조사회사 : MarketsandMarkets (마켓츠앤마켓츠) 출판년월 : 2023년10월
Synthetic Fuels Market – Global Forecast to 2030
합성 연료 시장 : 연료 유형 [MTL (Methanol to liquid), PTL (Power to liquid), GTL (Gas to liquid)], 용도 (가솔린, 디젤, 등유), 최종 용도 (운송, 산업, 화학), 지역별 – 2030 까지의 세계 예측
Synthetic Fuels Market by Fuel Type (Methanol to liquid (MTL), Power to liquid (PTL), Gas to liquid (GTL)), Application (Gasoline, Diesel, Kerosene), End Use (Transportation, Industrial, Chemical ), and Region – Global Forecast to 2030
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Report Overview
The synthetic fuels market is projected to grow from USD 48.4 billion in 2023 to USD 70.1 billion by 2030, at a CAGR of 5.4%. The market for synthetic fuels is witnessing growth across different regions. Asia Pacific is a prominent market worldwide owing to increasing investment by private players boosting R&D in the development of different applications of synthetic fuel.
“By fuel type, gasoline to liquid segment accounted for the second-largest share in synthetic fuels market in 2022.”
The gasoline to liquid segment held the second-largest share in 2022. It is a synthetic alternative to diesel and gasoline, made by converting natural gas into liquid form suitable for conventional engines. This conversion involves steam methane reforming (SMR) or autothermal reforming (ATR) to produce syngas, followed by Fischer-Tropsch (FT) synthesis using catalysts. GTL fuel is versatile, finding applications in transportation, power generation, and heating, offering a cleaner energy option.
“By end use, the chemical & others segment accounted for the second-largest share in synthetic fuels market in 2022.”
The chemical & others end use held the second-largest share in 2022. Synthetic fuels has multiple applications in the chemical sector, reducing greenhouse gas emissions and fossil fuel dependence. It acts as a carbon source for chemicals like syngas, used in methanol, ammonia, and synthetic hydrocarbon production, while also supplying hydrogen for various chemical processes. Additionally, synthetic fuels aligns with green chemistry principles, offering a renewable, low-carbon alternative in chemical processes. This versatility makes it a vital asset in achieving sustainability goals within the chemical industry. These factors further propel the demand for chemical & others segment in synthetic fuels market.
“By application, the gasoline segment accounted for the second-largest share in synthetic fuels in 2022.”
Gasoline plays a significant role in within the synthetic fuels market. Synthetic gasoline, or syn-gasoline, mirroring traditional gasoline, is generated via Fischer-Tropsch synthesis from carbon-containing inputs such as natural gas, coal, or biomass. It serves as a cleaner energy transition option, compatible with existing infrastructure and engines. This technology curbs fossil fuel dependence and emissions, with renewable sources and carbon capture enhancing its eco-friendliness. Ongoing research and innovation are pivotal in advancing the synthetic fuels market, propelling its growth and sustainability.
“The synthetic fuels market in rest of world (South America and Middle East & Africa) accounted for the second-largest share in 2022.”
Rest of world (South America and Middle East & Africa) was the second-largest consumer of synthetic fuels worldwide in 2022. South America, including Brazil and Chile, presents a burgeoning synthetic fuels market due to its robust economy and status as a manufacturing and foreign investment hub, driven by cost-effective skilled labor and increased investments in transportation and industry. Meanwhile, in the Middle East & Africa (MEA), abundant natural gas, coal, and biomass resources provide a strong foundation for synthetic fuels production. MEA’s growing focus on hydrogen as a feedstock, particularly through green hydrogen initiatives, supports synthetic hydrocarbon production, aligning with Saudi Arabia’s ambition to become a top hydrogen supplier, contributing to the global growth of the synthetic fuels market.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 65%, Tier 2 –20%, and Tier 3 – 15%
• By Designation: C-level Executives – 25%, Directors – 30%, and Others – 45%
• By Region: North America – 30%, Europe –20%, Asia Pacific – 40%, Middle East & Africa-7%, South America –3%
The synthetic fuels report is dominated by players, such as Shell (UK), SASOL (South Africa), CHN Energy Investment Group Co., Ltd. (China), Chevron Renewable Energy Group (US), ExxonMobil Corporation (US), TotalEnergies (France), Neste (Finland), Petro SA (South Africa), Linde Engineering (Ireland), Synthesis Energy Systems, Inc. (US), Dakota Gasification Company (US), TOPSOE (Denmark), MaireTecnimont S.p.A. (Italy), Sunfire GmbH (Germany), RWE (Germany), QatarEnergy (Qatar), Inner Mongolia Yital Coal Co., Ltd. (China) and others.
