Syngas Market Report
RA08407
Syngas Market by Gasifier (Moving Bed Gasifier, Fluidized Bed Gasifier, Entrained Flow Gasifier, and Others), Technology (Steam Reforming, Partial Oxidation, Auto-thermal Reforming, Combined or Two-step Reforming, and Biomass Gasification), Feedstock (Natural Gas, Coal, Biomass/Waste, and Others), Application (Power Generation, Chemicals, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027
Global Syngas Market Analysis
The global syngas market size is anticipated to garner $64,248.6 million in the 2020–2027 period, growing from $42,100 million in 2019 at a noteworthy CAGR of 6.1%.
Market Synopsis
Increasing environmental concerns is one of the key elements for the syngas market growth.
However, significant capital investment required for the syngas manufacturing facilities, may restrict the market growth.
According to the regional analysis of the syngas market, the Asia-Pacific market is expected to surge at a CAGR of 6.2% by generating a revenue of $41,890.1 million throughout the analysis period.
Syngas Overview
Syngas is also known as fuel gas or producer gas which mainly consist of hydrogen (H) and carbon monoxide (CO). Syngas is utilized for the production of methanol which has a crucial role in the manufacturing of acetic acid, formaldehyde, methyl methacrylate, and methyl tertiary-butyl ether. Also, syngas is a prominent platform for the utilization of nonpetroleum carbon resources including shale gas, natural gas, and coal.
COVID-19 impact on Syngas Market:
The impact of the COVID-19 outbreak has been unprecedented on a global scale. Also, the syngas market has witnessed slow growth throughout the COVID-19 pandemic, mainly due to the obstruction in supply chain, causing delays in the production of syngas. Contrary to this, syngas industry players such as Linde plc, a multinational chemical firm with German-American roots, are coming forward with their effective strategy implementation. For example, in May 2020, Linde plc, announced that it has started up a syngas production plant in Geismar, Louisiana. Such expansions may further drive the market in the coming years.
Growing Adoption of Syngas in the Chemical Sector to Upsurge the Market Growth
Significantly growing demand for syngas from the chemical industries worldwide is one of the crucial factors for the global market growth. Syngas is majorly utilized to produce synthetic natural gas (SNG), which plays a key role in the marine, rail, and road transport industries in the form of compressed natural gas (CNG) and liquefied natural gas (LNG). Also, crucial use of syngas in the fuel gas engines particularly for power supply, improved stability, and low energy cost, may further boost the demand for syngas.
To know more about global syngas market drivers, get in touch with our analysts here.
A Higher Initial Investment May Obstruct the Growth of the Global Syngas Market
The main reasons that obstruct the market growth majorly include the significant time required to build the syngas operational plant along with high capital investments. Also, unfavorable conditions raised owing to the COVID-19 crisis are also severely affecting the global syngas industry.
The Robust Presence of Key Players and their Strategic Steps May Create Lucrative Opportunities for the Global Syngas Market in the Future
The syngas industry is projected to grow at a fast pace owing to the presence of prominent players worldwide. The companies such as Linde plc, Air Products and Chemicals, Inc., and Haldor Topsoe A/S have been emphasizing mainly on strategies including acquisitions, expansions, and novel product launches in untapped and potential markets. For instance, in May 2018, BPCL (Bharat Petroleum Corporation Limited), a government-owned oil and gas corporation, and Air Products Inc., American leading industrial gas provider, officially signed a long-term agreement in order to establish, own, and operate a new syngas manufacturing plant. Such key developments are further expected to create investment opportunities for syngas market in the coming years.
To know more about global syngas market opportunities, get in touch with our analysts here.
Syngas Market
By GasifierBased on gasifier, the market has been divided into moving bed gasifier, Fluidized Bed Gasifier, entrained flow gasifier, and others sub-segments of which the Fluidized Bed Gasifier sub-segment is expected to have the largest market share during the analysis period.
Source: Research Dive Analysis
The fluidized bed gasifier sub-segment is anticipated to have the largest share in the global market and generate a revenue of $25,721.6 million by 2027.
Fluidized bed gasifier is prominently utilized to enhance turbulence for more complete gasification of low reactivity feedstocks. Also, it has higher cold gas efficiency than entrained-bed gasifiers. Moreover, fluidized bed gasifier is one of the most significant designs for biomass gasification, majorly owing to its applicability to the medium-scale processes. Furthermore, key advantages including high efficiency, flexible feedstock, and lower pollution are expected to drive the demand for fluidized bed gasifiers. Thus, in 2019, the fluidized bed gasifier segment accounted for the highest syngas market share.
