The global petroleum-fuel dyes and markers market is estimated to be valued at US$467mn in 2023 and is further expected to witness a steady growth rate of 4.8% CAGR during the forecast period, totalling a valuation of around US$746.3mn by 2033
The rising production of petroleum and petroleum-based products is expected to boost the consumption of petroleum-fuel dyes and markers over the assessment period.
Petroleum-fuel dyes are aromatic substances which are used to add colour characteristics to gasoline and other petroleum products. They possess inherent characteristics such as solubility and intense colour, and exhibit good affinity towards the end-use substrate. Petroleum markers on the other hand are colourless substances, which when added to fuels are detected by adding a specific reagent.
Petroleum dyes and markers are being increasingly used to identify fuel and prevent fuel theft. They are used in applications where different grades of fuels are required to be distinguished, to prevent fuel adulteration and theft, and to add aesthetic appeal to fuels.
The rising adulteration of petroleum and increasing number of government laws regarding fuel taxes are expected to propel the demand for petroleum-fuel dyes and markers over the next 10 years.
2018 to 2022 petroleum-fuel dyes and markers market outlook compared to 2023 to 2033 forecast
The global demand for petroleum-fuel dyes and markers grew at a CAGR of 4.2% during the historical period of 2018 and 2022. However, with the rapid growth of end-use industries, such as refineries, and increasing usage and consumption of petroleum/fuel products, such as gasoline in various developed and developing countries, the global petroleum-fuel dyes and markers market is poised to grow at 4.8% CAGR between 2023 and 2033.
Similarly, increasing investments in oil exploration and drilling activities along with growing need for petroleum-fuel dyes and markers in the oil and gas industry to prevent fuel theft and increasing regulations to differentiate grades and adulteration of fuels are expected to boost sales of petroleum-fuel dyes and markers during the forecast period.
Oil and gas companies are continuously looking for measures that can help them to stop the smuggling of crude oil. For this purpose, they use specific dyes and markers. These solutions also help oil and gas companies to categorise the products on the basis of their functionalities, and properties such as ignition temperature, boiling point, etc.
