Global Synthetic Fuel Market : things you should know
Global synthetic fuel market was valued at US$ 4.1 billion in
2021, and it is expected to reach a value of US$ 20.84 billion by 2028, at a
CAGR of more than 26.15% over the forecast period (2022- 2028).
Fuels that are synthetic, or
"carbon-neutral," collect CO2 during production. In this method, this
greenhouse gas is transformed into a raw material from which power from
renewable sources can be used to manufacture gasoline, diesel, and replacement
natural gas. The ability to continue using the existing network of filling
stations is another significant benefit of combustion engines that run on
synthetic fuels. The same is true of the current combustion-engine knowledge.
Furthermore, the creation of alternative fuels may be beneficial even though
electric vehicles will become substantially less expensive in the next years.
Depending on the type of renewable energy utilized, Bosch has estimated that
the total cost of ownership of a hybrid-powered by synthetic fuel, up to a
lifetime mileage of 160,000 kilometers, might be less than that of a long-range
electric vehicle.
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Global
Synthetic Fuel Market Segmental Analysis
The Global
Synthetic Fuel Market is segmented based on the Type, and region. Based on the
Type, the Global Synthetic Fuel Market is segmented as Extra-Heavy Oils, Shale
Oil, Liquid To Gas Fuels, and Other. Based on Region it is categorized into
North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Based on the
Type, the Synthetic Fuel market is bifurcated into extra-heavy oils, shale oil,
liquid to gas fuels, and other. The market share that belongs to extra-heavy
oils is the largest contributor at more than 27%. Methane-rich gases are
converted into liquid synthetic fuels via syngas as an intermediate, for
example using the Fischer Tropsch or Mobil processes. The commercial-scale
shale oil production is progressing, and commercial facilities are expected to
be operational. Because of completed and ongoing development work, the risks
involved with transitioning to commercial-scale operation are likely
manageable, while risks are never negotiable when commercializing systems for
handling solid feedstocks.
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Top Player's Company Profiles
·
- Sasol (South Africa)
- Royal Dutch Shell (UK)
- Bosch (Germany)
- Air Liquide (France)
- Air Products and Chemicals Inc. (US)
- John Wood Group (UK)
- ROYAL DUTCH SHELL PLC (UK)
- Syngas Energy Holdings (US)
- SynGas Technology LLC (US)
Recent Developments
- In Jun 2022, Tokyo Gas, Japan's top city gas supplier, said on
Friday (Jun 24) it has begun a pilot program of methanation, a technology
to help de-carbonize city gas, and plans to use green hydrogen sourced from
renewable energy for the trial by next March. Methanation converts
hydrogen and carbon dioxide (CO2) into synthetic methane, an alternative
for the main component in natural gas. It is considered a way of using CO2
as a raw material that could help the company achieve carbon neutrality in
2050
- In June 2022, Uzbekistan has started producing synthetic fuel,
including synthetic diesel, for the first time at its gas-to-liquids (GTL)
plant. According to agreements, the first batch 5,000 tons of synthetic
diesel will be sent to the Navoi Mining and Metallurgical Combine,
Uzbekistan’s largest gold producer, it said. Uzbekistan launched its first
GTL plant located in the Kashkadarya region
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