NEW YORK, Oct. 5, 2023 /PRNewswire/ — The syngas market size is expected to grow by USD 14.92 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.2% during the forecast period. The rising application of syngas is notably driving the syngas market. However, factors such as complex quality requirements for syngas may impede market growth. The market is segmented by Application (Chemical, Fuel, and Electricity), Feedstock (Coal, Natural gas, Petroleum byproducts, Biomass/waste, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free sample report is available in PDF format
Key Segment Analysis
The market share of the chemical segment will be significant during the forecast period. In today’s world, this segment is omnipresent due to he growing use of plastics, rubber, and synthetic textiles. In addition, this segment also enhances other bulk materials such as metal and timber by offering protective (varnish) or decorative (paint) coatings. Furthermore, there is a growing popularity of this segment across the agriculture industries in the form of fertilizers and other agrochemicals to maintain output levels. Syngas are synthetic gas manufactured from a mixture of carbon monoxide and hydrogen. There is an increasing use of the gasification process for the generation of syngas as it is an environmentally friendly process of converting raw materials like coal into chemicals. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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Geographical Market Analysis
APAC accounts for 53% of the growth of theglobal market during the forecast period. India and China are some of the main countries in APAC that are significantly contributing to the growth of the global syngas market due to their high reliance on coal to meet their energy demand. In addition, there is a growing demand for clean energy across several countries in APAC which is positively impacting the market. For instance, in May 2020, Air Products and Chemicals signed a contract to build, own, and operate a coal-to-methanol production plant in Bengalon, Indonesia. Furthermore, there is an increase in the establishment of several plants in the region which has fuelled the demand for affordable, high-quality, locally sourced, and safe liquid transportation fuels. Thus, this syngas generated from coal has facilitated Indonesia to meet the country’s energy demand, especially with respect to liquid fuels, thus simultaneously reducing the country’s dependence on imports. Hence, such factors will drive the market growth in the regionduring the forecast period.
Company Insights
The syngas market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including:
Air Liquide SA, Air Products and Chemicals Inc., BASF SE, BP Plc, Chevron Corp., Chiyoda Corp., ENERKEM Inc., General Electric Co., IHI Aerospace Co. Ltd., John Wood Group PLC, Linde Plc, McDermott International Ltd., Methanex Corp., Mitsubishi Heavy Industries Ltd., Sasol Ltd., Shell plc, Siemens AG, Synthesis Energy Systems Inc., TechnipFMC plc, thyssenkrupp AG, and Topsoes AS
View Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
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Executive Summary
Market Landscape