Research Coverage:
The report defines, segments, and projects the size of the synthetic fuels market based on fuel type, end use, application, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as joint ventures, collaborations, partnerships, acquisitions, agreements, investments, and expansions undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them with the closest approximations of revenue numbers of the synthetic fuels market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (investment from private players boosting research and development, diversification in the primary energy mix), restraints (high cost of synthetic fuels, a growing market for electric vehicles and alternative fuel), opportunities (high potential of different applications of synthetic fuels, introduction of carbon pricing mechanism and tax credits for synthetic fuels production), and challenges (difficulty in achieving economies of scale in synthetic fuels production) influencing the growth of the synthetic fuels market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the synthetic fuels market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the synthetic fuels market across varied regions.
• Market Diversification: Exhaustive information about new products, various fuel types, untapped geographies, recent developments, and investments in the synthetic fuels market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Shell (UK), SASOL (South Africa), CHN Energy Investment Group Co., Ltd. (China), Chevron Renewable Energy Group (US) and ExxonMobil Corporation (US), among others in the synthetic fuels market.
Table of Contents
1 INTRODUCTION 29
1.1 STUDY OBJECTIVES 29
1.2 MARKET DEFINITION 29
1.2.1 INCLUSIONS AND EXCLUSIONS 30
TABLE 1 SYNTHETIC FUELS MARKET: INCLUSIONS AND EXCLUSIONS 30
1.3 MARKET SCOPE 30
FIGURE 1 SYNTHETIC FUELS MARKET SEGMENTATION 30
1.3.1 REGIONAL SCOPE 31
1.3.2 YEARS CONSIDERED 31
1.4 CURRENCY CONSIDERED 32
1.5 UNITS CONSIDERED 32
1.6 LIMITATIONS 32
1.7 STAKEHOLDERS 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
FIGURE 2 SYNTHETIC FUELS MARKET: RESEARCH DESIGN 33
2.1.1 SECONDARY DATA 34
2.1.1.1 Key data from secondary sources 34
2.1.2 PRIMARY DATA 34
2.1.2.1 Key data from primary sources 34
2.1.2.2 Breakdown of primary interviews 35
2.1.2.3 Key industry insights 35
2.2 MATRIX CONSIDERED FOR DEMAND SIDE 36
FIGURE 3 MAIN MATRIX CONSIDERED FOR ASSESSING DEMAND FOR SYNTHETIC FUELS 36
2.3 MARKET SIZE ESTIMATION 36
2.3.1 BOTTOM-UP APPROACH 37
FIGURE 4 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH 37
2.3.2 TOP-DOWN APPROACH 37
FIGURE 5 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH 37
2.4 METHODOLOGY FOR SUPPLY-SIDE SIZING OF SYNTHETIC FUELS MARKET 38
2.5 ANALYSIS OF SUPPLY-SIDE SIZING OF SYNTHETIC FUELS MARKET 38
2.5.1 CALCULATIONS BASED ON SUPPLY-SIDE ANALYSIS 39
2.5.2 GROWTH FORECAST 39
2.6 MARKET BREAKDOWN AND DATA TRIANGULATION 39
FIGURE 6 SYNTHETIC FUELS MARKET: DATA TRIANGULATION 40
2.7 IMPACT OF RECESSION 40
2.8 RESEARCH ASSUMPTIONS 41
2.9 RESEARCH LIMITATIONS 41
2.10 RISK ANALYSIS 41
3 EXECUTIVE SUMMARY 42
TABLE 2 SYNTHETIC FUELS MARKET SNAPSHOT: 2023 VS. 2030 43
FIGURE 7 METHANOL TO LIQUID (MTL) TO HOLD LARGEST MARKET DURING FORECAST PERIOD 44
FIGURE 8 TRANSPORTATION SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 44
FIGURE 9 DIESEL SEGMENT TO ACCOUNT FOR LARGEST MARKET DURING FORECAST PERIOD 45
FIGURE 10 NORTH AMERICA TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 46
4 PREMIUM INSIGHTS 47
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SYNTHETIC FUELS MARKET 47