Syngas Market
By FeedstockBased on feedstock, the market has been categorized into natural gas, Coal, biomass/waste, and others. Out of these, the Coal sub-segment is expected to garner the maximum revenue in the global market.
Source: Research Dive Analysis
The coal sub-segment of the global syngas market is anticipated to have a major share and surpass $44,134.0 million by 2027, with a rise from $29,003.3 million in 2019 majorly due to the high obtainability of coal for energy generation combined with excellent compatibility of feedstock with advanced technologies for manufacturing of synthetic gas. In addition to this, prominent markets including India and China are significantly engaged in coal-based syngas production. This may fuel the industry growth of the coal segment, across the globe, throughout the analysis period.
Syngas Market
By TechnologyBased on technology, the market has been categorized into partial oxidation, Steam Reforming, combined or two-step reforming, auto-thermal reforming, and biomass gasification. Out of these, the Steam Reforming segment is anticipated to lead the global syngas industry throughout the projected period.
Source: Research Dive Analysis
The steam reforming sub-segment of the global syngas market is expected to have the fastest growth and reach up to $24,708.1 million by 2027, with an increase from $16,435.0 million in 2019. Steam reforming is one of proven and efficient technologies for the production of syngas mainly because this process is a cost-effective, reliable, and widely used method to produce hydrogen with environmental benefits. Hence, key players such as Haldor Topsoe A/S, a leading Danish catalysis company are coming up with novel innovations, to strengthen their presence in the global market. For example, in February 2020, Topsoe announced to launch ‘advanced steam reforming catalyst series’ called TITAN with high efficiency and reliability. It mainly provides enhanced performance and longer catalyst lifetime owing to the hibonite-rich composition. Such company innovations may create positive impact on the sub-segment’s growth, in the analysis period.
Syngas Market
By ApplicationBased on application, the segment has been categorized into Chemicals, power generation, and others. Out of these, the Chemicals sub-segment is anticipated to have a dominating share and generate a notable revenue throughout the forecast period.
Source: Research Dive Analysis
The chemical sub-segment of the global synthesis gas market is anticipated to have the largest share and it is expected to cross $25,604.8 million by 2027, with an increase from $39,028.2 million in 2019. This growth is mainly attributed to the growing demand for green chemicals for the production and synthesis of chemical intermediates. On the basis of H2/CO ratio, syngas is comprehensively used in the processing of chemicals for producing petrochemicals, fertilizers, oxo chemicals, and many among others. In addition to this, syngas plays a key role in the ammonia synthesis which is the most ideally used chemical, across the globe. Owing to the above-mentioned factors the demand for syngas in chemical sector is expected to increase, which may ultimately propel the industry growth.
Syngas Market
By RegionThe syngas market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Syngas in Asia-Pacific to be the Most Dominant
Asia-Pacific synthesis gas market size is accounted to exceed $41,890.1 million by 2027 and is projected to experience the growth rate of 6.2%.
Asia-Pacific is expected to witness high growth rate in the upcoming years owing to rising demand for syngas in different industries such as electricity, chemical and fuel has accelerated the product production in this Asia-pacific region. Also, the increasing urbanization in Asian countries such as Japan and Australia will also create positive impact on the synthesis gas market size in the Asia Pacific region. Moreover, in Asia, chemical industries are offering vast opportunities for petrochemicals and fertilizer production. In addition to this, key players operating in the global syngas market are adopting strategic collaborations to offer advanced syngas platforms to businesses. For instance, Siemen AG, a German multinational conglomerate company, on June 2020 announced that they are awarded for PETRONAS Kasawari Gas Field Development Project, by Malaysia Marine and Heavy Engineering for supplying three mechanical-drive SGT-300 gas turbines and three SGT-300 industrial gas turbine generators (GTG). In addition to this, higher population increases demand for fuel and electricity applications of syngas and, with increasing demand for syngas & derivatives in hydrogen-based electricity, liquid fuel and gaseous fuel. All they type of initiatives and company development will drive the market for seaweed protein market.
Competitive Scenario in the Global Syngas Market
Product launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading syngas market players are Air Liquide S.A., Linde plc, Air Products and Chemicals, Inc., Haldor Topsoe A/S, The Chiyoda Corporation, Syngas Energy Holdings LLC, John Wood Group PLC, OQ Chemicals GmbH, Methanex Corporation, and SynGas Technology, LLC (SGT).
