DUBLIN--(BUSINESS WIRE)--The "Syngas Market by Gasifier, Technology, Feedstock, and Application: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
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, or synthesis gas, is a carbon monoxide, hydrogen, carbon dioxide, and trace gas natural gas mixture. It is formed when it is exposed to heat, air, and water in a closed space by gasifying carbon-containing fuels such as coal. It can be quickly burned and used as a fuel source, as syngas has more than half of the energy density of natural gas. It is carbon-rich and is commonly used for industrial applications to produce synthetic natural gas (SNG), oxo-chemicals, dimethyl ether, hydrogen, and ammonia or methanol. Moreover, it is used to produce a variety of fertilizers, solvents, fuels, and synthetic materials.
One of the key factors driving the growth of the global syngas market is rise in demand for synthetic gas from the chemical industry. Syngas is further used to manufacture SNG that is used in the rail, marine, and road transport industries in the form of liquified natural gas (LNG) and compressed natural gas (CNG). Syngas has gained significant traction in the global market, owing to its advantages such as low energy costs, improved stability, and its use to fuel gas engines for power supply. In addition, underground coal gasification (UCG) enables the completion of the process of in-situ gasification that transforms coal into syngas. This boosts the demand for syngas, as it eliminates the need to transport the feedstock to the gasification plants, resulting in substantial cost advantages. In addition, increase in environmental awareness and enforcement of stringent government regulations on the use of renewable fuels significantly propel the development of the market. Furthermore, syngas is critical in reducing atmospheric waste emissions in landfills and greenhouse gases, thereby augmenting its demand globally. However, high capital spending and financing hinder the growth of the global market.
The global syngas market is segmented into gasifier, technology, feedstock, application, and region. Depending on gasifier, the market is categorized into moving bed gasifier, fluidized bed gasifier, entrained flow gasifier, and others. On the basis of technology, it is segregated into steam reforming, partial oxidation, auto-thermal reforming, combined or two-step reforming, and biomass gasification. By feedstock, it is fragmented into natural gas, coal, biomass/ waste, and others. The applications covered in the study include power generation, chemicals, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global syngas market from 2020 to 2027 to determine the prevailing opportunities
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
- Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
- Profiles of leading players operating in the market are provided to understand the global competitive scenario
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
Impact of COVID-19
- 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 enforcement 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.
Market Dynamics
Drivers
- Use of syngas in industrial applications
- Increase in use in power generation industry
Restraint
- High capital investments
Opportunity
- Increase in demand for chemicals
Key Players
- Air Liquide
- Air Products and Chemicals Inc.
- BASF SE
- John Wood Group
- Royal Dutch Shell
- Sasol Limited
- Siemens
- Syngas Energy Holdings
- SynGas Technology LLC
- The Linde Group
For more information about this report visit https://www.researchandmarkets.com/r/ddhe1o
