New York, USA, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global syngas market is expected to generate a revenue of $64,228.6 million by 2027, growing exponentially at a CAGR of 6.1% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: There has been a significant demand for syngas in chemical industries across the globe. In addition, syngas is extensively used in the fuel gas engines due to the enhanced stability, cost-effectiveness, and efficient power supply provided by syngas. These factors are expected to drive the growth of the syngas market during the forecast period.
Restraints: Extortionate capital investment to construct the syngas operational plant is expected to impede the growth of the market during the forecast period.
Opportunities: Construction and operation of new syngas manufacturing plants and strategic steps taken by prominent players of the market are expected to create immense opportunities for the growth of the syngas market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on gasifier, feedstock, technology, application and region.
Gasifier: Fluidized Bed Gasifier Sub-segment to be Most Profitable
The fluidized bed gasifier sub-segment is expected to generate a revenue of $25,721.6 million during the forecast period. Various properties like reduced pollution, flexible feedstock, and maximized efficiency provided by fluidized bed gasifier are expected to bolster the growth of the sub-segment during the forecast period.
Feedstock: Coal sub-segment to be Most Beneficial
The coal sub-segment is expected to generate a revenue of $44,134.4 million during the forecast period. Increasing prevalence of coal for energy generation coupled with tremendous compatibility of feedstock with enhanced technologies for manufacturing of synthetic gas are expected to accelerate the growth of the syngas market sub-segment during the forecast period.
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Technology: Steam reforming Sub-segment to have the Largest Market Share
The steam reforming sub-segment is expected to generate a revenue of $24,708.1 million during the forecast period. Steam reforming is one of the most efficient technologies for the production of syngas, owing to its high reliability, cost-effectiveness, and various environmental benefits. These factors are expected to augment the growth of the syngas market sub-segment during the forecast period.
Application: Chemical Sub-segment to be Most Lucrative
The chemical sub-segment is expected to generate a revenue of $24,604.8 million during the forecast period. Syngas is extensively used in the processing of chemicals for the production of fertilizers, oxo chemicals, petrochemicals, and many more. This factor is expected to drive the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific Region is expected to generate a revenue of $41,890.1 million during the forecast period. Growing demand for syngas in various industries such as chemical, power generation, road transport, and many more in this region are expected to drive the growth of the sub-segment during the forecast period. In addition, strategic collaborations by prominent players of the market to provide enhanced syngas platforms to businesses in this region is further expected to bolster the growth of the regional syngas market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of coronavirus unfavorably impacted global syngas market leading to a slow growth, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of numerous factories worldwide in order to curb the spread of the virus during the pandemic, adversely affecting the manufacturing and distribution process, thereby delaying the production of syngas.
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Key Players of the Market
The major players of the syngas market include
- Air Products and Chemicals, Inc.
- Haldor Topsoe A/S
- Linde plc
- Air Liquide S.A
- The Chiyoda Corporation
- John Wood Group plc
- OQ Chemicals GmbH
- SynGas Technology, LLC
- Methanex Corporation
- Syngas Energy Holdings, LLC, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in May 2020, Air Products, a global leader in industrial gases and megaproject development collaborated with Haldor Topsoe, the world leader in high-performance catalysts and proprietary technology for the chemical and refining industries, in order to utilize their extensive market network outreach for the development of large-scale ammonia, methanol, and/or dimethyl ether projects across the globe.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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