Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- According to an upcoming report by Fortune Business Insights™ titled "Synthetic Fuel Market Size, Share & Industry Analysis Regional Forecast, 2023-2030," the global synthetic fuel market is expected to grow due to the increasing oil prices caused by political uncertainty. Synthetic fuels are being considered as alternatives to natural gas and oil. These fuels can help in mitigating the global energy crisis and can be used by diesel and petrol engines without any modifications. Additionally, synthetic fuels can reduce carbon emissions as they eliminate impurities, such as sulfur, during the process. These factors are expected to drive the growth of the synthetic fuel market in the forecast period.
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What Does This Report Contain?
- Elaborate insights about the synthetic fuel market trends, growth drivers, hindrances, opportunities, and challenges.
- Breakdown of the market share of the key players.
- Evaluation of market share for the country-level and regional sectors.
- Estimation of all the possible segments and sub-segments.
COVID-19 Impact:
The COVID-19 pandemic has had a significant impact on several industries, leading to a decline in sales. Due to global lockdowns and strict government regulations, production operations of numerous companies were halted, resulting in decreased sales and revenue generation for major players in the industry. To comply with social distancing guidelines mandated by governments, several companies have reduced their workforce, thereby affecting their production and supply chain.
Segmentation:
Due to the increasing technological advancements, the extra heavy oil segment is expected to lead the synthetic fuel market. The synthetic fuel market is categorized into different types such as coal-to-liquid, gas-to-liquid oil, biomass-to-liquid, tire-derived fuel, extra heavy oil, and others. Among these categories, the extra heavy oil segment is projected to capture the highest market share and maintain its leading position. Extra heavy oil is similar to crude oil and is naturally formed inside the earth by the breakdown of hydrocarbons due to microorganisms, which alters the oil's physical state. The recovery of this type of oil is now undergoing various technological advancements.
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Regional Analysis:
The synthetic fuel market is divided into various regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among these regions, Asia Pacific is expected to lead the market due to the growing per capita income and subsequent rise in demand for fuel in emerging countries like India and China. Additionally, the region is experiencing escalating fuel prices due to political uncertainty, which further bolsters the need for alternative sources such as synthetic fuel.
Europe is expected to witness significant growth in the synthetic fuel market due to the region's commitment to reducing greenhouse gas emissions from transportation and curbing petroleum consumption. Organizations like the European Union are expected to introduce new renewable energy policies that promote innovative low-carbon fuel technologies in the region.
In North America, synthetic fuel is an attractive alternative to oil and gas due to the region's strict carbon emission regulations. The transportation sector is expected to rely on synthetic fuel to reduce greenhouse gas emissions from vehicles. The United States plans to reduce oil consumption and increase the use of synthetic fuels in vehicles.
Key Industry Development:
Numerous companies operating in the synthetic fuel market are striving to enhance their market share in the upcoming years by introducing new products or expanding their businesses. Here is one of the latest industry advancements.
A company based in West Virginia has announced plans to construct a coal-to-liquids facility in Mason County with a budget of USD 1.2 billion. The West Virginia Department of Environmental Protection has already granted a preliminary construction permit for the project. The plant, which will cover over 200 acres of land along the Ohio River, will convert coal and natural gas into various fuels, including gasoline. This initiative is expected to contribute towards reducing the high unemployment rate in the region.
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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
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
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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