Synthetic fuel market is anticipated to grow at a CAGR of 22.8% during the forecast period (2023-2030). Synthetic fuels, also known as synfuels, are liquid or gaseous fuels made from hydrogen and carbon, or hydrocarbons. They are produced by capturing carbon emissions from industrial processes or the atmosphere and then combining the carbon with hydrogen from renewable sources such as water or biomass. Synthetic fuels can be used in the same way as fossil fuels, without any modifications to engines or infrastructure.
Fuel storage tank market is anticipated to grow at a considerable CAGR of 4.2% during the forecast period. Growing demand for energy across the globe has created demand for fuel storage which in turn driving the growth of the global fuel storage tank market. As per October 2021 report of US Energy Information Administration (EIA), the global energy demand is expected to increase 47.0% in the next 30 years, driven by population and economic growth, particularly in developing Asian countries.
Electrical & electronic plastics market is anticipated to grow at a considerable CAGR of 8.6% during the forecast period. The rising electrical & electronic application across the globe owing to the growing urbanization and digitalization is a key factor driving the growth of the global electrical & electronic plastics market. Plastic characteristics such as aesthetic & reduced weight have made it a suitable choice for usage in electrical & electronic products.
Oil shale market is anticipated to grow at a considerable CAGR of 7.5% during the forecast period. Significant rise in the consumption of petrochemicals and its related industries is a key factor driving the growth of the oil shale market. In April 2022, Continental Resources Inc., Hess Corp. and Matador Resources Co. has planned to raise production from US shale basins, a potential harbinger of things to come as Big Oil.
Crude tall oil derivative market is projected to grow at a considerable CAGR of around 3% during the forecast period (2020-2026). The key aspects that contribute towards the growth of the crude tall oil derivative market include rise in consumption of tall oil, owing to its growing usage in several industries such as automotive, specialty chemicals & petrochemicals, and oil & gas mining, among others.