Portland, OR, April 04, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global synthetic fuel market generated $3.9 billion in 2021, and is estimated to reach $22.5 billion by 2031, witnessing a CAGR of 19.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.9 Billion |
| Market Size in 2031 | $22.5 Billion |
| CAGR | 19.7% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Raw Material, Application and Region |
| Drivers | Continuous efforts made to achieve a carbon-neutral economy |
| Increased investment in research and development activities | |
| Opportunities | Vast potential of synthetic fuel |
| Restraints | The higher cost of synthetic fuel than conventional fuels |
| The availability of potential alternative fuels such as hydrogen fuel cells and biofuel |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic severely impacted the growth of the synthetic fuel market. This is because it caused high volatility in the oil and gas industry on which the synthetic fuel market directly depends. The market witnessed a decline in the demand and production of synthetic fuel.
- Nonetheless, net-zero carbon commitments and countries moving towards the idea of not depending on foreign energy exports and investing more in synthetic fuel to increase the production are helping the market to grow.
The report offers a detailed segmentation of the global synthetic fuel market based on type, raw material, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the extra heavy oils segment held the largest share in 2021, accounting for nearly one-third of the global synthetic fuel market and would dominate the market in terms of revenue through 2031. The gas to liquid oils segment, however, is estimated to witness the fastest CAGR of 20.1% during the forecast period. The report also discusses shale oils, coal to liquid, biomass to liquid, and others segments.
In terms of raw material, the natural gas segment captured the largest market share of nearly one-third of the global synthetic fuel market in 2021 and is expected to lead the trail during the forecast period. Moreover, the same segment is likely to achieve the fastest CAGR of 20.0% through 2031. The report also studies the coal, food-crop/plant based, and non-food crop-based segments.
Based on application, the kerosene segment held the largest share in 2021, accounting for nearly two-fifths of the global synthetic fuel market and would dominate the market in terms of revenue through 2031. The gasoline segment, however, is estimated to witness the fastest CAGR of 19.9% during the forecast period. The report also analyzes the diesel segment.
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global synthetic fuel market and is likely to maintain its dominance during the forecast period. The same market is expected to manifest the highest CAGR of 19.9% from 2022 to 2031. The other regions analyzed in the study include Europe, Asia-Pacific and LAMEA.
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Leading players of the global synthetic fuel market analyzed in the research include Indian Oil Corporation Ltd., Sasol Limited, L'Air Liquide S.A., Exxon Mobil Corporation, PetroChina Company Limited, Bosch Ltd., Reliance Industries Ltd., Phillips 66 Company, Shell Plc., and Synhelion SA.
The report analyzes these key players of the global synthetic fuel market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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