South Korea E Fuel Market Size & Outlook, 2023-2050
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South Korea e fuel market highlights
- The South Korea e fuel market generated a revenue of USD 876.0 million in 2023 and is expected to reach USD 118,774.9 million by 2050.
- The South Korea market is expected to grow at a CAGR of 19.9% from 2024 to 2050.
- In terms of segment, hydrogen was the largest revenue generating product in 2023.
- E-Kerosene is the most lucrative product segment registering the fastest growth during the forecast period.
E fuel market data book summary
| Market revenue in 2023 | USD 876.0 million |
| Market revenue in 2050 | USD 118,774.9 million |
| Growth rate | 19.9% (CAGR from 2023 to 2050) |
| Largest segment | Hydrogen |
| Fastest growing segment | E-Kerosene |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2050 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Ethanol, E-Methane, Hydrogen, E-Kerosene, E-Methanol |
| Key market players worldwide | Archer-Daniels Midland Co, Ballard Power Systems Inc, Ceres Power Holdings PLC, Hexagon Composites ASA, Neste OYJ, Clean Fuels Alliance America, Climeworks, EFUEL |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.7% of the global e fuel market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2050.
- In Asia Pacific, China e fuel market is projected to lead the regional market in terms of revenue in 2050.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 305,213.6 million by 2050.
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E Fuel Market Scope
E Fuel Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| EFUEL | View profile | 11-50 | Los Gatos, California, United States, North America | http://www.efuel100.com |
| Climeworks | View profile | 251-500 | Zürich, Zurich, Switzerland, Europe | http://www.climeworks.com |
| Clean Fuels Alliance America | View profile | 11-50 | Jefferson City, Montana, United States, North America | https://www.nbb.org/ |
| Hexagon Composites ASA | View profile | 1149 | Korsegata 4B, P.O. Box 836, Sentrum, Aalesund, Norway, 6002 | https://www.hexagongroup.com |
| Neste OYJ | View profile | 5942 | Keilaranta 21, P.O. Box 95, Neste, Espoo, Finland, 00095 | https://www.neste.com |
| Ceres Power Holdings PLC | View profile | 591 | Foundry Lane, Viking House, Horsham, West Sussex, United Kingdom, RH13 5PX | https://www.cerespower.com |
| Ballard Power Systems Inc | View profile | 1173 | 9000 Glenlyon Parkway, Burnaby, BC, Canada, V5J 5J8 | https://www.ballard.com |
| Archer-Daniels Midland Co | View profile | 41802 | 77 West Wacker Drive, Suite 4600, Chicago, IL, United States, 60601 | https://www.adm.com |
South Korea e fuel market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to e fuel market will help companies and investors design strategic landscapes.
Hydrogen was the largest segment with a revenue share of 7.21% in 2023. Horizon Databook has segmented the South Korea e fuel market based on ethanol, e-methane, hydrogen, e-kerosene, e-methanol covering the revenue growth of each sub-segment from 2018 to 2050.
The South Korean market for e-fuels is driven by several favorable government policies supporting the production of e-fuels in the country. For instance, in April 2023, the South Korean government revised its aim to reduce carbon emissions to 45.9% by 2030 from 44.4%, which was the set target in 2022.
Furthermore, in July 2023, Plagen Co. signed an MOU with HYOJIN AUTOTECH and ReCarbon, Inc. to scale up the e-methanol production in the country. This agreement is anticipated to increase the production of e-methanol by 20,000 tons annually in the country. Such developments are increasing the production of e-fuels, propelling the demand for renewable fuels in the country over the forecast period.
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Strategic advantage: By staying updated with the latest market intelligence, companies can stay ahead of competitors, anticipate industry shifts, and capitalize on emerging opportunities.
Target buyers of South Korea e fuel market databook
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Our clientele includes a mix of e fuel market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea e fuel market , including forecasts for subscribers. This country databook contains high-level insights into South Korea e fuel market from 2018 to 2050, including revenue numbers, major trends, and company profiles.
Partial client list
South Korea e fuel market size, by product, 2018-2050 (US$M)
South Korea E Fuel Market Outlook Share, 2023 & 2050 (US$M)
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