FIGURE 11 SYNTHETIC FUELS MARKET DRIVEN BY INCREASE IN DEMAND FROM AEROSPACE & DEFENSE, MARINE, AND OTHER SECTORS 47
4.2 SYNTHETIC FUELS MARKET, BY REGION 47
FIGURE 12 ASIA PACIFIC TO ACCOUNT FOR LARGEST MARKET DURING FORECAST PERIOD 47
4.3 SYNTHETIC FUELS MARKET, BY FUEL TYPE 48
FIGURE 13 POWER TO LIQUID FUEL TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 48
4.4 SYNTHETIC FUELS MARKET, BY END USE 48
FIGURE 14 TRANSPORTATION SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023 48
4.5 SYNTHETIC FUELS MARKET, BY APPLICATION 48
FIGURE 15 KEROSENE TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 48
5 MARKET OVERVIEW 49
5.1 MARKET DYNAMICS 49
FIGURE 16 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN SYNTHETIC FUELS MARKET 49
5.1.1 DRIVERS 50
5.1.1.1 Investment by private players boosting research and development 50
5.1.1.2 Diversification in primary energy mix 50
5.1.2 RESTRAINTS 51
5.1.2.1 High cost of synthetic fuel 51
5.1.2.2 Growing market for electric vehicles and alternative fuel 51
5.1.3 OPPORTUNITIES 52
5.1.3.1 High potential use of synthetic fuels in various applications 52
5.1.3.2 Introduction of carbon pricing mechanism and tax credits for synthetic fuel production 53
5.1.4 CHALLENGES 53
5.1.4.1 Difficulty in achieving economies of scale in synthetic fuel production 53
5.2 VALUE CHAIN ANALYSIS 54
FIGURE 17 VALUE CHAIN ANALYSIS OF SYNTHETIC FUELS MARKET 54
5.3 ECOSYSTEM MAPPING 56
FIGURE 18 ECOSYSTEM MAPPING OF SYNTHETIC FUELS MARKET 56
TABLE 3 ECOSYSTEM OF SYNTHETIC FUELS MARKET 57
5.4 PORTER’S FIVE FORCES ANALYSIS 57
FIGURE 19 PORTER’S FIVE FORCES ANALYSIS OF SYNTHETIC FUELS MARKET 58
TABLE 4 IMPACT OF PORTER’S FIVE FORCES ON SYNTHETIC FUELS MARKET 58
5.4.1 BARGAINING POWER OF SUPPLIERS 59
5.4.2 THREAT OF NEW ENTRANTS 59
5.4.3 THREAT OF SUBSTITUTES 59
5.4.4 BARGAINING POWER OF BUYERS 59
5.4.5 INTENSITY OF COMPETITIVE RIVALRY 60
5.5 PRICING ANALYSIS 60
5.5.1 AVERAGE SELLING PRICE TREND, BY REGION 60
FIGURE 20 SYNTHETIC FUELS MARKET: AVERAGE SELLING PRICE TREND, BY REGION 60
5.5.2 INDICATIVE PRICE TREND, BY FUEL TYPE 61
FIGURE 21 SYNTHETIC FUELS MARKET: INDICATIVE PRICE TREND, BY FUEL TYPE 61
5.6 TARIFF AND REGULATORY LANDSCAPE 61
5.6.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 61
TABLE 5 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 61
TABLE 6 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 62
TABLE 7 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 63
TABLE 8 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 64
5.6.2 MARKET REGULATIONS AND STANDARDS 65
TABLE 9 REGULATIONS AND STANDARDS FOR FUELS 65
5.7 KEY CONFERENCES AND EVENTS (2023–2024) 66
TABLE 10 SYNTHETIC FUELS MARKET: KEY CONFERENCES AND EVENTS (2023–2024) 66
5.8 KEY STAKEHOLDERS AND BUYING CRITERIA 67
5.8.1 KEY STAKEHOLDERS IN BUYING PROCESS 67
FIGURE 22 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USES 67
TABLE 11 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USES (%) 68
FIGURE 23 KEY BUYING CRITERIA FOR TOP THREE END USES 68
TABLE 12 KEY BUYING CRITERIA FOR TOP THREE END USES 68
5.9 PATENT ANALYSIS 68
5.9.1 METHODOLOGY 68
FIGURE 24 LIST OF MAJOR PATENTS FOR SYNTHETIC FUELS 69
5.9.2 JURISDICTION ANALYSIS 69
FIGURE 25 US ACCOUNTED FOR HIGHEST PATENT COUNT 69
5.9.2.1 Major patents 70
TABLE 13 LIST OF RECENT PATENTS BY GENERAL ELECTRIC 72
TABLE 14 LIST OF RECENT PATENTS BY EXXONMOBIL 72
TABLE 15 LIST OF RECENT PATENTS BY BASF SE 73
5.10 TECHNOLOGY ANALYSIS 73
5.10.1 SYNTHETIC BIOLOGY PROJECT PAVES WAY FOR CARBON-NEGATIVE BIOFUELS 73
