Synthetic Fuels Market worth $70.1 billion by 2030 Globally, at a CAGR of 5.4% says MarketsandMarkets™
Chicago, Oct. 26, 2023 (GLOBE NEWSWIRE) — The Synthetic Fuels Market is projected to grow from USD 48.4 billion in 2023 to USD 70.1 billion by 2030, at a CAGR of 5.4% , as per the recent study by MarketsandMarkets™. Synthetic fuel can be utilized in commercial vehicles, passenger vehicles, aviation, marine, and railways. They can be available in variety of grades and has different specifications in terms of viscosity index and density. The growing demand for alternate fuel in the automotive & transportation sector is promoting the overall growth of synthetic fuels market.
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List of Key Players in Synthetic Fuels Market:
- Shell (UK)
- SASOL (South Africa)
- CHN Energy Investment Group Co., Ltd. (China)
- Chevron Renewable Energy Group (US)
- ExxonMobil Corporation (US)
- TotalEnergies (France)
- Neste (Finland)
- Petro SA (South Africa)
- Linde Engineering (Ireland)
- Synthesis Energy Systems, Inc. (US)
- Dakota Gasification Company (US)
- TOPSOE (Denmark)
- MaireTecnimont S.p.A. (Italy)
- Sunfire GmbH (Germany)
- RWE (Germany)
- QatarEnergy (Qatar)
- Inner Mongolia Yital Coal Co., Ltd. (China)
- among others
Drivers, Restraints, and Opportunities in Synthetic Fuels Market:
- Driver: Investment from private players boosting research and development
- Restraint: High cost of synthetic fuel
- Opportunity: High potential of different applications of synthetic fuels
- Challenge: Difficulty in achieving economies of scale in synthetic fuel production
Key Findings of the Study:
- By fuel type, the methanol to liquid segment is estimated to be the largest segment of synthetic fuels market in 2023.
- By end use, the industrial segment is projected to be the second-fastest growing segment of synthetic fuels market during forecast period.
- By application, the diesel segment is projected to account for the largest market share of synthetic fuels market between 2023 and 2030.
- By region, North America is estimated to account for the fastest-growing segment of synthetic fuels market during 2023 to 2030.
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MTL fuels foster synthetic fuels market growth by providing several advantages, including their potential to reduce greenhouse gas emissions when produced from sustainable feedstocks and their compatibility with existing internal combustion engines and fuel distribution infrastructure.
Synthetic diesel finds diverse applications, especially in challenging sectors like heavy transportation and off-road vehicles. It is versatile, easily tailored with additives, and boasts low sulfur content, reducing emissions. These factors contribute to the growth of global synthetic fuels market.
The growth of this segment can be attributed to compatibility of synthetic fuels with standard engines in vehicles and aircraft. They offer a greener alternative to traditional fuels. They cut emissions when sourced from renewables, making them vital for a cleaner transportation future.
The Asia Pacific region taps into abundant renewable resources like solar and wind, fueling the growth of eco-friendly synthetic fuels. Nations like China prioritize synthetic natural gas (SNG) from coal for cleaner energy, while Australia explores green ammonia as a versatile precursor. Backed by government initiatives and tech progress, the Asia Pacific synthetic fuels market drives sustainability, aligning with regional energy transitions and decarbonization goals.
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ExxonMobil Corporation is one of a prominent multinational energy company which is a result of the merger between Exxon Corporation and Mobil Corporation. ExxonMobil Corporation is engaged in the exploration, production, transportation, and sale of crude oil, natural gas, and petroleum products. The company operates through four business segments, namely, upstream, energy products, chemical products, and specialty products.
Chevron Renewable Energy Group is a business segment of Chevron Corporation that focuses on growing Chevron’s portfolio of lower carbon fuels and developing new ones. The group was formed after Chevron completed its acquisition of Renewable Energy Group (REG) in June 2022. Chevron Renewable Energy Group is now one of the biggest bio-based diesel manufacturers by volume in the US.
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