Syngas Market projected to reach $66.5 billion by 2027.
According to a new report published by Allied Market Research titled, “Syngas Market by Gasifier, Technology, Feedstock, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global syngas market was valued at $43.6 billion in 2019, and is projected to reach $66.5 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Syngas, which consists of hydrogen and carbon dioxide, is
a natural gas fusion. It is an adaptable intermediate used in methanol,
ammonia, and SNG manufacturing. Syngas is created by a reaction between
steam and oxygen from several hydrocarbon feedstocks.
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Increase in environmental issues has been the key driver
of the syngas market. This is attributed to the syngas is widely used as clean
and renewable energy to replace conventional sources of energy. In addition,
owing to the outbreak of COVID-19, rise in demand for chemical intermediaries
in the production of hygiene and sanitation and pharmaceutical products is
expected to drive the need for syngas in the chemical industry.
In the 2019, the fluidized-bed gasifiers segment garnered
the largest share. Major benefits of fluidized-bed gasifiers include fuel
flexibility resulting from good mixing of feedstock and oxidants to ensure
efficient heat and mass transfer, and their ability to deal with small
particles.
The steam reforming segment held the major share in in
2019. Steam reforming is the most utilized and cost-effective technology for
the production of syngas.
Coal dominated the feedstock segment by accounting for
the largest share of 69.8%. The processing of syngas includes coal, an
abundantly available raw material. Coal gasification is flexible and is the
cleanest way to turn coal into hydrogen, power, and other useful items.
Depending on application, the chemical industry dominated
the market, owing to increase in demand for syngas from the chemical industry.
As the demand for gaseous fuels rises, the market is expected to expand further.
Players analyzed and profiled in the global syngas market
Air Liquide, Air Products and Chemicals Inc., BASF SE, John Wood Group, Royal
Dutch Shell, Sasol Limited, Siemens, Syngas Energy Holdings, SynGas Technology
LLC, and The Linde Group.
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Key Findings of The Study:
- Based on
gasifier, the fluidized bed gasifier is likely to witness the growth rate
of 40.1%, in terms of revenue, during the forecast period.
- On the basis
of technology, the steam reforming segment emerged as the global leader
with more than 39.6% share in 2019.
- By feedstock,
the coal segment is anticipated to witness moderate growth rate of 69.8%,
in terms of revenue, during the forecast period.
- Depending on
application, the chemicals segment dominated the global syngas market with
around 61.3% global market share in 2019.
- Countries
such as China, India, and Indonesia are emerging as an investment-centric
hubs due to wide scope in the manufacturing sector.
Impact Of Covid-19
On the Global Syngas Market
- COVID-19 has
spread to almost 213 countries around the globe with the World Health
Organization declaring it a public health emergency on March 11, 2020.
- Some of the
major economies suffering the COVID-19 crises include Germany, France,
Italy, Spain, the UK, and Norway.
- Syngas is
primarily used in power generation, chemicals, and liquid fuels, and as an
impact of national lockdown, these sectors were experiencing a slight
decline in growth rate.
- In many
countries, the economy has dropped due to the halt of several industries,
especially transport and supply chain. Demand for the product has been hindered
as there is no development due to the implementation of lockdown.
- The
demand–supply gap, disruptions in raw material procurement, and price
volatility are expected to hamper the growth of the chemical industry
during the COVID-19 pandemic.
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