5.10.2 PIONEERING CARBON-NEUTRAL SYNTHETIC FUEL FOR NET-ZERO AVIATION 73
5.11 CASE STUDY ANALYSIS 74
5.11.1 PORSCHE’S CARBON-NEUTRAL SYNTHETIC FUELS FROM THIN AIR 74
5.11.2 HONEYWELL’S UOP EFINING TECHNOLOGY PIONEERS SUSTAINABLE AVIATION FUEL 74
5.12 TRADE DATA 75
5.12.1 EXPORT SCENARIO 75
TABLE 16 EXPORT DATA ON HS CODE: 27101951: MINERAL FUELS, MINERAL OILS, AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES (USD THOUSAND) 75
5.12.2 IMPORT SCENARIO 76
TABLE 17 IMPORT DATA ON HS CODE: 27101951: MINERAL FUELS, MINERAL OILS, AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES (USD THOUSAND) 76
5.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 77
5.13.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR SYNTHETIC FUEL MANUFACTURERS/SUPPLIERS 77
FIGURE 26 REVENUE SHIFT FOR SYNTHETIC FUEL MANUFACTURERS 77
6 SYNTHETIC FUELS MARKET, BY FEEDSTOCK 78
6.1 INTRODUCTION 78
FIGURE 27 SYNTHETIC FUELS MARKET, BY FEEDSTOCK 78
6.2 NATURAL GAS 79
6.3 METHANOL 79
6.4 POWER 80
6.5 OTHER FEEDSTOCKS 80
7 SYNTHETIC FUELS MARKET, BY PROCESS 81
7.1 INTRODUCTION 81
7.2 FISCHER-TROPSCH SYNTHESIS 81
7.3 METHANOL SYNTHESIS 82
7.4 ELECTROLYSIS 82
FIGURE 28 SYNTHETIC FUELS MARKET, BY PROCESS (ELECTROLYSIS) 83
7.5 COAL LIQUEFACTION 84
8 SYNTHETIC FUELS MARKET, BY FUEL TYPE 85
8.1 INTRODUCTION 86
FIGURE 29 METHANOL TO LIQUID SEGMENT TO BE LARGEST MARKET DURING FORECAST PERIOD 86
TABLE 18 SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 86
TABLE 19 SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 87
TABLE 20 SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (MILLION LITER) 87
TABLE 21 SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (MILLION LITER) 87
8.2 GAS TO LIQUID FUEL 88
8.2.1 INCREASING DEMAND FOR HIGH ENERGY DENSITY FUEL TO PROMOTE MARKET GROWTH 88
TABLE 22 GAS TO LIQUID: SYNTHETIC FUELS MARKET, BY REGION, 2019–2022 (USD MILLION) 88
TABLE 23 GAS TO LIQUID: SYNTHETIC FUELS MARKET, BY REGION, 2023–2030 (USD MILLION) 89
8.3 METHANOL TO LIQUID 89
8.3.1 CLEAN-BURNING AND HIGH-OCTANE RATING OFFERED BY METHANOL TO BOOST MARKET 89
TABLE 24 METHANOL TO LIQUID: SYNTHETIC FUELS MARKET, BY REGION, 2019–2022 (USD MILLION) 90
TABLE 25 METHANOL TO LIQUID: SYNTHETIC FUELS MARKET, BY REGION, 2023–2030 (USD MILLION) 90
8.4 POWER TO LIQUID FUEL 91
8.4.1 VERY LOW LIFECYCLE EMISSIONS TO DRIVE DEMAND 91
TABLE 26 POWER TO LIQUID: SYNTHETIC FUELS MARKET, BY REGION, 2019–2022 (USD MILLION) 91
TABLE 27 POWER TO LIQUID: SYNTHETIC FUELS MARKET, BY REGION, 2023–2030 (USD MILLION) 91
8.5 OTHER FUEL TYPES 92
TABLE 28 OTHERS: SYNTHETIC FUELS MARKET, BY REGION, 2019–2022 (USD MILLION) 92
TABLE 29 OTHERS: SYNTHETIC FUELS MARKET, BY REGION, 2023–2030 (USD MILLION) 92
9 SYNTHETIC FUELS MARKET, BY APPLICATION 93
9.1 INTRODUCTION 94
FIGURE 30 DIESEL SEGMENT TO LEAD SYNTHETIC FUELS MARKET DURING FORECAST PERIOD 94
TABLE 30 SYNTHETIC FUELS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 94
TABLE 31 SYNTHETIC FUELS MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 95
9.2 GASOLINE 95
9.2.1 COMPATIBILITY WITH EXISTING INTERNAL COMBUSTION ENGINES & INFRASTRUCTURE TO BOOST DEMAND 95
9.3 DIESEL 96
9.3.1 REDUCED SULFUR EMISSIONS AIDED BY LOW SULFUR CONTENT TO DRIVE MARKET 96
9.4 KEROSENE 96
9.4.1 ENHANCED ENERGY SECURITY AND SUSTAINABILITY TO CREATE GROWTH OPPORTUNITIES 96
10 SYNTHETIC FUELS MARKET, BY END USE 97
10.1 INTRODUCTION 98
FIGURE 31 TRANSPORTATION SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 98
TABLE 32 SYNTHETIC FUELS MARKET, BY END USE, 2019–2022 (USD MILLION) 98