Porter’s Five Forces Analysis for the Global Syngas Market:
- Bargaining Power of Suppliers: The suppliers operating in the global syngas are high in number and are much larger and more globalized. So, there will be less threat from the supplier.
Thus, the bargaining power of the supplier is high. - Bargaining Power of Buyer: Buyers will have moderate bargaining power, significantly because of multiple players operating in the global syngas industry.
Thus, the bargaining power of the buyer is moderate. - Threat of New Entrants: The companies entering into the global syngas market are adopting technological innovations such as developing integrated services to attract customers. Also, these companies are implementing various effective strategies and there is government support in some countries.
Thus, threat of the new entrants is high. - Threat of Substitutes: There is no alternative product available.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: The competitive rivalry among the industry leaders is rather intense, especially between the global players including Air Liquide S.A. and Linde plc These companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, the competitive rivalry in the market is high.
| Aspect | Particulars |
| Historical Market Estimations | 2018-2019 |
| Base Year for Market Estimation | 2019 |
| Forecast timeline for Market Projection | 2020-2027 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Gasifier |
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| Segmentation by Feedstock |
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| Segmentation by Technology |
|
| Segmentation by Application |
|
| Key Countries Covered |
U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, China, Japan, India, Australia, South Korea, Rest of Asia-Pacific, Brazil, Saudi Arabia, United Arab Emirates, Rest of LAMEA |
| Key Companies Profiled |
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Q1. What is the size of the syngas market?
A. The global syngas market size was over $42,100 million in 2019 and is projected to reach $64,248.6 million by 2027.
Q2. Which are the major companies in the syngas market?
A. Air Products and Chemicals, Inc., Haldor Topsoe A/S, and The Chiyoda Corporation are some of the key players in the global syngas Market.
Q3. Which region possesses greater investment opportunities in the coming future?
A. The Asia-Pacific region possesses great investment opportunities for the investors to witness the most promising growth in the future.
Q4. What is the growth rate of the Asia-Pacific market?
A. Asia-Pacific syngas market is anticipated to grow at 6.2% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Capacity expansion, product development, along with joint ventures are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. Air Liquide S.A. and Linde plc companies are investing more on R&D activities for developing new products and technologies.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.By gasifier trends
2.3.By technology trends
2.4.By feedstock trends
2.5.By application trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview
3.8.1.By Gasifier
3.8.2.By Application
3.8.3.By Technology
3.8.4.By Feedstock
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors
3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors
3.10.Strategic overview
4.Syngas Market, by Gasifier
4.1.Moving Bed Gasifier
4.1.1.Market size and forecast, by region, 2019-2027
4.1.2.Comparative market share analysis, 2019 & 2027
4.2.Fluidized Bed Gasifier
4.2.1.Market size and forecast, by region, 2019-2027
4.2.2.Comparative market share analysis, 2019 & 2027
4.3.Entrained Flow Gasifier
4.3.1.Market size and forecast, by region, 2019-2027
4.3.2.Comparative market share analysis, 2019 & 2027
4.4.Others
4.4.1.Market size and forecast, by region, 2019-2027
4.4.2.Comparative market share analysis, 2019 & 2027
5.Syngas Market, by Technology
5.1.Steam Reforming
5.1.1.Market size and forecast, by region, 2019-2027
5.1.2.Comparative market share analysis, 2019 & 2027
5.2.Partial Oxidation
5.2.1.Market size and forecast, by region, 2019-2027
5.2.2.Comparative market share analysis, 2019 & 2027
5.3.Auto-Thermal Reforming
5.3.1.Market size and forecast, by region, 2019-2027
5.3.2.Comparative market share analysis, 2019 & 2027
5.4.Combined or Two-step Reforming
5.4.1.Market size and forecast, by region, 2019-2027
5.4.2.Comparative market share analysis, 2019 & 2027
5.5.Biomass Gasification
5.5.1.Market size and forecast, by region, 2019-2027
5.5.2.Comparative market share analysis, 2019 & 2027
6.Syngas Market, by Feedstock
6.1.Natural Gas
6.1.1.Market size and forecast, by region, 2019-2027
6.1.2.Comparative market share analysis, 2019 & 2027
6.2.Coal
6.2.1.Market size and forecast, by region, 2019-2027
6.2.2.Comparative market share analysis, 2019 & 2027
6.3.Biomass/Waste
6.3.1.Market size and forecast, by region, 2019-2027
6.3.2.Comparative market share analysis, 2019 & 2027
6.4.Others
6.4.1.Market size and forecast, by region, 2019-2027
6.4.2.Comparative market share analysis, 2019 & 2027
7.Syngas Market, by Application
7.1.Power Generation
7.1.1.Market size and forecast, by region, 2019-2027
7.1.2.Comparative market share analysis, 2019 & 2027
7.2.Chemicals
7.2.1.Market size and forecast, by region, 2019-2027
7.2.2.Comparative market share analysis, 2019 & 2027
7.3.Others
7.3.1.Market size and forecast, by region, 2019-2027
7.3.2.Comparative market share analysis, 2019 & 2027
8.Syngas Market, by Region
8.1.North America
8.1.1.Market size and forecast, by gasifier, 2019-2027
8.1.2.Market size and forecast, by application, 2019-2027
8.1.3.Market size and forecast, by technology, 2019-2027
8.1.4.Market size and forecast, by feedstock, 2019-2027
8.1.5.Market size and forecast, by country, 2019-2027
8.1.6.Comparative market share analysis, 2019 & 2027
8.1.7.U.S.
