USD 4.1 billion
Report ID: SQMIG10G2015 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 37 | Figures: 63
Synthetic Fuel Market was valued at USD 4.1 billion in 2021, and it is expected to reach a value of USD 20.84 billion by 2028, at a CAGR of more than 26.15% over the forecast period (2022- 2028).
Fuels that are synthetic, or "carbon-neutral," collect CO2 during production. In this method, this greenhouse gas is transformed into a raw material from which power from renewable sources can be used to manufacture gasoline, diesel, and replacement natural gas. The ability to continue using the existing network of filling stations is another significant benefit of combustion engines that run on synthetic fuels. The same is true of the current combustion-engine knowledge. Furthermore, the creation of alternative fuels may be beneficial even though electric vehicles will become substantially less expensive in the next years. Depending on the type of renewable energy utilized, Bosch has estimated that the total cost of ownership of a hybrid-powered by synthetic fuel, up to a lifetime mileage of 160,000 kilometers, might be less than that of a long-range electric vehicle.
US Synthetic Fuel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.1 billion
more than 26.15% CAGR
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The Global Synthetic Fuel Market is segmented based on the Type, and region. Based on the Type, the Global Synthetic Fuel Market is segmented as Extra-Heavy Oils, Shale Oil, Liquid To Gas Fuels, and Other. Based on Region Synthetic Fuel Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Synthetic Fuel Market Analysis by Type
Based on the Type, the Synthetic Fuel market is bifurcated into extra-heavy oils, shale oil, liquid to gas fuels, and other. The market share that belongs to extra-heavy oils is the largest contributor at more than 27%. Methane-rich gases are converted into liquid synthetic fuels via syngas as an intermediate, for example using the Fischer Tropsch or Mobil processes. The commercial-scale shale oil production is progressing, and commercial facilities are expected to be operational. Because of completed and ongoing development work, the risks involved with transitioning to commercial-scale operation are likely manageable, while risks are never negotiable when commercializing systems for handling solid feedstocks.
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There are currently 10 functioning e-fuel projects for the manufacture of green ammonia and methanol, as well as synthetic jet fuel and diesel. The majority of capacity additions in the period 2022-2028 are predicted to be for green ammonia and green methanol. While Asia Pacific, particularly Australia, is likely to become a global leader in green ammonia production, Europe is expected to win the race in green methanol capacity expansions, accounting for more than 86% of total production. Green or e-methanol capacity is expected to stay relatively low when compared to bio methanol produced from waste biomass, owing to the latter's lower costs. E-gasoline, on the other hand, will be mostly produced in Chile, while e-kerosene and other transportation e-fuel manufacturing will be principally supported in Europe. The production of e-fuel will progressively rise, mostly in Europe, the Asia-Pacific region, and potentially in Chile at first. Due to the high energy density requirements, long-distance road transport, aviation, and shipping industries are expected to be the primary sources of e-fuel demand in the medium future, with most of this activity expected to occur in Europe.
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The Global Synthetic Fuel market is somewhat fragmented. To maintain a competitive edge, equipment suppliers, current players searching for growth opportunities, and new players as they age. Their business is built on current facts and promising futures by identifying opportunities with other partners to support their plan.
Synthetic Fuel Market Top Player's Company Profiles
Synthetic Fuel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Synthetic Fuel Market Analysis, in terms of type, the extra-heavy oil segment held the largest share of more than 27% and is estimated to maintain a similar trend over the forecast period. Followed by shale oil, liquid to gas fuels, and other. Implementation of incentive-based policies aiming at lowering overall cost barriers to carbon-neutral fuel generation and attracting new investments in the market.
|Market size value in 2021||USD 4.1 billion|
|Market size value in 2028||USD 20.84 billion|
|Growth Rate||more than 26.15%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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KEY COMPANY PROFILES
For the Global Synthetic Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Synthetic Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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