The emulsified fuel market was valued at $13.8 billion in 2020 and is projected to reach $20.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2030.
Emulsified fuel is a mixture of water and flammable liquid in fuel oil, commonly including substances like kerosene and heavy oil. Emulsions involve both a continuous and scattered phase, with water-in-diesel being the most frequently used emulsion fuel. The primary benefits of using emulsified fuels are both environmental and economic. The presence of water in diesel emulsions reduces combustion temperatures and nitrogen oxide emissions, leading to improved fuel efficiency. Various forms of emulsions are available on the market, including oil-in-water-in-oil and water-in-oil-in-water, depending on the internal and external phases. Oil-in-water and water-in-oil emulsions are utilised in internal combustion engines, while water-in-oil-in-water emulsions find applications in cosmetics, food, and pharmaceuticals.
The emulsified fuel market is analysed based on application, type, and region. The market is segmented into heavy oil, kerosene, and others by type. Increased industrialisation and marine transport have boosted the demand for heavy oil, driving market growth during the forecast period.
In terms of application, the marine segment is anticipated to experience robust growth. The emulsified fuel market is divided into marine, industrial, and other applications. The rapid expansion of sea transport has led to a rise in the demand for ships, subsequently increasing the use of emulsified fuel. This trend acts as a major driver for the global emulsified fuel market throughout the forecast period.
Major companies profiled in the emulsified fuel industry include Alternative Petroleum Technologies, Blue Ocean Solutions, Eneco Holdings, Green Fuels NZ Limited, Nanofuel Co., Ltd., Noritake Co. Limited, Quadrise plc., SulNOx Group PLC, Tecnoveritas, and TotalEnergies.
Quadrise plc (LON:QED) is an energy technology provider whose solutions enable production of cheaper, cleaner, simpler and safer alternatives to fuel oil and biofuels, proven in real world applications. Quadrise technologies produce transition fuels called MSAR® and bioMSAR™, which allow clients in the shipping, utilities and industrial sectors to reduce carbon emissions whilst also saving costs.
