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Emulsified fuel is a fusion of water and surfactant (additive) in a fuel oil such as kerosene, heavy oil, and others. They are primarily used to run boilers and engines. Emulsions in emulsified fuels are a particular example of a dispersion comprising a continuous and dispersed phase. The most common type of emulsion fuel is a water-in-diesel emulsion. These fuels can be directly used as a replacement for crude or jet fuels, resulting in savings of up to 70% on the cost of operation. In addition, emulsified fuels are cheaper and environmentally friendly because they do not contain sulfur, further boosting market growth.
The major market driver for the emulsified fuel market is the regulations for emissions from marine vessels. Factors such as upgraded fuel viability, increase in pollution, decrease in fuel cost, interest toward natural protection, and creation of emulsified fuel with high water content are expected to drive the market for emulsified fuels. In addition, the regional government is focusing on zero greenhouse gas emissions; thus, emulsified fuel can be an alternative to conventional fuel in the coming years.
The factor that is expected to inhibit the market's growth is the growing use of LNG as a shipping fuel. Due to this, investors from various industries find it difficult to invest in the emulsified fuel market, which hampers the market growth. In addition, the availability of alternatives for emulsified fuel further hinders market growth.
North America and Europe are expected to dominate the global emulsified fuel market and grow significantly during the forecast period. The regions are anticipated to witness considerable growth during the projected period owing to their high demand for marine fuels. The U.S. holds the major share in the market in the region, followed by Canada.
The emulsified fuel market is expected to take a significant amount of time before recovering from the impact of the COVID-19 pandemic due to resuming of international maritime industry and trade.
Although the clean fuels and maritime industry is slowly gaining momentum due to the easing of COVID-19 restrictions and increased clean fuel. Governments of various countries have announced their green emission targets, such as the United States has a net-zero emission target by 2050, China has a net-zero emission target by 2050, and so on.
The report will cover the following key insights:
Based on the type, the market is segmented into heavy oil, kerosene, and others. The heavy oil sector dominates the global market and accounts for the substantial market share of emulsified fuels. For many years, these oils have been used as an industrial lubricant in construction work, mining, and power ships. Heavy oils are also burned on-site using diesel generators. In addition, the emulsion of these fuels with water can provide significant advantages over other conventional distillation processes. On the other hand, the kerosene type of emulsified fuel has a higher proportion of hydrocarbons used for heating purposes; due to this, the kerosene sector is estimated to grow at the fastest pace in the coming years.
The Asia Pacific is a major market for emulsified fuels, owing to the developing countries like India and China, major consumers of emulsified fuel in this region. China holds the major share in the market and dominates the market in the region; this is primarily because the country has been increasing imports from other nations, including Saudi Arabia, that have excess refining capacity. In addition, the region accounted for nearly half of the world's kerosene consumption in 2016, which makes it an important region for this type of emulsion based on historical uses and future potential. The Asia Pacific region is expected to emerge as a major market in the coming years. The Middle East & Africa accounts for a substantial share of the emulsified fuel industry. This is attributed to the focus of the regional government on zero greenhouse gas emissions, which in turn propels the market for emulsified fuels. South Africa is the major contributor to the region, followed by GCC.
The report will include profiles of key players such as Alternative Petroleum Technologies, TECNOVERITAS, Quadrise Fuels International plc, Eneco, and Fukai Souken.
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