Synthetic Fuel Market to Grow at CAGR of 20% through 2033; Growing Need for Sustainable Energy Solutions to Bolster Growth

Newark, Feb. 15, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5 billion in 2023 global synthetic fuel market will reach USD 30.95 billion in 2033. Fuels created by means other than those found in nature are referred to as synthetic fuels. They could serve as a viable substitute for traditional fossil fuels. These fuels can be generated from carbon-containing feedstocks such as coal, natural gas, and biomass. To facilitate a smooth transition and increased uptake, synthetic fuels guarantee or possess attributes comparable to those of conventional fuels regarding their compatibility with current combustion engines and infrastructure. Several techniques are used to manufacture synthetic fuels, such as hydrogenation, methanol synthesis, and Fischer-Tropsch synthesis. Synthetic fuels are adaptable, emit few emissions, provide stable storage, and may be tailored. The capacity to create fuels with certain qualities gives rise to adaptability. These fuels are used in power plants, trucks, cars, aircraft, and ships, demonstrating their adaptability in various settings. These fuels support environmental sustainability since they can have fewer greenhouse gas emissions. Synthetic fuels offer a way to guarantee carbon reduction, energy security, and interoperability with current systems. Applications for synthetic fuels can be found in several industries, including manufacturing, transportation, and power generation.
In 2023, the natural gas segment dominated the market with the largest market share of 39% and market revenue of 1.95 billion.
The raw material segment is divided into coal, natural gas, food-crop/plant-based, non-food crop-based and others. In 2023, the natural gas segment dominated the market with the largest market share of 39% and market revenue of 1.95 billion.
• Exxon Mobil Corporation
• Indian Oil Corporation Ltd
• L’Air Liquide S.A.
• PetroChina Company Limited
• Phillips 66 Company
• Reliance Industries Ltd
• Sasol Limited
• Shell Plc.
• Synhelion SA
• Natural Gas
• Food-Crop/Plant-Based
• Non-food Crop Based
• Others
• Gas to Liquid Oils
• Shale Oils
• Coal to Liquid
• Biomass to Liquid
• Others
• Diesel
• Kerosene
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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