Global Synthetic Fuels Market Size More Than Triples at Robust CAGR of 17.93% to Surpass USD 14.6 Billion by 2030

Published | 06 February 2024

Global Synthetic Fuels Market is flourishing because of the growing shift from fossil fuels to alternative fuels and favorable government policies toward decarbonization.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Synthetic Fuels Market size at USD 4.62 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Synthetic Fuels Market size to boom at a robust CAGR of 17.93% reaching a value of USD 14.66 billion by 2030. Positive government policies and plans for decarbonization and the net zero emissions objective, together with the growing use of synthetic fuels in a variety of industries, such as transportation and automotive, are significant growth factors for the Global Synthetic Fuels Market. Moreover, the depletion of fossil fuel resources and their escalating prices are expected to spur the demand for synthetic fuels. It, in turn, is projected to propel the expansion of the Global Synthetic Fuels Market during the period in analysis.

Opportunity: Increasing public-private investments in synthetic fuels

The rising concerns surrounding the environment and carbon emissions, along with the Net Zero objective, are propelling the demand for alternatives to fossil fuels, such as synthetic fuels or hydrogen fuels. As a result, countries as well as private players are significantly investing in establishing commercial manufacturing plants to accelerate synthetic fuel adoption across industries. For instance, Aramco, a petroleum refinery company based in Saudi Arabia, formed a partnership with ENOWA, an electricity utility company in Saudi Arabia, to establish a synthetic electro-fuel (e-fuel) demonstration facility.

Impact of Escalating Geopolitical Tensions on Global Synthetic Fuels Market

The escalating geopolitical tensions offer growth opportunities to the Global Synthetic Fuels Market. For instance, Russia is one of the biggest oil and gas exporters. However, Russia’s invasion of Ukraine led to many countries, including the United States and the United Kingdom, imposing sanctions against the Russian Federation. These sanctions led to disruptions in the oil supply, leading to increased oil prices worldwide. As a result, the focus and demand for alternative fuels, including synthetic fuels has spiked, leading to the growth of the Global Synthetic Fuels Market. The countries looking to reduce their dependence on Russian oil supply boosted their investments in the R&D and production of synthetic fuels. It, in turn, is anticipated to drive the Global Synthetic Fuels Market during the forecast period.

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Global Synthetic Fuels Market

Segmental Coverage

Global Synthetic Fuels Market – By Raw Material

Based on raw material, the Global Synthetic Fuels Market is segmented into coal, natural gas, food-crop/plant-based, and non-food crop-based. The natural gas segment accounts for the highest share of the market. The rising focus on the reduction of carbon emissions and extensive R&D programs in the development of syngas from natural gas are directly influencing the growth of the market. Sumitomo Heavy Industries, for instance, successfully produced FT synthetic fuel from synthetic gas with an admixture of 20% CO₂. Such developments are projected to present lucrative growth opportunities for the players in the Global Synthetic Fuels Market.

Global Synthetic Fuels Market – By Region

The in-depth research report on the Global Synthetic Fuels Market covers a number of country-specific markets across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the Global Synthetic Fuels Market. The United States has been significantly investing in synthetic fuels to reduce its dependence on imported oil. Furthermore, a high concentration of industry players engaging in R&D programs to improve synthetic fuel production technologies is anticipated to drive the Global Synthetic Fuels Market during the forecast period. For instance, TotalEnergies and a Belgian energy startup announced their USD 2-billion investment in a plant to produce synthetic natural gas in the United States.

Competitive Landscape

Major players operating in the Global Synthetic Fuels Market include Neste Oyj, Siemens Energy, Air Liquide, Chevron, ExxonMobil, Shell, Sunfire, Porsche, Haldor Topsoe, Joule Unlimited, World Energy Ventures, Lufthansa, and United Airlines. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Synthetic Fuels Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Synthetic Fuels Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Synthetic Fuels Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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