Synthetic Fuels Market Share, Size, Future Demand, and Emerging Trends

NEW YORK - June 17, 2024 - PRLog -- Market Overview

The synthetic fuels market is projected to yield around USD 48.6 billion in revenue by 2023. Moreover, between 2024 and 2030, it is anticipated to experience a compound annual growth rate (CAGR) of 5.6%, resulting in a market value of approximately USD 70.6 billion by 2030.

The development of these kinds of energy technologies can account for the carbon neutrality or low carbonation that is crucial in the reduction of air pollution thus leading to improved air quality. Specifically, the increase in the number of government initiatives that are aimed at the reduction of the level of greenhouse gas emissions is one of the facts that promote the market conditions. Various uses of fossil fuels include coal for electricity generation (about 40% of electricity produced worldwide is coal), transportation, and residential purposes mainly for cooking (more than half of households globally depend on fossil sources).

Report Description: https://www.psmarketresearch.com/market-analysis/synthetic-fuels-market-report

Key Insights

• Transportation holds a 40% market share in the semiconductor chemicals market in 2023.
• Electric vehicles have created a boom in the industry but the transportation sector continues to widely use fossil fuels.
• Internal combustion engines are beneficial in heavy vehicles, sports cars, and territories without sufficient electricity supply.
• The industry of aviation has to depend on liquid fuels because it cannot entirely rely on electricity.
• For the year 2021, more than one-third of the global carbon dioxide emissions were recorded by the transport sector according to the International Energy Agency.
• The industrial sector holds a significant share of the semiconductor chemicals market.
• Fossil fuels are widely used in industries as both energy sources and raw materials.
• Asia-Pacific holds the largest market share in 2023, accounting for around 50%.
• Many developing economies in Asia are highly polluted, prompting efforts to reduce greenhouse emissions through regulations.
• India has set an NDC goal to reduce its carbon footprint by 45% until its year 2030 target.
• China is leading the market of e-fuels in APAC, secondly, Japan and later India, as it possesses a large carbon footprint.
• Technological advancement is expected to be invested fast in North America, leading to the growth of synthetic fuel production industries.