The synthetic fuel market was valued at $3.9 billion in 2021, and is estimated to reach $22.5 billion by 2031, growing at a CAGR of 19.7% from 2022 to 2031.
Synthetic fuel, also known as synfuel, is a type of fuel that is produced from non-petroleum sources such as coal, natural gas, or biomass through a chemical process.
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The key players operating in the synthetic fuel industry are Sasol, Indian Oil Corporation, Shell Plc, Exxon Mobil Corporation, Reliance, Robert Bosch GmbH, Air Liquide, PetroChina, Phillips 66, And SG Preston Company.
The goal of producing synthetic fuel is to reduce the dependency on traditional fossil fuels and mitigate their environmental impact. Synfuels can be produced using a variety of processes, including gasification, liquefaction, and Fischer-Tropsch synthesis. While synthetic fuel can have similar properties to traditional petroleum-based fuels, the production process can be energy-intensive and costly. However, ongoing research and development in this field are focused on improving the efficiency and reducing the cost of producing synthetic fuel.
North America dominated the synthetic fuel market and is expected to grow at a CAGR of 19.9% during the forecast period.
The synthetic fuel market is gaining momentum over the last few years. This can be attributed to continuous efforts made to achieve a carbon-neutral economy.
The benefits of synthetic fuels such as reduced carbon emissions and sustainable fuel economy are the major driving factors for the industry growth.
By application, the market is segmented into gasoline, diesel, and kerosene. Synthetic diesel is made from feedstocks that contain carbon. Synthetic diesel has high cetane content and little to no sulfur. This means it has particularly good properties which can be used to improve engine performance.
Due to their exposure to bacteria, the hydrocarbons in the heavy oils are broken down, which is why they are in different physical forms. The synthetic fuel produced from extra heavy oils is termed Syncrude which needs further refining to be able to use commercially.
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The synthetic fuel market growth was led by Germany and the UK in the Europe. This was owed to the presence of significant industry players investing thoroughly in the technologies to develop synthetic fuel.
By raw material, natural gas is projected to grow at the highest CAGR of approximately 20.0%, in terms of during the synthetic fuel market forecast period.
Corn stover, softwoods, hardwood, switchgrass, and miscanthus are feedstocks used for synthetic fuel production. The combustion of these feedstocks produces carbon dioxide which is captured for further use in the production process of synthetic fuels.
The region is witnessing an energy transition away from fossil fuels at a relatively higher rate and thus synthetic fuel production is being boosted by government and industry players.
The impact of the Russo-Ukrainian war has also led the European Union to diversify its primary energy mix away from fossil fuels and thus act as a driving force for the Europe synthetic fuel industry growth.
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The availability of alternative fuels and the higher cost of synthetic fuels discourage the overall synthetic fuel industry growth.
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