Europe and Asia Pacific Petroleum Dyes Market: Introduction
In terms of value, the petroleum dyes market in Europe and Asia Pacific is anticipated to expand at a CAGR of ~3% from 2019 to 2027 and cross value of US$ 218 Mn by 2027. In terms of volume, Europe dominated the petroleum dyes 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 Restraints
According to the Asian Development Bank (ADB), the Philippines suffered a loss of US$ 750 Mn in tax revenue due to fuel smuggling in 2015. Fuel fraud typically entails diluting high-priced, taxed fuels with cheaper or low-taxed products. In order to prevent such illicit activities, governments have deployed a range of fuel dyes that are designed to differentiate between subsidized and non-subsidized types of fuels. This allows the authorities to detect if the fuel is being used illegally in vehicles on the road. The demand for petroleum dyes is anticipated to rise owing to the increase in fuel fraud activities. This is estimated to boost the petroleum dyes market in Europe and Asia Pacific. Increase in demand for petroleum dyes in off-road fuels is projected to propel the market during the forecast period. Off-road fuels are dyed in red color and are majorly used when operating heavy machinery in industries such as construction, waste management, mining, and airport. Red diesel is commonly used in non-road mobile machinery. The usage of petroleum dyes has been increasing in the aviation industry. Petroleum dyes are used to color-code different grades of aviation gasoline (avgas) to visually distinguish them from other fuels. This is a safety measure taken by the aviation industry to prevent misfueling of an aircraft. Petroleum dyes are also used to detect fuel leakage in tanks of aircraft. For such purposes, dye colors such as red and yellow are highly used, as they provide the highest visibility in the area where the leaking fuel 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 has been witnessing intense competition in terms of 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 wastes in the process. This, in turn, has led to the emergence of molecular fuel marking that binds itself to fuel molecules.
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Petroleum Dyes Market in Europe and Asia Pacific: Key Segments
In terms of volume, the liquid segment held major share of the petroleum dyes market in Europe and Asia Pacific in 2018. This trend is expected to continue throughout the forecast period, owing to the rise in usage of petroleum dyes in various applications. Majority of manufacturers of petroleum dyes produce liquid petroleum dyes. Liquid dyes are easily miscible in fuels vis-à-vis powdered dyes. Based on application, the diesel fuel segment dominated the petroleum dyes market in Europe and Asia Pacific with more than 30% share in 2018. This trend is estimated to continue during the forecast period. The lubricating oils & greases segment also held notable share of the petroleum dyes market in Europe and Asia Pacific in 2018.
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Competition Landscape
Major manufacturers of petroleum dyes include The Dow Chemical Company; Innospec; Dayglo Color Corporation; Spectronics Corporation; and Anchor Color and Chemical. The availability of high-performance substitutes for petroleum dyes is likely to pose a significant barrier for new players entering the petroleum dyes market in Europe and Asia Pacific.
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