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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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147 – Tables
53 – Figures
196 – Pages
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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.
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.
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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.
Synthetic Fuels Market Key Players
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.
Shell
Shell is a British multinational oil and gas company with operations in over 99 countries and around 44,000 service stations worldwide. The Business segments of Shell are as follows integrated gas, upstream, marketing, chemicals, and products, renewable and energy solutions & corporate. It is vertically integrated and active in every area of the oil and gas industry, including exploration, production, refining, transport, distribution, and marketing, petrochemicals, power generation, and trading. Shell is the second largest investor-owned oil and gas company globally and specializes in the management of oil and gas resources. The company has manufacturing plants across Durban, Canada, Texas, China, Malaysia, Singapore, Germany, Netherlands, the UK, and Qatar.
SASOL
SASOL operates as an international integrated chemicals and energy company. Its operations include commercializing technologies and developing a wide range of products, such as liquid fuels, chemicals, and low-carbon electricity. The company operates through Energy business (mining, gas, fuel) & Chemicals (Africa, America, Eurasia). SASOL bifurcates these business segments into two units, namely, strategic business units and operating business units. Strategic business units include energy, base chemicals, performance chemicals, and group functions, whereas operation business units include mining as well as exploration & production.
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CHN Energy Investment Group Co., Ltd.
CHN Energy Investment Group Co., Ltd. is a Chinese company that provides products and services of whole industrial chains including coal, electric power, transportation, and chemical industry. With the approval of the CPC Central Committee and the State Council, CHN Energy Investment Group (CHN Energy) was formally established, following the merger of China Guodian Corporation and Shenhua Group. Shenhua Ningxia Coal Industry Group Co., Ltd., a subsidiary of CHN Energy Investment Group, was formerly known as National Energy Group Ningxia Coal Industry Co., Ltd. The company has expertise in coal-based power generation and transmission, alongside the production of ammonia, ethanol, and sulfur-based chemical products. Its corporate headquarters is in Yinchuan, Ningxia, China. It is the world's largest company in coal mining, thermal power, wind power, and coal-to-liquids industry. The company operates in 31 provinces, autonomous regions, and municipalities across China, as well as more than 10 countries and regions including the US and Canada.
Chevron Renewable Energy Group
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. Chevron Renewable Energy Group combines REG's feedstock aggregation capabilities with Chevron's fuel distribution network to be a leader in the alternative fuels space. The group serves the transportation industry and offers cost-effective, lower carbon solutions that utilize today's fleets and infrastructure.
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ExxonMobil Corporation
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. The company has a significant presence in North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region. ExxonMobil serves a diverse range of industries with its products, such as fuels, lubricants, and aviation products cater to the transportation sector, including automotive, aviation, and marine industries, vital raw materials for manufacturing plastics, packaging, and other industrial processes, it also plays a pivotal role in the energy production sector by manufacturing and distributing oil and natural gas petrochemical products are used in various industries for manufacturing goods like plastics and synthetic fibers, products for the agricultural sector, such as lubricants and fuels for agricultural machinery and processes.
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