TABLE 33 SYNTHETIC FUELS MARKET, BY END USE, 2023–2030 (USD MILLION) 98
10.2 TRANSPORTATION 99
10.2.1 GROWING VEHICLE PRODUCTION WORLDWIDE TO DRIVE DEMAND 99
10.3 INDUSTRIAL 99
10.3.1 AIM TO REDUCE CARBON EMISSIONS AND ACHIEVE CARBON NEUTRALITY TO BOOST DEMAND 99
10.4 CHEMICAL & OTHERS 100
10.4.1 INCREASING PREFERENCE FOR SUSTAINABLE AND ECO-FRIENDLY PRACTICES TO PROPEL DEMAND 100
11 SYNTHETIC FUELS MARKET, BY MARKET MATURITY 101
11.1 INTRODUCTION 101
11.2 PROTOTYPING/INTRODUCTORY 101
11.3 EMERGING 102
11.4 MATURE 103
12 SYNTHETIC FUELS MARKET, BY ENVIRONMENTAL IMPACT 104
12.1 INTRODUCTION 104
12.2 CARBON-NEUTRAL/CAPTURE TECHNOLOGIES 104
12.3 LOW-CARBON/CONVENTIONAL 105
13 SYNTHETIC FUELS MARKET, BY REGION 106
13.1 INTRODUCTION 107
FIGURE 32 ASIA PACIFIC TO LEAD SYNTHETIC FUELS MARKET DURING FORECAST PERIOD 107
TABLE 34 SYNTHETIC FUELS MARKET, BY REGION, 2019–2022 (USD MILLION) 107
TABLE 35 SYNTHETIC FUELS MARKET, BY REGION, 2023–2030 (USD MILLION) 107
13.2 NORTH AMERICA 108
13.2.1 RECESSION IMPACT 108
FIGURE 33 NORTH AMERICA: SYNTHETIC FUELS MARKET SNAPSHOT 109
TABLE 36 NORTH AMERICA: SYNTHETIC FUELS MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 109
TABLE 37 NORTH AMERICA: SYNTHETIC FUELS MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 110
TABLE 38 NORTH AMERICA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 110
TABLE 39 NORTH AMERICA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 110
TABLE 40 NORTH AMERICA: SYNTHETIC FUELS MARKET, BY END USE, 2019–2022 (USD MILLION) 110
TABLE 41 NORTH AMERICA: SYNTHETIC FUELS MARKET, BY END USE, 2023–2030 (USD MILLION) 111
13.2.2 US 111
13.2.2.1 Robust investments, technological innovation, and government support to drive market 111
TABLE 42 US: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 112
TABLE 43 US: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 112
13.2.3 CANADA 112
13.2.3.1 Investments and global partnerships to drive market 112
TABLE 44 CANADA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 113
TABLE 45 CANADA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 113
13.2.4 MEXICO 113
13.2.4.1 Strategic initiatives, partnerships, and investments to drive market 113
TABLE 46 MEXICO: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 114
TABLE 47 MEXICO: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 114
13.3 EUROPE 114
13.3.1 RECESSION IMPACT 115
FIGURE 34 EUROPE: SYNTHETIC FUELS MARKET SNAPSHOT 115
TABLE 48 EUROPE: SYNTHETIC FUELS MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 116
TABLE 49 EUROPE: SYNTHETIC FUELS MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 116
TABLE 50 EUROPE: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 116
TABLE 51 EUROPE: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 117
TABLE 52 EUROPE: SYNTHETIC FUELS MARKET, BY END USE, 2019–2022 (USD MILLION) 117
TABLE 53 EUROPE: SYNTHETIC FUELS MARKET, BY END USE, 2023–2030 (USD MILLION) 117
13.3.2 GERMANY 117
13.3.2.1 Private investments and commitment to green energy solutions to drive market 117
TABLE 54 GERMANY: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 118
TABLE 55 GERMANY: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 118
13.3.3 UK 119
13.3.3.1 Alignment with decarbonization policies, low-carbon fuel adoption, investments, and technological advancements to drive market 119
TABLE 56 UK: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 119
TABLE 57 UK: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 119
13.3.4 RUSSIA 120
