19 August 2023, Mumbai
The global petroleum-fuel dyes and markers market is estimated to be valued at US$ 467 million in 2023 and is projected to grow at a CAGR of 4.8% during the forecast period, 2023-2033.
The market growth is driven by the following factors:
Increasing production of petroleum and petroleum-based products
Rising adulteration of petroleum
An increasing number of government laws regarding fuel taxes
Petroleum-Fuel Dyes and Markers
Petroleum-fuel dyes are aromatic substances that are used to add color characteristics to gasoline and other petroleum products.
They possess inherent characteristics such as solubility and intense color and exhibit good affinity towards the end-use substrate.
Petroleum markers on the other hand are colourless substances, which when added to fuels are detected by adding a specific reagent.
Petroleum dyes and markers are used in applications where different grades of fuels are required to be distinguished, to prevent fuel adulteration and theft, and to add aesthetic appeal to fuels.
Key Drivers
The following are the key drivers of the global petroleum-fuel dyes and markers market:
Increasing production of petroleum and petroleum-based products: The global demand for petroleum and petroleum-based products is increasing due to the growing population and rising standards of living.
This is leading to the increased production of petroleum and petroleum-based products, which in turn is driving the demand for petroleum-fuel dyes and markers.
Rising adulteration of petroleum:
Petroleum adulteration is the practice of adding unauthorized substances to petroleum products in order to increase their volume or improve their appearance.
This is a major problem in many countries, and it is estimated that up to 20% of petroleum products sold in some countries are adulterated. Petroleum-fuel dyes and markers can be used to detect petroleum adulteration, which is helping to combat this problem.
An increasing number of government laws regarding fuel taxes:
Governments around the world are increasingly imposing taxes on fuel in order to raise revenue and reduce pollution.
This is leading to the increased use of petroleum-fuel dyes and markers, which can be used to differentiate between taxed and untaxed fuels.
Regional Analysis
The global petroleum-fuel dyes and markers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for petroleum-fuel dyes and markers, followed by Europe and Asia Pacific. The high demand for petroleum products in these regions is driving the market growth.
Key Players
The following are some of the key players in the global petroleum-fuel dyes and markers market:
Johnson Matthey (Tracerco)
DuPont
BASF SE
SGS SA
Innospec
Marquard & Bahls
Pylam Products Company, Inc.
John Hogg Technical Solutions
SBZ Corporation
United Color Manufacturing, Inc.
Spectronics Corporation
In summary
The global petroleum-fuel dyes and markers market is expected to grow at a steady pace during the forecast period, driven by the factors mentioned above.
The market is expected to witness significant growth in the coming years due to the increasing demand for petroleum products and the need to prevent fuel adulteration and theft.
CREDITS: Future Market Insights report
