Syngas and Derivatives Market: Introduction
Syngas is a fuel gas mixture primarily comprising hydrogen, carbon monoxide, and a small percentage of carbon dioxide. Syngas also comprises some amount of carbon and is primarily used as a fuel for producing other chemicals.
The overall consumption of syngas and derivatives stood at 180,000 MWth in 2020 is likely to rise at a CAGR of 9.1% during the period from 2021 and 2031 and reach 469,000 MWth by the end of the forecast period. Biomass gasification is the most applied technology for manufacturing syngas and derivatives across the world and is likely to remain so over the next few years.
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Asia Pacific to Dominate Syngas and Derivatives Market
The worldwide market for syngas and derivatives has also been analyzed on the basis of geography. As per the study, Asia Pacific, Middle East & Africa, North America, Europe, and Latin America are considered the main geographical segments of the market. In 2020, Asia Pacific led the global market with a share of more than 48%. The regional market is anticipated to retain its dominance over the forecast period, due to the availability of coal and natural gas reserves in abundance. Rise in urbanization, infrastructural developments, and the continual discoveries in the field of oil and gas are projected to boost the syngas and derivatives market in Asia Pacific over the next few years.
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The market for syngas and derivatives in Middle East & Africa, which stood second in 2020, is anticipated to maintain its position in the near future, owing to the augmenting usage of syngas for the generation of power electricity in the region. However, the market in North America, Latin America, and Europe is predicted to witness a sluggish growth over the next few years.
Concerns over Limited Number of Fossil Fuel Resources to Prompt Shift toward Syngas and Derivatives
Increasing concerns over the finite number of fossil fuel resources, coupled with the rising levels of pollution caused by them, has fueled the need to reduce the dependency on such resources. With syngas emerging as a promising alternative to fossil fuel, its demand has increased substantially, resulting in a significant growth in the global market for syngas and derivatives.
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Apart from this, rising usage of derivatives in a number of industrial applications is reflecting positively on the market. The increase in demand for fuel, electricity, and agricultural products is expected to boost the market considerably in the near future. However, insufficient capital investment and funding may hamper the growth of the market over the next few years.
Key players operating in the syngas and derivatives market include Siemens AG, Sasol Ltd., Syngas Technology LLC, The Linde Group, Air Liquide SA, SES Gasification Technology, SunGas Renewables, and AMEC Foster Wheeler Plc.
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The Asia Pacific syngas and derivatives market is expected to witness tremendous growth opportunities due to the availability of coal and natural gas reserves. Rapid urbanization, infrastructure development, and new discoveries in the oil & gas industry are some of the major factors contributing to the expansion of the Asia Pacific syngas and derivatives market. Natural gas reserves are derived from reservoirs that contain water, carbon dioxide, crude oils, and other substances. Moreover, the Middle East & Africa syngas and derivatives market is expected to witness strong growth in the near future.
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Global Syngas and Derivatives Market: Segmentation
Syngas and Derivatives Market, by Feedstock
- Coal
- Petroleum
- Biomass Waste
- Others
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