13.3.4.1 Government and industry backing to drive market 120
13.3.5 FRANCE 120
13.3.5.1 Tax incentives and industry collaborations to drive market 120
TABLE 58 FRANCE: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 121
TABLE 59 FRANCE: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 121
13.3.6 REST OF EUROPE 121
TABLE 60 REST OF EUROPE: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 122
TABLE 61 REST OF EUROPE: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 122
13.4 ASIA PACIFIC 122
13.4.1 RECESSION IMPACT 123
FIGURE 35 ASIA PACIFIC: SYNTHETIC FUELS MARKET SNAPSHOT 123
TABLE 62 ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 124
TABLE 63 ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 124
TABLE 64 ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 124
TABLE 65 ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 124
TABLE 66 ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY END USE, 2019–2022 (USD MILLION) 125
TABLE 67 ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY END USE, 2023–2030 (USD MILLION) 125
13.4.2 CHINA 125
13.4.2.1 Government support and investments in synthetic fuel technologies, such as MTO and SAF, to drive market 125
TABLE 68 CHINA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 126
TABLE 69 CHINA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 126
13.4.3 JAPAN 126
13.4.3.1 Green Growth Strategy, advanced hydrogen tech, and maritime focus to drive market 126
TABLE 70 JAPAN: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 127
TABLE 71 JAPAN: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 127
13.4.4 INDIA 127
13.4.4.1 Strategic initiatives, research progress, and government support to drive market 127
TABLE 72 INDIA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 128
TABLE 73 INDIA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 128
13.4.5 SOUTH KOREA 129
13.4.5.1 Government policies, research, and corporate partnerships to drive market 129
TABLE 74 SOUTH KOREA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 129
TABLE 75 SOUTH KOREA: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 129
13.4.6 REST OF ASIA PACIFIC 130
TABLE 76 REST OF ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 130
TABLE 77 REST OF ASIA PACIFIC: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 130
13.5 REST OF WORLD 130
13.5.1 RECESSION IMPACT 132
TABLE 78 REST OF WORLD: SYNTHETIC FUELS MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 79 REST OF WORLD: SYNTHETIC FUELS MARKET, BY REGION, 2023–2030 (USD MILLION) 132
TABLE 80 REST OF WORLD: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2019–2022 (USD MILLION) 132
TABLE 81 REST OF WORLD: SYNTHETIC FUELS MARKET, BY FUEL TYPE, 2023–2030 (USD MILLION) 133
TABLE 82 REST OF WORLD: SYNTHETIC FUELS MARKET, BY END USE, 2019–2022 (USD MILLION) 133
TABLE 83 REST OF WORLD: SYNTHETIC FUELS MARKET, BY END USE, 2023–2030 (USD MILLION) 133
14 COMPETITIVE LANDSCAPE 134
14.1 INTRODUCTION 134
14.2 STRATEGIES ADOPTED BY KEY PLAYERS 134
TABLE 84 OVERVIEW OF STRATEGIES ADOPTED BY KEY MANUFACTURERS 134
14.3 REVENUE ANALYSIS 135
FIGURE 36 REVENUE ANALYSIS OF KEY COMPANIES (2018–2022) 136
14.4 MARKET SHARE ANALYSIS 136
14.4.1 RANKING OF KEY MARKET PLAYERS, 2022 136
FIGURE 37 RANKING OF TOP FIVE PLAYERS IN SYNTHETIC FUELS MARKET, 2022 136
14.4.2 MARKET SHARE OF KEY PLAYERS 137
FIGURE 38 SYNTHETIC FUELS MARKET SHARE ANALYSIS 137
TABLE 85 SYNTHETIC FUELS MARKET: DEGREE OF COMPETITION 137
14.5 COMPANY EVALUATION QUADRANT (TIER 1) 139
14.5.1 STARS 139
14.5.2 EMERGING LEADERS 139
