New York, USA, Dec. 26, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global syngas market is anticipated to rise at a stunning CAGR of 6.1%, thereby garnering a revenue of $64,248.6 million in the 2020-2027 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the syngas market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2020-2027. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: Growing concerns regarding environmental degradation and pollution is predicted to be the primary growth driver of the market in the forecast period. Additionally, growing adoption of syngas in chemical sector is predicted to drive the syngas market forward in the forecast period.
Opportunities: Presence of robust market players is anticipated to provide huge growth opportunities in the forecast period. Along with this, strategic alliances between key market players are predicted to push the market forward.
Restraints: However, despite the various growth drivers and growth opportunities, high initial investment is predicted to be a major restraint in the full-fledged growth of the syngas market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has had a negative impact on the syngas market. The disruption in supply chains led to hampering of forward and backward linkages. The production of syngas was greatly affected due to the pandemic and subsequent lockdowns, while at the same time, the demand for syngas also went down. Hence, there was an overall decline in the growth rate of the market.
Segments of the Market
The report has fragmented the syngas market into certain segments based on gasifier, feedstock, technology, application, and region.
Gasifier: Fluidized Bed Sub-segment to be the Most Dominant
By gasifier, the fluidized bed sub-segment is expected to have a dominant market share and garner a substantial revenue of $25,721.6 million by 2027. The wide usage of fluidized bed gasifiers to improve turbulence for gasification of low reactivity feedstocks is expected to be the main factor behind the growth of this sub-segment.
Feedstock: Coal Sub-segment to be the Most Lucrative
By feedstock, the coal sub-segment is expected to have a lucrative growth and gather a revenue of $44,134.0 million by 2027. Increasing obtainability and adoption of coal for energy generation is expected to be the main growth driver of the sub-segment.
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Technology: Steam Reforming Sub-Segment to be the Most Profitable
By technology, steam reforming sub-segment is expected to be the fastest growing sub-segment in the 2020-2027 timeframe and garner $24,708.1 million by 2027. The cost-effective, reliable, and eco-friendly nature of steam reforming technology for production of syngas is expected to help this sub-segment grow in the forecast period.
Application: Chemical Sub-segment to be Garner the Highest Revenue
By application, the chemical sub-segment is expected to be the most dominant and gather a revenue of $25,604.8 million by 2027. The increase in demand of green chemicals for the production and synthesis of chemical intermediates is expected to be the main growth driver of the sub-segment.
Region: Market in Asia-Pacific Region to Have the Highest Market Share
By regional analysis, the syngas market in the Asia-Pacific region is predicted to have the highest market share and rise with a CAGR of 6.2% by 2027. Rising demand of syngas for generation of electricity, production of chemicals, etc. is expected to push the market in this region.
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Prominent Market Players
Some leading market players of the syngas market are
- Air Liquide S.A.
- The Chiyoda Corporation
- OQ Chemicals GmbH
- Linde plc
- Syngas Energy Holdings LLC
- Methanex Corporation
- Air Products and Chemicals, Inc.
- John Wood Group PLC
- SynGas Technology, LLC (SGT)
- Haldor Topsoe A/S
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in July 2022, Johnson Matthey, a sustainable technologies and chemicals company, announced that it was collaborating with ClimeCo, an environmental commodity products developer. This collaboration is aimed at helping companies to scale up their syngas production and deploy similar carbon capture solutions in order to tackle the problem of global warming and climate change.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Syngas Market:
- Everything You Need to Know about Syngas
- Presence of Proficient Players Worldwide to Create Opportunities in the Global Syngas Market in the Coming Years
