to generate high quality fuels in order to avoid
corrosion of engines. Refining is a major step in making
transportation fuels viable for use, which adds to the cost of the
fuel and further deteriorates the environment in the form of
effluents, both air and water based. Technological development will
see a considerable increase in the use of bio-based and/or renewable
energy sources to power engines, in the years to come.
Segmentation
of the transportation fuel market can be done on the basis of
applicable modes of transportation that they used in, such as, road,
rail, air and sea. Despite this transportation fuel can be bifurcated
based on the actual products, namely, aviation turbine fuel,
compressed natural gas (CNG), gasoline, diesel, kerosene and liquid
oxygen. Based on the type of engine, the market is fragmented into
combustion engines and electrical engines. Combustion engines can be
further subdivided into internal combustion, external combustion and
air-breathing combustion.
Geographically,
transportation fuel is not processed across the globe, but is
demanded by and supplied to every country that runs transportation
services within it. The regions covered are North America, Europe,
Asia Pacific and Rest of the World (RoW).
Some
of the key players in the processing of transportation fuel across
the globe are: ExxonMobil Corporation, Royal Dutch Shell plc, BP plc,
China Petroleum & Chemical Corporation (Sinopec Limited), Saudi
Arabian Oil Company, Valero Energy Corporation, Chevron Corporation,
Petróleo Brasileiro SA (Petrobras) and Phillips 66.
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