14.5.3 PERVASIVE PLAYERS 139
14.5.4 PARTICIPANTS 139
FIGURE 39 COMPANY EVALUATION QUADRANT: SYNTHETIC FUELS MARKET (TIER 1 COMPANIES) 140
14.5.5 COMPANY FOOTPRINT 141
FIGURE 40 SYNTHETIC FUELS MARKET: COMPANY FOOTPRINT 141
TABLE 86 SYNTHETIC FUELS MARKET: END USE FOOTPRINT 141
TABLE 87 SYNTHETIC FUELS MARKET: COMPANY REGION FOOTPRINT 142
14.6 START-UP/SME EVALUATION QUADRANT 143
14.6.1 PROGRESSIVE COMPANIES 143
14.6.2 RESPONSIVE COMPANIES 143
14.6.3 DYNAMIC COMPANIES 143
14.6.4 STARTING BLOCKS 143
FIGURE 41 START-UP/SME EVALUATION QUADRANT: SYNTHETIC FUELS MARKET 144
14.6.5 COMPETITIVE BENCHMARKING 145
TABLE 88 SYNTHETIC FUELS MARKET: DETAILED LIST OF KEY START-UPS/SMES 145
TABLE 89 SYNTHETIC FUELS MARKET: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES 145
14.7 COMPETITIVE SCENARIOS AND TRENDS 146
14.7.1 DEALS 146
TABLE 90 SYNTHETIC FUELS MARKET: DEALS (2019–AUGUST 2023) 146
14.7.2 OTHER DEVELOPMENTS 155
TABLE 91 SYNTHETIC FUELS MARKET: EXPANSIONS, INVESTMENTS, AND INNOVATIONS (2019–AUGUST 2023) 155
15 COMPANY PROFILES 159
(Business overview, Products/Solutions/Services offered, Recent Developments, MnM view, Key strengths, Strategic choices, Weaknesses and competitive threats)*
15.1 KEY PLAYERS 159
15.1.1 SHELL 159
TABLE 92 SHELL: COMPANY OVERVIEW 159
FIGURE 42 SHELL: COMPANY SNAPSHOT 160
TABLE 93 SHELL: PRODUCTS OFFERED 160
TABLE 94 SHELL: DEALS 161
TABLE 95 SHELL: OTHERS 161
15.1.2 SASOL 163
TABLE 96 SASOL: COMPANY OVERVIEW 163
FIGURE 43 SASOL: COMPANY SNAPSHOT 164
TABLE 97 SASOL: PRODUCTS OFFERED 164
TABLE 98 SASOL: DEALS 165
15.1.3 CHN ENERGY INVESTMENT GROUP CO., LTD. 167
TABLE 99 CHN ENERGY INVESTMENT GROUP CO., LTD.: COMPANY OVERVIEW 167
TABLE 100 CHN ENERGY INVESTMENT GROUP CO., LTD: PRODUCTS OFFERED 167
TABLE 101 CHN ENERGY INVESTMENT GROUP CO., LTD.: DEALS 168
TABLE 102 CHN ENERGY INVESTMENT GROUP CO., LTD.: OTHERS 168
15.1.4 CHEVRON RENEWABLE ENERGY GROUP 172
TABLE 103 CHEVRON RENEWABLE ENERGY GROUP: COMPANY OVERVIEW 172
TABLE 104 CHEVRON RENEWABLE ENERGY GROUP: PRODUCTS OFFERED 172
TABLE 105 CHEVRON RENEWABLE ENERGY GROUP: DEALS 173
TABLE 106 CHEVRON RENEWABLE ENERGY GROUP: OTHERS 173
15.1.5 EXXONMOBIL CORPORATION 175
TABLE 107 EXXONMOBIL CORPORATION: COMPANY OVERVIEW 175
FIGURE 44 EXXONMOBIL CORPORATION: COMPANY SNAPSHOT 176
TABLE 108 EXXONMOBIL CORPORATION: PRODUCTS OFFERED 176
TABLE 109 EXXONMOBIL CORPORATION: DEALS 177
15.1.6 TOTALENERGIES 178
TABLE 110 TOTALENERGIES: COMPANY OVERVIEW 178
FIGURE 45 TOTALENERGIES: COMPANY SNAPSHOT 179
TABLE 111 TOTALENERGIES: PRODUCTS OFFERED 179
TABLE 112 TOTALENERGIES: DEALS 180
15.1.7 NESTE 182
TABLE 113 NESTE: COMPANY OVERVIEW 182
FIGURE 46 NESTE: COMPANY SNAPSHOT 183
TABLE 114 NESTE: PRODUCTS OFFERED 183
TABLE 115 NESTE: DEALS 184
TABLE 116 NESTE: OTHERS 184
15.1.8 PETRO SA 186
TABLE 117 PETRO SA: COMPANY OVERVIEW 186
TABLE 118 PETRO SA: PRODUCTS OFFERED 186
15.1.9 LINDE ENGINEERING 187
TABLE 119 LINDE ENGINEERING: COMPANY OVERVIEW 187
FIGURE 47 LINDE ENGINEERING: COMPANY SNAPSHOT 187
TABLE 120 LINDE ENGINEERING: PRODUCTS OFFERED 188
15.1.10 SYNTHESIS ENERGY SYSTEMS, INC. 189
TABLE 121 SYNTHESIS ENERGY SYSTEMS, INC.: COMPANY OVERVIEW 189
TABLE 122 SYNTHESIS ENERGY SYSTEMS, INC.: PRODUCTS OFFERED 189
15.1.11 DAKOTA GASIFICATION COMPANY 190
TABLE 123 DAKOTA GASIFICATION COMPANY: COMPANY OVERVIEW 190
FIGURE 48 DAKOTA GASIFICATION COMPANY: COMPANY SNAPSHOT 190
TABLE 124 DAKOTA GASIFICATION COMPANY: PRODUCTS OFFERED 191
15.1.12 TOPSOE 192
TABLE 125 TOPSOE: COMPANY OVERVIEW 192
FIGURE 49 TOPSOE: COMPANY SNAPSHOT 192
