The diesel industry plays a crucial role in various sectors, including transportation, manufacturing, and power generation. Understanding the forecasts and trends for the diesel industry in 2024 can provide valuable insights for businesses and stakeholders.
This article will explore the projected growth, challenges, and emerging trends in the diesel industry, supported by verified sources.
Diesel Forecasted Market Growth
According to a report on LinkedIn, the global diesel fuel additives market is expected to rise at a substantial rate between 2024 and 2031. The forecast predicts significant growth opportunities for fuel additives, which enhance the performance and efficiency of diesel fuel.
Factors such as increasing demand for cleaner and more sustainable fuels and stringent emission regulations are driving the growth of this market.
Diesel Commercial Vehicle Sector
The diesel industry’s performance is closely tied to the commercial vehicle sector. Diesel Progress reports that while the industry experienced a contraction, there is an anticipated 2.3% growth in 2024. Despite a challenging year, the industry is expected to rebound and exhibit positive growth in the coming years.
Diesel Heavy Truck Demand and Alternative Fuels
A Diesel Progress article highlights that although Class 8 truck production may decline by around 20% in the near future, 2024 is expected to be a strong year for truck demand. Additionally, there is growing interest in alternative fuels for heavy trucks, driven by environmental concerns and regulatory requirements.
Diesel Prices Forecast
Rigzone reports that the U.S. Energy Information Administration (EIA) has revised its diesel price forecast for 2023 and 2024. This update indicates potential fluctuations in diesel prices, which can impact the overall industry. It is essential for businesses to monitor these price trends and adjust their strategies accordingly.
Diesel Impact of OPEC+ Production Cuts
S&P Global explains that rising oil prices, coupled with OPEC+ production cuts, are expected to drive an increase in retail gasoline and diesel prices in 2024. Businesses in the diesel industry should consider the potential impact of these price fluctuations on their operations.
Diesel Environmental Regulations
The Economist predicts that diesel may face challenges due to the implementation of more low-emission zones, particularly in French cities. As governments and organizations continue to prioritize environmental sustainability, it is crucial for the diesel industry to adapt and develop innovative solutions to meet these evolving standards.
Diesel Forecasts and Trends in 2024 Conclusion
The diesel industry is poised for both growth and challenges in 2024. Projections indicate opportunities for fuel additives, a rebound in the commercial vehicle sector, and an increased focus on alternative fuels.
However, businesses in the diesel industry must also navigate potential price fluctuations and adapt to stricter environmental regulations. By staying informed about these forecasts and trends, stakeholders can make informed decisions to drive success in the diesel industry in 2024.
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Sources:
Diesel Fuel Additives Market – Growth, Trends and Forecast (2024 – 2031). https://www.linkedin.com/pulse/diesel-fuel-additives-market-growth-trends-forecast-ahgaf/. Business Grow Reports. Accessed December 19, 2023.
Forecast 2024: It’s different this time…until it isn’t for commercial vehicles. https://www.dieselprogress.com/news/forecast-2024-it-s-different-this-time…until-it-isn-t-for-commercial-vehicles/8031964.article. Ken Vieth. Accessed December 19, 2023.
Forecast 2024: Heavy truck, alternative fuels. https://www.dieselprogress.com/news/forecast-2024-heavy-truck-alternative-fuels/8031966.article. Chris Fisher. Accessed December 19, 2023.
EIA Bumps Up USA Diesel Price Forecast. https://www.rigzone.com/news/eia_bumps_up_usa_diesel_price_forecast-18-sep-2023-174029-article/. Andreas Exarheas. Accessed December 19, 2023.
Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA. https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/101123-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll-eia. S&P Gglobal. Accessed December 19, 2023.
Ten business trends for 2024, and forecasts for 15 industries. https://www.economist.com/the-world-ahead/2023/11/13/ten-business-trends-for-2024-and-forecasts-for-15-industries. The Economist. Accessed December 19, 2023.