Synthetic fuel market is anticipated to grow at a CAGR of 22.8% during the forecast period (2023-2030). Synthetic fuels, also known as synfuels, are liquid or gaseous fuels made from hydrogen and carbon, or hydrocarbons. They are produced by capturing carbon emissions from industrial processes or the atmosphere and then combining the carbon with hydrogen from renewable sources such as water or biomass. Synthetic fuels can be used in the same way as fossil fuels, without any modifications to engines or infrastructure. Primary factors supporting the market growth includes the rising environmental concerns and the requirement for cleaner energy sources. The increasing carbon footprint has urged the globe to switch over to alternative options like electric vehicles (EVs), hydrogen fuels, biofuels and synthetic or e-fuels. Synthetic fuels are carbon neutral thus a greener step contributing to saving the environment. For instance, in December 2022, Porsche and several partners have started production of a climate neutral “e-fuel” aimed at replacing gasoline in vehicles with traditional internal combustion engines.
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The global synthetic fuel market is segmented by raw material, type, and application. Based on raw materials, the market is sub-segmented into coal, natural gas, and biomass. Based on type, the market is sub-segmented into CTL, BTL, GTL, shale oil, and extra-heavy oil. Based on application, the market is sub-segmented into transportation, aviation, power generation, and industrial applications. Among the applications, aviation sub-segment is anticipated to hold a significant share of the market, owing to the rising demand for synthetic fuel. According to the International Energy Agency (IEA), in 2022, aviation was responsible for 2% of all global energy-related CO2 emissions, which is a higher growth rate compared to rail, road, or shipping sectors. Further, post-COVID-19 pandemic, aviation emissions in 2022 reached almost 800 Mt CO2, which is about 80% of pre-pandemic levels. To reduce CO2 emissions, the aviation industry is focusing on technological advancements and investments in sustainable solutions. For instance, in June 2023, Amadeus invested in CAPHENIA, a German renewable energy start-up that will begin producing fuels from synthetic gas by 2024.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Synthetic Fuel Market by Raw Material
- Coal
- Natural gas
- Biomass
Global Synthetic Fuel Market by Type
- Coal-to-Liquid (CTL)
- Biomass-to-Liquid (BTL)
- Gas-to-Liquid (GTL)
- Shale Oil
- Extra-Heavy Oil
Global Synthetic Fuel Market by Application
- Transportation
- Aviation
- Power generation
- Industrial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Air Products and Chemicals, Inc.
- Carbon Engineering Ltd.
- Gevo, Inc.
- INERATEC GmbH
- Occidental Petroleum Corporation
- johnson Matthey Plc
- Raven SR, Inc.
- Red Rock Biofuels
- Rentech, Inc.
- Repsol
- Royal Dutch Shell Plc.
- SG Preston Company
- Sunfire GmbH
- Swedish Biofuels
- Topsoe A/S
- TotalEnergies SE
- Virent, Inc.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the synthetic fuel market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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