TABLE 126 TOPSOE: PRODUCTS OFFERED 193
TABLE 127 TOPSOE: DEALS 193
TABLE 128 TOPSOE: OTHERS 194
15.1.13 MAIRE TECNIMONT S.P.A. 196
TABLE 129 MAIRE TECNIMONT S.P.A.: COMPANY OVERVIEW 196
FIGURE 50 MAIRE TECNIMONT S.P.A.: COMPANY SNAPSHOT 197
TABLE 130 MAIRE TECNIMONT S.P.A.: PRODUCTS OFFERED 197
TABLE 131 MAIRE TECNIMONT S.P.A.: DEALS 198
15.1.14 SUNFIRE GMBH 199
TABLE 132 SUNFIRE GMBH: COMPANY OVERVIEW 199
TABLE 133 SUNFIRE GMBH: PRODUCTS OFFERED 199
TABLE 134 SUNFIRE GMBH: DEALS 200
15.1.15 RWE 201
TABLE 135 RWE: COMPANY OVERVIEW 201
FIGURE 51 RWE: COMPANY SNAPSHOT 202
TABLE 136 RWE: PRODUCTS OFFERED 202
TABLE 137 RWE: DEALS 203
15.1.16 QATARENERGY 204
TABLE 138 QATARENERGY: COMPANY OVERVIEW 204
FIGURE 52 QATARENERGY: COMPANY SNAPSHOT 204
TABLE 139 QATARENERGY: PRODUCTS OFFERED 205
TABLE 140 QATARENERGY: DEALS 205
TABLE 141 QATARENERGY: OTHERS 207
15.1.17 INNER MONGOLIA YITAI COAL CO., LTD. 208
TABLE 142 INNER MONGOLIA YITAI COAL CO., LTD.: COMPANY OVERVIEW 208
FIGURE 53 INNER MONGOLIA YITAI COAL CO., LTD.: COMPANY SNAPSHOT 209
TABLE 143 INNER MONGOLIA YITAI COAL CO., LTD.: PRODUCTS OFFERED 209
15.2 OTHER PLAYERS 210
15.2.1 NORSK E-FUEL 210
TABLE 144 NORSK E-FUEL: COMPANY OVERVIEW 210
TABLE 145 NORSK E-FUEL: PRODUCTS OFFERED 210
TABLE 146 NORSK E-FUEL: DEALS 211
TABLE 147 NORSK E-FUEL: OTHERS 211
15.2.2 PROMETHEUS FUELS 212
TABLE 148 PROMETHEUS FUELS: COMPANY OVERVIEW 212
TABLE 149 PROMETHEUS FUELS: PRODUCTS OFFERED 212
TABLE 150 PROMETHEUS FUELS: DEALS 212
15.2.3 SKYNRG 213
TABLE 151 SKYNRG: COMPANY OVERVIEW 213
TABLE 152 SKYNRG: PRODUCTS OFFERED 213
15.2.4 SYNHELION SA 214
TABLE 153 SYNHELION SA: COMPANY OVERVIEW 214
TABLE 154 SYNHELION SA: PRODUCTS OFFERED 214
TABLE 155 SYNHELION SA: DEALS 214
15.2.5 SAF+ CONSORTIUM 215
TABLE 156 SAF+ CONSORTIUM: COMPANY OVERVIEW 215
TABLE 157 SAF+ CONSORTIUM: PRODUCTS OFFERED 215
TABLE 158 SAF+ CONSORTIUM: DEALS 216
15.2.6 VIRENT, INC. 217
TABLE 159 VIRENT, INC.: COMPANY OVERVIEW 217
TABLE 160 VIRENT, INC.: PRODUCTS OFFERED 217
*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MnM view, Key strengths, Strategic choices, Weaknesses and competitive threats might not be captured in case of unlisted companies.
16 ADJACENT AND RELATED MARKETS 218
16.1 INTRODUCTION 218
16.2 LIMITATIONS 218
16.3 SYNTHETIC FUELS INTERCONNECTED MARKETS 218
16.3.1 AVIATION FUEL MARKET 218
16.3.1.1 Market definition 218
16.3.1.2 Market overview 218
16.4 AVIATION FUEL MARKET, BY FUEL TYPE 219
16.4.1 CONVENTIONAL FUEL 219
16.4.1.1 Aviation turbine fuel 219
16.4.1.2 Jet A 219
16.4.1.2.1 Extensive use of Jet A fuel in US 219
16.4.1.3 Jet A1 219
16.4.1.3.1 Rising demand for Jet A1 fuel outside US 219
16.4.2 AVGAS 219
16.4.2.1 Demand for aviation gasoline for piston engine aircraft 219
16.5 SUSTAINABLE FUEL 220
16.5.1 BIOFUEL 220
16.5.1.1 Drop-in capability with no changes in aircraft infrastructure to drive demand 220
16.5.2 HYDROGEN FUEL 220
16.5.2.1 Advantage of being true zero-carbon solution to drive demand 220
TABLE 161 CURRENT HYDROGEN-POWERED AIRCRAFT DEVELOPMENTS 221
16.5.3 POWER-TO-LIQUID 221
16.5.3.1 Benefits like very low lifecycle emissions to drive demand 221
16.5.4 GAS-TO-LIQUID 222
16.5.4.1 Technological advancements to drive demand 222
TABLE 162 AVIATION FUEL MARKET, BY FUEL TYPE, 2018–2021 (USD MILLION) 222
TABLE 163 AVIATION FUEL MARKET, BY FUEL TYPE, 2022–2030 (USD MILLION) 222
17 APPENDIX 223
17.1 DISCUSSION GUIDE 223
17.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 225
17.3 CUSTOMIZATION OPTIONS 227
17.4 RELATED REPORTS 227
17.5 AUTHOR DETAILS 228
