The synthetic fuels market size is projected to grow from USD 48.4 billion in 2023 to USD 70.1 billion by 2030, at a CAGR of 5.4% from 2023 to 2030. The market growth is expected to be driven by investment from private players boosting research & development, and diversification in the primary energy mix. High potential of different applications of synthetic fuels and introduction of carbon pricing mechanisms and tax credits for synthetic fuel production, and trying to make it financially viable by several governments worldwide may lead to major opportunities, fueling market growth.
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Companies such as Shell (UK), SASOL (South Africa), CHN Energy Investment Group Co., Ltd. (China), Chevron Renewable Energy Group (US), ExxonMobil Corporation (US), fall under the winners’ category. These are leading players in the synthetic fuels market, globally. These players have adopted the strategies of acquisitions, expansions, partnerships, and investments to increase their market shares.
Shell – Shell is a British multinational oil and gas company with operations in over 99 countries and around 44,000 service stations worldwide. The Business segments of Shell are as follows integrated gas, upstream, marketing, chemicals, and products, renewable and energy solutions & corporate. It is vertically integrated and active in every area of the oil and gas industry, including exploration, production, refining, transport, distribution, and marketing, petrochemicals, power generation, and trading. Shell is the second largest investor-owned oil and gas company globally and specializes in the management of oil and gas resources. The company has manufacturing plants across Durban, Canada, Texas, China, Malaysia, Singapore, Germany, Netherlands, the UK, and Qatar.
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SASOL – SASOL operates as an international integrated chemicals and energy company. Its operations include commercializing technologies and developing a wide range of products, such as liquid fuels, chemicals, and low-carbon electricity. The company operates through Energy business (mining, gas, fuel) & Chemicals (Africa, America, Eurasia). SASOL bifurcates these business segments into two units, namely, strategic business units and operating business units. Strategic business units include energy, base chemicals, performance chemicals, and group functions, whereas operation business units include mining as well as exploration & production.
CHN Energy Investment Group Co., Ltd. – CHN Energy Investment Group Co., Ltd. is a Chinese company that provides products and services of whole industrial chains including coal, electric power, transportation, and chemical industry. With the approval of the CPC Central Committee and the State Council, CHN Energy Investment Group (CHN Energy) was formally established, following the merger of China Guodian Corporation and Shenhua Group. Shenhua Ningxia Coal Industry Group Co., Ltd., a subsidiary of CHN Energy Investment Group, was formerly known as National Energy Group Ningxia Coal Industry Co., Ltd. The company has expertise in coal-based power generation and transmission, alongside the production of ammonia, ethanol, and sulfur-based chemical products. Its corporate headquarters is in Yinchuan, Ningxia, China. It is the world’s largest company in coal mining, thermal power, wind power, and coal-to-liquids industry. The company operates in 31 provinces, autonomous regions, and municipalities across China, as well as more than 10 countries and regions including the US and Canada.
Chevron Renewable Energy Group – Chevron Renewable Energy Group is a business segment of Chevron Corporation that focuses on growing Chevron’s portfolio of lower carbon fuels and developing new ones. The group was formed after Chevron completed its acquisition of Renewable Energy Group (REG) in June 2022. Chevron Renewable Energy Group is now one of the biggest bio-based diesel manufacturers by volume in the US. Chevron Renewable Energy Group combines REG’s feedstock aggregation capabilities with Chevron’s fuel distribution network to be a leader in the alternative fuels space. The group serves the transportation industry and offers cost-effective, lower carbon solutions that utilize today’s fleets and infrastructure.
ExxonMobil Corporation – ExxonMobil Corporation, is one of a prominent multinational energy company which is a result of the merger between Exxon Corporation and Mobil Corporation. ExxonMobil Corporation is engaged in the exploration, production, transportation, and sale of crude oil, natural gas, and petroleum products. The company operates through four business segments, namely, upstream, energy products, chemical products, and specialty products. The company has a significant presence in North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region. ExxonMobil serves a diverse range of industries with its products, such as fuels, lubricants, and aviation products cater to the transportation sector, including automotive, aviation, and marine industries, vital raw materials for manufacturing plastics, packaging, and other industrial processes, it also plays a pivotal role in the energy production sector by manufacturing and distributing oil and natural gas petrochemical products are used in various industries for manufacturing goods like plastics and synthetic fibers, products for the agricultural sector, such as lubricants and fuels for agricultural machinery and processes.
