Dublin, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The "Synthetic Fuels Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Overall world revenue for Synthetic Fuels Market, 2024 to 2034 in terms of value the market will surpass US$9.0 billion in 2024
Synthetic fuels, also known as alternative or renewable fuels, have emerged as a promising solution to mitigate the environmental impact of traditional fossil fuels. These fuels are synthesized from renewable sources such as biomass, waste materials, and even carbon dioxide captured from the atmosphere. Central to the development and scalability of synthetic fuels is the availability and diversity of feedstock. Feedstock refers to the raw materials used in the production of synthetic fuels. Unlike conventional fossil fuels that rely on finite resources like crude oil, natural gas, and coal, synthetic fuels leverage a variety of renewable and sustainable sources.
Organic materials derived from plants, agricultural residues, forestry by-products, and algae. Biomass can be processed to extract sugars, oils, or cellulose, which are then converted into synthetic fuels through processes like gasification, fermentation, and thermochemical conversion. In 2020, domestic supply of biomass was 57.5 EJ globally. 86% of the domestic supply was from solid biomass sources including wood chips, wood pellets and traditional biomass sources. Liquid biofuels accounted for 7%, municipal and industrial waste sectors accounted for 2 - 3% followed by biogas at 2%.
Factors Restraining Synthetic Fuel Industry Growth
The production of synthetic fuels, particularly through methods like Fischer-Tropsch synthesis or Power-to-Liquids (PtL), requires significant amounts of energy. The cost of this energy, especially if sourced from renewable sources, is currently high. Setting up facilities for the production of synthetic fuels involves substantial capital expenditure. This includes the cost of building plants, acquiring technology, and ensuring regulatory compliance. The industry is not yet operating at a scale that allows for cost efficiencies. Larger production scales are necessary to bring down unit costs, but achieving this scale requires significant initial investments.
Current technologies for producing synthetic fuels are not as efficient as conventional fuel production. Improving the efficiency of these processes is crucial to making synthetic fuels competitive. The existing infrastructure for fuel production and distribution is geared towards fossil fuels. Significant modifications or new infrastructure are required to handle synthetic fuels, which presents logistical and financial challenges.
Key Questions Answered
- How is the synthetic fuels market evolving?
- What is driving and restraining the synthetic fuels market?
- How will each synthetic fuels submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each synthetic fuels submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading synthetic fuels markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the synthetic fuels projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of synthetic fuels projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the synthetic fuels market?
- Where is the synthetic fuels market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
You need to discover how this will impact the synthetic fuels market today, and over the next 10 years:
- This 311-page report provides 109 tables and 175 charts/graphs exclusively to you.
- The report highlights key lucrative areas in the industry so you can target them - NOW.
- It contains in-depth analysis of global, regional and national sales and growth.
- It highlights for you the key successful trends, changes and revenue projections made by your competitors.
Market Overview
Market Driving Factors
- Carbon Capture Utilisation and Storage to Drive the Market
- Environmental Regulations and Policies to Drive Synthetic Fuel Industry
- Availability of Feedstock to Drive Synthetic Fuel Market
Market Restraining Factors
- High Cost of Synthetic Fuel
- Growing Electric Vehicle Industry to Restrain Synthetic Fuel Market Growth
- Factors Restraining Synthetic Fuel Industry Growth
Market Opportunities
- Renewable Energy Integration to Open New Avenues for the Market
- Strategic Partnerships and Investments to Propel the Market
Leading Companies
- Chevron Renewable Energy Group
- CropEnergies AG
- Dakota Gasification Company
- ExxonMobil Corporation
- Gevo, Inc.
- Linde plc
- Maire Tecnimont
- Neste
- PetroSA
- RWE
- Sasol Limited
- Shell plc
- Sunfire
- TotalEnergies SE
- Zero Petroleum
Segments Covered in the Report
Feedstock
- Coal
- Natural Gas
- Others
Application
- Gasoline
- Diesel
- Kerosene
Fuel Type
- Extra Heavy Oils
- Gas to Liquid Oils
- Shale Oils
- Oil Sands
- Coal to Liquid
- Others
End-use
- Transportation
- Industrial
- Chemical & others
For more information about this report visit https://www.researchandmarkets.com/r/z0n1eg
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