8.1.7.1.Market size and forecast, by gasifier, 2019-2027
8.1.7.2.Market size and forecast, by application, 2019-2027
8.1.7.3.Market size and forecast, by technology, 2019-2027
8.1.7.4.Market size and forecast, by feedstock, 2019-2027
8.1.7.5.Comparative market share analysis, 2019 & 2027
8.1.8.Canada
8.1.8.1.Market size and forecast, by gasifier, 2019-2027
8.1.8.2.Market size and forecast, by application, 2019-2027
8.1.8.3.Market size and forecast, by technology, 2019-2027
8.1.8.4.Market size and forecast, by feedstock, 2019-2027
8.1.8.5.Comparative market share analysis, 2019 & 2027
8.1.9.Mexico
8.1.9.1.Market size and forecast, by gasifier, 2019-2027
8.1.9.2.Market size and forecast, by application, 2019-2027
8.1.9.3.Market size and forecast, by technology, 2019-2027
8.1.9.4.Market size and forecast, by feedstock, 2019-2027
8.1.9.5.Comparative market share analysis, 2019 & 2027
8.2.Europe
8.2.1.Market size and forecast, by gasifier, 2019-2027
8.2.2.Market size and forecast, by application, 2019-2027
8.2.3.Market size and forecast, by technology, 2019-2027
8.2.4.Market size and forecast, by feedstock, 2019-2027
8.2.5.Market size and forecast, by country, 2019-2027
8.2.6.Comparative market share analysis, 2019 & 2027
8.2.7.Germany
8.2.7.1.Market size and forecast, by gasifier, 2019-2027
8.2.7.2.Market size and forecast, by application, 2019-2027
8.2.7.3.Market size and forecast, by technology, 2019-2027
8.2.7.4.Market size and forecast, by feedstock, 2019-2027
8.2.7.5.Comparative market share analysis, 2019 & 2027
8.2.8.UK
8.2.8.1.Market size and forecast, by gasifier, 2019-2027
8.2.8.2.Market size and forecast, by application, 2019-2027
8.2.8.3.Market size and forecast, by technology, 2019-2027
8.2.8.4.Market size and forecast, by feedstock, 2019-2027
8.2.8.5.Comparative market share analysis, 2019 & 2027
8.2.9.France
8.2.9.1.Market size and forecast, by gasifier, 2019-2027
8.2.9.2.Market size and forecast, by application, 2019-2027
8.2.9.3.Market size and forecast, by technology, 2019-2027
8.2.9.4.Market size and forecast, by feedstock, 2019-2027
8.2.9.5.Comparative market share analysis, 2019 & 2027
8.2.10.Spain
8.2.10.1.Market size and forecast, by gasifier, 2019-2027
8.2.10.2.Market size and forecast, by application, 2019-2027
8.2.10.3.Market size and forecast, by technology, 2019-2027
8.2.10.4.Market size and forecast, by feedstock, 2019-2027
8.2.10.5.Comparative market share analysis, 2019 & 2027
8.2.11.Italy
8.2.11.1.Market size and forecast, by gasifier, 2019-2027
8.2.11.2.Market size and forecast, by application, 2019-2027
8.2.11.3.Market size and forecast, by technology, 2019-2027
8.2.11.4.Market size and forecast, by feedstock, 2019-2027
8.2.11.5.Comparative market share analysis, 2019 & 2027
8.2.12.Rest of Europe
8.2.12.1.Market size and forecast, by gasifier, 2019-2027
8.2.12.2.Market size and forecast, by application, 2019-2027
8.2.12.3.Market size and forecast, by technology, 2019-2027
8.2.12.4.Market size and forecast, by feedstock, 2019-2027
8.2.12.5.Comparative market share analysis, 2019 & 2027
8.3.Asia Pacific
8.3.1.Market size and forecast, by gasifier, 2019-2027
8.3.2.Market size and forecast, by application, 2019-2027
8.3.3.Market size and forecast, by technology, 2019-2027
