Published on : Jun 22, 2021
Albany, New York, June 22, 2021: Fuel smuggling is one of the most serious problems across the world. Many fuel companies and governments of various countries lose billions of rupees due to illegal fuel consumption, thus proving to be a deterrent to their economy. Many countries have come forward with numerous acts, policies, and initiatives to curb this problem. One of the important tools for detecting illegal fuel is the coloration of petroleum with petroleum fuel dyes and markers.
The petroleum fuel dyes and markers market may bank heftily on the point of fuel smuggling detection across the forecast period of 2015-2026. The property of these products in solubilizing petroleum hydrocarbons and offering coloration to petroleum products proves to be beneficial factors for the growth of the petroleum fuel dyes and markers market. Advances in the petroleum and gas industry in the past years and increasing product explorations are anticipated to drive the petroleum fuel dyes and markers market toward growth. Based on type, the petroleum fuel dyes and markers market can be classified into azo dyes, fluorescent dyes, ethyl dyes, and others.
The COVID-19 outbreak has led to the disruption of once flourishing businesses across the world. The oil and gas industry has also been hit hard due to the lockdown measures implemented by various countries across the globe. Due to restricted vehicle movement, the oil and gas industry has faced tremendous losses. Eventually, this aspect has formed a dent in the growth of the petroleum fuel dyes and markers market.
The lockdown measures are being lifted gradually and the petroleum fuel dyes and markers market may see an increase in growth rate slowly and steadily as the oil and gas industry recovers from the losses. The ‘Covid-19 Impact on Global Petroleum Fuel Dyes and Markers Market Insights, Forecast To 2026’ report covers all the pointers important in the aspect of the post-COVID-19 scenario.
The report on the petroleum fuel dyes and markers market offers in-depth analysis through considerable research across various parameters such as competitive landscape, key trends, and current scenario. This report also focuses thoroughly on the ongoing COVID-19 pandemic and its effect on the petroleum fuel dyes and markers market. The report will prove as a source of market intelligence for the business owners and market shareholders in this sector to a large extent.
Many oil and gas companies across the world are implementing fuel marking programs for curbing smuggling. Fuel passed through numerous tax compliance stages is marked with a special dye. The absence of marker dye can help in detecting unpaid tax fuel. Thus, this factor can bring massive growth opportunities for the petroleum fuel dyes and markers market.
Government support is an important pillar for the growth of the petroleum fuel dyes and markers market. Many countries are including fuel marking programs in their tax reform initiatives, thus leading to an increased demand for petroleum fuel dyes and markers.
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The use of petroleum fuel dyes and markers for marking of fuel taxed at a discounted rate may also gain traction during the forecast period. For instance, in the U.K., red diesel is the name of the diesel dyed with markers and can be used only in registered off-road agricultural vehicles and construction vehicles.
The UK government has also authorized a roadside test for tackling the menace of fuel fraud. A chemical developed by Dow Chemical Company is added to the diesel as a marker, which is difficult to remove. Therefore, it can lead to successful fuel fraud detection. Such developments and initiatives by the government to fight illegal fuel smuggling may bring good growth opportunities for the petroleum fuel dyes and markers market.