Europe and Asia Pacific Petroleum Dyes Market to Reach Valuation
Europe and Asia Pacific Petroleum Dyes Market: Introduction
In terms of value, Europe and Asia-Pacific Petroleum Paints Market is expected to grow at a CAGR of ~3% from 2019-2027 with a cross value of US$218M by 2027. In terms of volume, Europe dominated the Petroleum Paints Market in Europe and Asia-Pacific. It is estimated to maintain its dominance during the forecast period.
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Petroleum Dyes Market in Europe and Asia Pacific: Key Drivers and Constraints
According to the Asian Development Bank (ADB), the Philippines lost $750 million in tax revenue in 2015 to fuel smuggling. Fuel fraud typically involves the dilution of high-priced, taxed fuels with cheaper or low-taxed products. To prevent such illegal activities, governments have deployed a range of fuel dyes designed to differentiate between subsidized and unsubsidized types of fuel.
This allows authorities to identify whether the fuel is being used illegally in vehicles on the road. The demand for petroleum dyes is expected to increase due to the increase in fuel fraud activities. It is estimated that this will boost the petroleum dyes market in Europe and Asia-Pacific. The increasing demand for petroleum dyes in off-road fuels is forecast to propel the market over the forecast period.
Off-road fuels are colored red and are primarily used when operating heavy machinery in industries such as construction, waste management, mining, and airports. Red diesel is commonly used in non-road mobile machinery. The use of petroleum dyes has increased in the aviation industry.
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Petroleum dyes are used to color code different grades of aviation fuel (avgas) to visually distinguish them from other fuels. This is an aviation industry safety measure to prevent aircraft from misfuelling. Petroleum dyes are also used to detect fuel leaks in aircraft tanks. Dyes such as red and yellow are often used for such purposes as they offer the best visibility in the area where the fuel spill is suspected. This is likely to create opportunities for the petroleum dyes market in Europe and Asia-Pacific in the near future.
The petroleum dyes market in Europe and Asia-Pacific is experiencing intense competition for its substitutes and molecular fuel marking. Historically, dyes have been used as fuel markers, but their effectiveness is limited as criminals can remove them, often creating hazardous waste. This, in turn, has led to the emergence of the molecular fuel label, which binds itself to fuel molecules.
Europe and Asia-Pacific Petroleum Dyes Market: Key Segments
In terms of volume, the liquid segment had a large share of the petroleum dyes market in Europe and Asia-Pacific in 2018. This trend is expected to continue throughout the forecast period as the use of petroleum dyes in various applications increases. The majority of petroleum dye manufacturers make liquid petroleum dyes.
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Unlike powdered dyes, liquid dyes are easily miscible with fuels. Based on application, the diesel fuel segment dominated the petroleum dyes market in Europe and Asia-Pacific in 2018 with a share of more than 30%. This trend is expected to continue during the forecast period. The lubricating oils and fats segment also had a notable share of the petroleum dyes market in Europe and Asia-Pacific in 2018.
Major producers of petroleum dyes include The Dow Chemical Company; Innospec; Dayglo Color Corporation; Spectronics Corporation; and anchor paint and chemical. The availability of high-performance petroleum dye substitutes is likely to pose a significant barrier to new players entering the petroleum dyes market in Europe and Asia-Pacific.
Europe and Asia Pacific Petroleum Dyes Market: Segmentation
Petroleum Dyes Market in Europe and Asia-Pacific, by Shape
Europe and Asia Pacific Petroleum Dyes Market by Product Type
Other (including Orange and Green)
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Europe and Asia Pacific Petroleum Dyes Market by Application
lubricating oils and greases
Others (including candle wax, wood stains and aerobatic smoke)
Europe and Asia-Pacific Petroleum Dyes Market by Country and Sub-Region
rest of Europe
Rest of Asia Pacific
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