8.3.4.Market size and forecast, by feedstock, 2019-2027
8.3.5.Market size and forecast, by country, 2019-2027
8.3.6.Comparative market share analysis, 2019 & 2027
8.3.7.China
8.3.7.1.Market size and forecast, by gasifier, 2019-2027
8.3.7.2.Market size and forecast, by application, 2019-2027
8.3.7.3.Market size and forecast, by technology, 2019-2027
8.3.7.4.Market size and forecast, by feedstock, 2019-2027
8.3.7.5.Comparative market share analysis, 2019 & 2027
8.3.8.India
8.3.8.1.Market size and forecast, by gasifier, 2019-2027
8.3.8.2.Market size and forecast, by application, 2019-2027
8.3.8.3.Market size and forecast, by technology, 2019-2027
8.3.8.4.Market size and forecast, by feedstock, 2019-2027
8.3.8.5.Comparative market share analysis, 2019 & 2027
8.3.9.Japan
8.3.9.1.Market size and forecast, by gasifier, 2019-2027
8.3.9.2.Market size and forecast, by application, 2019-2027
8.3.9.3.Market size and forecast, by technology, 2019-2027
8.3.9.4.Market size and forecast, by feedstock, 2019-2027
8.3.9.5.Comparative market share analysis, 2019 & 2027
8.3.10.South Korea
8.3.10.1.Market size and forecast, by gasifier, 2019-2027
8.3.10.2.Market size and forecast, by application, 2019-2027
8.3.10.3.Market size and forecast, by technology, 2019-2027
8.3.10.4.Market size and forecast, by feedstock, 2019-2027
8.3.10.5.Comparative market share analysis, 2019 & 2027
8.3.11.Australia
8.3.11.1.Market size and forecast, by gasifier, 2019-2027
8.3.11.2.Market size and forecast, by application, 2019-2027
8.3.11.3.Market size and forecast, by technology, 2019-2027
8.3.11.4.Market size and forecast, by feedstock, 2019-2027
8.3.11.5.Comparative market share analysis, 2019 & 2027
8.3.12.Rest of Asia Pacific
8.3.12.1.Market size and forecast, by gasifier, 2019-2027
8.3.12.2.Market size and forecast, by application, 2019-2027
8.3.12.3.Market size and forecast, by technology, 2019-2027
8.3.12.4.Market size and forecast, by feedstock, 2019-2027
8.3.12.5.Comparative market share analysis, 2019 & 2027
8.4.LAMEA
8.4.1.Market size and forecast, by gasifier, 2019-2027
8.4.2.Market size and forecast, by application, 2019-2027
8.4.3.Market size and forecast, by technology, 2019-2027
8.4.4.Market size and forecast, by feedstock, 2019-2027
8.4.5.Market size and forecast, by country, 2019-2027
8.4.6.Comparative market share analysis, 2019 & 2027
8.4.7.Latin America
8.4.7.1.Market size and forecast, by gasifier, 2019-2027
8.4.7.2.Market size and forecast, by application, 2019-2027
8.4.7.3.Market size and forecast, by technology, 2019-2027
8.4.7.4.Market size and forecast, by feedstock, 2019-2027
8.4.7.5.Comparative market share analysis, 2019 & 2027
8.4.8.Middle East
8.4.8.1.Market size and forecast, by gasifier, 2019-2027
8.4.8.2.Market size and forecast, by application, 2019-2027
8.4.8.3.Market size and forecast, by technology, 2019-2027
8.4.8.4.Market size and forecast, by feedstock, 2019-2027
8.4.8.5.Comparative market share analysis, 2019 & 2027
8.4.9.Africa
8.4.9.1.Market size and forecast, by gasifier, 2019-2027
8.4.9.2.Market size and forecast, by application, 2019-2027
8.4.9.3.Market size and forecast, by technology, 2019-2027
8.4.9.4.Market size and forecast, by feedstock, 2019-2027
8.4.9.5.Comparative market share analysis, 2019 & 2027
9.Company profiles
9.1.Air Liquide S.A.
