CHICAGO, Oct. 12, 2023 /PRNewswire/ -- The report "Synthetic Fuels Market by Fuel Type (Methanol to liquid (MTL), Power to liquid (PTL), Gas to liquid (GTL)), Application (Gasoline, Diesel, Kerosene), End Use (Transportation, Industrial, Chemical), and Region - Global Forecast to 2030", is projected to grow from USD 48.4 billion in 2023 to USD 70.1 billion by 2030, at a CAGR of 5.4%. The synthetic fuels sector is a rapidly evolving industry that holds increasing significance within the global energy arena. Enhanced global apprehension regarding greenhouse gas emissions and climate change has spurred a heightened attraction towards synthetic fuels as a more environmentally friendly energy option.
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By fuel type, the methanol to liquid segment is estimated to be the largest segment of synthetic fuels market in 2023.
The methanol to liquid segment, by fuel type, is estimated to be the largest market in 2023. Methanol, obtained from sources like natural gas and biomass, is a clean-burning, high-octane fuel component, facilitating more complete combustion. The versatility of MTL fuel across transportation and power generation sectors contributes significantly to its prominence, making it a crucial driver in the growth of the synthetic fuels market.
By end use, the industrial segment is projected to be the second-fastest growing segment of synthetic fuels market during forecast period.
The industrial segment ranks as the second fastest-growing sector in the synthetic fuels market, primarily due to the imperative for manufacturing, power generation, and heat generation facilities to embrace eco-friendly and efficient fuel systems. Stringent carbon emission regulations in Europe and North America drive this adoption. Synthetic fuels play a pivotal role in generating electricity and heat within industrial power plants, furnaces, and boilers. They are also employed in gas turbines and diesel engines to produce energy for industrial processes. Notably, synthetic fuels contribute significantly to Carbon Capture and Utilization (CCU) strategies, where CO2 emissions from industrial activities are captured and transformed into synthetic fuels, reducing net emissions.
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By application, the diesel segment is projected to account for the largest market share of synthetic fuels market between 2023 and 2030.
The diesel segment is expected to be the largest application of synthetic fuels. Its growth is driven by increasing interest in carbon-neutral synthetic diesel, produced using renewable energy sources and carbon capture and utilization (CCU) technologies. Synthetic diesel finds applications in heavy-duty transportation, shipping, and off-road vehicles, especially in situations where electrification is challenging. It can be blended with additives like cetane improvers and lubricity enhancers for enhanced performance and regulatory compliance. Synthetic diesel also boasts a lower sulfur content compared to conventional diesel, contributing to reduced sulfur emissions and air pollution, thus bolstering demand and promoting overall synthetic fuels market expansion.
By region, North America is estimated to account for the fastest-growing segment of synthetic fuels market during 2023 to 2030.
North America is the fastest-growing segment of the synthetic fuels market due to a enhanced focus on carbon emissions reduction and sustainability objectives. This region is witnessing a surge in interest in synthetic fuels, particularly those derived from renewable sources, driven by government initiatives like carbon pricing and emissions reduction targets, therefore the demand for synthetic fuels is expected to grow in the region.
The major players operating in the synthetic fuels market include 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), and Inner Mongolia Yital Coal Co., Ltd. (China), among others.
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