Westford, USA, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The increased government funding for low-carbon fuel development and steps to mitigate the adverse impact of rising oil prices are expected to drive the synthetic fuel industry growth in the future years. Synthetic fuels are entirely made in a factory or chemical plant environment rather than extracted from the land and hence do not require the extraction of oil, coal, or gas. Synthetic fuels help reduce carbon emissions by eliminating contaminants like sulfur during manufacturing. Unlike battery-powered vehicles, no new infrastructure is required because synthetic fuels are reliable for existing automobiles.
At the Climate Change Conference (COP26), more than 120 countries set new objectives for reducing emissions by 2030. Governments representing over 70% of global carbon dioxide (CO2) emissions have pledged to achieve net zero emissions by 2050 or soon after that. According to SkyQuest's research insights, the use of synthetic fuel in energy-intensive industries, particularly transportation, will grow exponentially by 2050, with the top producers accounting for around 50% of the market. Several industrialized countries are expected to employ synthetic fuel in the transportation sector to minimize carbon emissions and attain the objective of net zero carbon emissions.
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Global Industry Participants Explore Green Tech Solutions to Boost Synthetic Fuel Market
The Royal Air Force (RAF) of the United Kingdom intends to achieve net-zero emissions by 2040. It announced in 2021 that it would complete the world's first flight using synthetic fuel. This gasoline was created in partnership with a commercial partner, Zero Petroleum. Russia has already formed a collaboration to develop biofuel - Airbus, Gazprom Neft, and Aeroflot have formed the country's first association of SAF developers and producers. The first flight on such fuel is scheduled to take place in 2024.
SkyQuest is tracking significant developments across different verticals, likely to influence the synthetic fuel industry growth in the coming years. In addition, significant industry innovations, current market trends, and other critical industry insights are also part of the market research. Moreover, the research offers data on market drivers, development opportunities, and restraints that can change the industry's dynamics.
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Extra Heavy Oil Segment to Drive High Demand Thanks to Automobile Sector
According to SkyQuest's market analysis, oil demand is predicted to rise by 16.4 million barrels per day (MB/D) between 2015 and 2040. The extra heavy oil segment is leading the synthetic fuel market growth with a significant share of 27% and is predicted to rise due to an increase in automotive sales worldwide. Uzbekistan's gas-to-liquids (GTL) plant has begun generating synthetic fuel, including synthetic diesel, for the first time. According to agreements, the first batch of 5,000 tons of synthetic diesel will be delivered to the Navoi Mining and Metallurgical Combine. They are implementing policy incentives to lower total cost barriers to carbon-neutral fuel generation and attract new market investments. In addition, government initiatives to develop pollution-free fuels for future usage are projected to boost the market for synthetic fuels.
Multiple Startups Plan to Make Synthetic Natural Gas with Green Hydrogen
According to the European Commission, over 96% of European hydrogen is produced using natural gas, resulting in significant CO2 emissions. Some promising startups intend to deliver low-emission fuels to European businesses struggling with energy shortages and rising prices. However, the high cost of producing renewable hydrogen, and the requirement for new infrastructure to deliver it, have created entrance barriers.
In Europe, synthetic fuel is advocated to reduce petroleum consumption and greenhouse gas emissions from transportation. Furthermore, due to organizations such as the European Union's participation, a new phase in renewable energy policy has evolved, as has a transition to new low-carbon fuel technology.
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As Per SkyQuest's Projection Asia Pacific Region to Exhibit Strong Growth
Industry leaders from Japan are providing financial aid as part of the country's 2 trillion yen ($15.6 billion) green innovation fund to promote the development of cleaner energy and technology to help the world's fifth largest CO2 emitter achieve carbon neutrality by 2050. The Asia Pacific region will produce more synthetic fuel than other regions, such as North America or Europe, due to the availability of low-cost labor and readily available raw materials. As a result, India is expected to witness increased demand for synthetic fuels in the alternative fuel industry.
The market report comes with an analysis of the global synthetic fuel market for the stakeholders in the industry to receive such significant advancements taking place globally. The research report projects complex data in simple language and present the past and current state of the industry, as well as anticipated market size and trends.
Key Developments in Synthetic Fuel Market
- Dronamics, the world's first certified drone cargo airline, will receive Zero Petroleum's innovative fossil-free fuel for testing with a view to commercial use in its long-range cargo drone. The drone, which can travel up to 2,500 kilometers with a 350kg payload, is powered by a CFS Aero products ROTAX propeller engine.
- Porsche announced a collaboration with Siemens Energy and other worldwide partners to manufacture ecologically friendly alternative fuels in a couple of years, to become a pioneer in synthetic carbon-neutral fuels (eFuels). Porsche announced intentions to create 130,000 liters of eFuels by 2022, 55 million liters by 2024, and 550 million liters by 2026.
SkyQuest's market research reports are based on its consumer-centric interactive research platform, which relies on the unique insights of market players and other stakeholders globally. The market insights covered in the research report help market participants find emerging segments that they can emphasize more in their future ventures.
Top Player's Company Profiles
- Air Liquide (France)
- Royal Dutch Shell (UK)
- Air Products and Chemicals Inc. (US)
- Bosch (Germany)
- Syngas Energy Holdings (US)
- John Wood Group (UK)
- SynGas Technology LLC (US)
- Sasol (South Africa)
- ROYAL DUTCH SHELL PLC (UK)
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