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Oil & Gas is the base of any economy of the world. The growing political uncertainties among the countries which directly affect the import and export of the oil & gas. Synthetic fuels act as an alternative to fuel and make the country independent. Synthetic fuel is the liquid fuel, which is also found in the liquid state. Synthetic fuel is generally obtained by the mixture of carbon monoxide and hydrogen. Carbon emission is one of the major problems of every economy in the world.
Every government has implemented norms to control carbon emission. Synthetic fuels are cleaner than petroleum fuels. The harmful metal and sulfur of petroleum fuel can be captured during the process. By switching to synthetic fuel, the country has the opportunity to reduce carbon emission. Synthetic fuel can be used by both diesel and petrol engine without any modification.
On the basis of the raw material, the global synthetic fuel market can be segmented into coal, natural gas, plants waste, and others. Synthetic fuel is produced by a chemical conversion process. The synthetic oil produced from coal is expected to dominating the market in the above segmentation. Coal is easy and available in abundance in most of the country.
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On the basis of type, the global synthetic fuel market is segmented into coal-to-liquid, biomass-to-liquid, tire-derived fuel, extra-heavy oil, gas-to-liquid oil, and others. Extra-heavy oil is expected to dominate the market in the above segmentation. Extra-heavy oil is a type of synthetic oil which just like crude oil. It occurs naturally inside the earth when oil is buried inside the earth is exposed by microorganisms that break hydrocarbon resulted in a change in the physical state of oil.
The factor that is expected to drive the growth of the global synthetic fuel market is owing to political uncertainty there is a rise in oil prices synthetic fuels can be used as the alternatives of natural oil & gas. Synthetic fuels help to reduce the energy crisis. Synthetic fuels are helping to reduce carbon emission owing to elimination of impurities such as sulfur during the process. It can be used by both petrol and diesel engine as fuel without any modification.
The factor that is expected to restrain the growth of the global synthetic fuel market is there is an enormous investment is required for the installation of the synthetic fuel plant, and it is costly as compared to traditional fuel.
Some of the major companies in the global synthetic fuel market are Sasol, Indian Oil Corporation Ltd., Royal Dutch Shell, Phillips 66, ExxonMobil, Petrochina, Reliance Industries Ltd., and Bosch.
By Raw Material
The global synthetic fuel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In Asia pacific owing to increase in per capita income of the people, which leads to the robust growth of the automotive sector. This resulted in a rise in demand for fuel in countries like China and India. Also, owing to some political uncertainty, there is a continuous rise in fuel prices so, the need for increased synthetic fuel in terms of alternatives for fuels. In Europe, synthetic fuel is in the interest to reduce petroleum consumption as well as greenhouse gases emission from transport. Also, owing to the intervention of organizations like the European Union with a new phase in renewable energy policy and come to a transition to new low carbon fuel technologies. In North America, it can be used as an alternative to oil & gas. Owing to strict carbon emission rule synthetic fuel can be used as fuel for the transportation sector that will help to cut vehicle greenhouse emission. In the USA could power its vehicles with synthetic fuel rather than relying on oil.
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