Rising Environmental Concerns to Drive Growth in the Synthetic Fuel Market
Synthetic Fuel Market Market Overview: The synthetic fuel market is estimated to be valued at US$5.60 billion in 2023 and is expected to exhibit a CAGR of 19.8% over the forecast period 2023-2030 , as highlighted in a new report published by Coherent Market Insights. Synthetic fuels, also known as alternative fuels, are produced from non-renewable sources such as coal, natural gas, or biomass through various chemical processes. These fuels are gaining traction in the market due to their lower carbon emissions compared to traditional fossil fuels. Moreover, the increasing environmental concerns regarding greenhouse gas emissions and the depletion of fossil fuel reserves have led to the adoption of synthetic fuels in various sectors including transportation, power generation, and industrial applications. Market Dynamics: The synthetic fuel market is primarily driven by two main factors: stringent environmental regulations and growing demand for clean energy solutions. The i...