Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global synthetic fuel market is projected to gain impetus from the rising prices of oil owing to the political uncertainty. Hence, synthetic fuels are used as alternatives to natural gas and oil. Fortune Business Insights™ published this information in an upcoming report, titled, "Synthetic Fuel Market Size, Share & Industry Analysis, By Raw Material (Coal, Natural Gas, Biomass, Others), By Type (Coal-to-Liquid, Biomass-to-Liquid, Tire Derived Fuel, Extra Heavy Oil, Gas-to-Liquid Oil) and Regional Forecast, 2022-2029."
The report further states that these fuels would be able to aid in reducing the worldwide energy crisis. They can also be used by both diesel and petrol engines as fuel without any modification. They help in decreasing carbon emission on account of the elimination of several impurities, such as sulfur during the process. These factors are set to augment the synthetic fuel market growth during the forecast period.
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Highlights of the Report-
The report is based on extensive research on the market and its growth parameters, including drivers, restraints, challenges, and opportunities in the market. It also includes the table of segmentation, along with a list of segments dominating the market and its attributed factors. The report throws light on the significant industry developments, current asset integrity management market trends, and other interesting insights offered by the market. For more information on the market, log on to the company website.
Segmentation Analysis:
Extra Heavy Oil Segment to Lead Owing to Rising Technological Advancements
In terms of type, the market is grouped into gas-to-liquid oil, coal-to-liquid, extra heavy oil, biomass-to-liquid, tire derived fuel, and others. Out of these, the extra heavy oil segment is set to gain the highest synthetic fuel market share and remain in the leading position. Extra heavy oil resembles crude oil. It naturally occurs inside the earth when the pre-existing oil is exposed to microorganisms that fragment the hydrocarbon. It further changes the physical state of the oil. Nowadays, many technological advancements are taking place to recover this type of oil.
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Regional Analysis:
Robust Growth of Automotive Sector to Surge Demand in Asia Pacific
The market is segregated into the Middle East & Africa, Europe, Latin America, North America, and Asia Pacific. Out of these regions, Asia Pacific is anticipated to gain high synthetic fuel market revenue owing to the rising per capita income of the masses. It is leading to the robust growth of the automotive sector. In emerging countries, such as India and China, the demand for fuel is rising persistently. Moreover, the prices of fuel are rising day by day owing to the political uncertainty in this region. Hence, there is an urgent need for synthetic fuel to use them as alternatives.
Europe is projected to showcase considerable growth owing to the need to reduce the emission of greenhouse gases from transport. Also, there is a need to reduce the consumption of petroleum in the region. Organizations, such as the European Union is also set to introduce a new phase in the renewable energy policy. It will help in implementing innovative, low-carbon equipped fuel technologies in the region. In North America, synthetic fuel is a very good alternative to oil and gas. The region has implemented stringent rules and regulations regarding carbon emission. Hence, synthetic fuel will be used more in the transportation sector to help in cutting off the emission of greenhouse gases from vehicles. The U.S.A. is planning to reduce the usage of oil and would adopt synthetic fuels in vehicles.
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Key Industry Development:
Several companies present in the market are focusing on increasing their synthetic fuel market share in the forthcoming years through expansion plans or new product launches. Below is one of the most recent industry developments:
June 2019: A West Virginia company declared that it is planning to build a coal-to-liquids plant in Mason County. The project is worth USD 1.2 billion. The West Virginia Department of Environmental Protection has already cleared the draft construction permit for the project. As per the permit, the plant will be constructed on more than 200 acres of land along the Ohio River. It will convert natural gas and coal to gasoline and other fuels. This new development will aid in preventing the high unemployment rate in this province.
List of Players Operating in the Synthetic Fuel Market are as follows:
- ExxonMobil
- Sasol
- Reliance Industries Ltd.
- Indian Oil Corporation Ltd.
- Petrochina
- Royal Dutch Shell
- Bosch
- Phillips 66
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Synthetic Fuel Market Segmentation:
By Raw Material:
- Coal
- Natural Gas
- Biomass
- Others
By Type:
- Coal-to-Liquid
- Biomass-to-Liquid
- Tire Derived Fuel
- Extra Heavy Oil
- Gas-to-Liquid Oil
- Others
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insights on Regulatory Scenario
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
4.6. Value Chain Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Battery Energy Storage Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by the Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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