9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis
9.2.Linde plc
9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis
9.3.Air Products and Chemicals, Inc.
9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis
9.4.Haldor Topsoe A/S
9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis
9.5.The Chiyoda Corporation
9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis
9.6.Syngas Energy Holdings LLC
9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis
9.7.John Wood Group PLC
9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis
9.8.OQ Chemicals GmbH
9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis
9.9.Methanex Corporation
9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Product portfolio
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis
9.10.SynGas Technology, LLC (SGT)
9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Product portfolio
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis
Syngas, also known as synthesis gas, is a blend of components such as carbon dioxide, carbon monoxide, and hydrogen. Syngas is manufactured by gasification of carbon consisting of fuel to a gaseous component with the heating value. Examples of syngas production are steam reforming of coke, waste emissions to energy gasification, and gasification of coal emission. Further, 50% of the energy density of natural gas is present in syngas. It is mainly used as a fuel but cannot burn directly. Apart from this, syngas has several applications such as gas turbine fuel and raw material for liquid fuel & synthetic natural gas. All these applications require syngas cleaning to eradicate contaminants such as mercury, hydrogen halides, sulfur compounds, trace elements, and alkali. Moreover, precise and efficient containment control is necessary for syngas application such as fuel synthesis, coal gasification energy production, and much more.
Forecast Analysis of Syngas Market
The global syngas market is projected to augment in the forthcoming years due to the rise in the demand for syngas in the chemical industries. Furthermore, syngas market is reaching newer heights due to its wide range of benefits in the gas engines such as:
- Good stability, predictability, and minimum energy costs
- Independent power supply
- Efficient electricity and heat supply
- Works exceptionally well for an electric output range of 100 kW to 30 MW
- Assures high electrical efficiency as compared to the rest of the power generation technology
- Low gas pressure
- A substitute to conventional fuels
- Reduction in greenhouse gases
- Generating renewable energy
- Decrease in transmission losses and economical onsite power production
- Transformation of problematic waste to good fuel
Due to these benefits, the global syngas market is estimated to upsurge during the forthcoming years. Apart from this, the market is driven by various applications associated with syngas production. It is used for various industries and sectors. Some of the major application areas include:
1. Methanol from syngas is used for –
- DME (Dimethyl Ether)
- Acetic acid
- Formaldehyde
- Polyolefins
2. Through Fisher Tropsch process syngas is used in
- Naphthalene
- Petrol
- Diesel
- Wax
3. Synthetic natural gas
4. Hydrogen
Usage of syngas for a range of applications is fueling the growth of the market in the coming years. Also, low energy and stability are added benefits of syngas that are likely to boost the global market in the coming years. Apart from this, a new report published by Research Dive states that the global syngas market is anticipated to augment at a CAGR of 6.1% during the 2020-2027 estimated timeframe. Further, the Asia-Pacific regional market is projected to grow due to a rise in demand for syngas in industries such as chemical, fuel, and electricity.
Latest Developments in the Market
The leading players of the global syngas market are as follows:
- Methanex Corporation
- Linde plc
- Air Liquide S.A.
- Air Products and Chemicals, Inc.
- The Chiyoda Corporation
- Haldor Topsoe A/S
- Syngas Energy Holdings LLC
- OQ Chemicals GmbH
- John Wood Group PLC
- SynGas Technology, LLC (SGT)
These prominent participants of the market are projected to enhance rapidly due to various strategies applied by them such as mergers of promising companies, novel product launches, collaborations, and research projects. For instance, in April 2021, Air Products, a leader in industrial gases execution and megaproject development, declared that the Kochi Industrial Gas Complex is deploying syngas to the PDPP at Bharat Petroleum Corporation Limited, Kochi. This is the second supply of the company at BPCL. Furthermore, in May 2020, Linde plc, a German-based multinational chemical company, declared the initiation of a syngas production plant at Geismar, Louisiana. This industrial expansion of the company will aid in the market growth.
Covid-19 Impact on the Market
The global syngas market is witnessing a negative impact during the Covid-19 crisis due to lockdown norms initiated by all government bodies to curb the infection rate. Also, lockdown led to the shutdown of several industries and factories, resulting in disruptions of the demand and supply chain of the market. However, effective strategies such as business expansions outlined by key players are likely to boost the market in the forthcoming years.
Future Scope of the Market
The amount of time required to create a syngas operational plant and heavy capital investments are estimated to hinder the market growth in the coming years. However, the presence of proficient market players is expected to open up several opportunities for the market in the coming years.
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