Wilmington, Delaware, United States, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The syngas and derivative market was estimated to have acquired 180,000 MWth in 2020. It is anticipated to register a 9.1% CAGR from 2021 to 2031 and by 2031, the market is likely to gain 469,000 MWth.
Syngas is a vital feedstock for the production of various chemicals and fuels, including methanol, ammonia, and synthetic natural gas (SNG). The growing demand for these products, driven by industrial and consumer needs, was expected to fuel the syngas market.
The adoption of renewable energy sources for syngas production, such as biomass or biogas, has been a growing trend. The shift is driven by environmental concerns and the need for sustainable, low-carbon alternatives.
In regions with abundant coal reserves, such as China, coal-to-syngas projects have gained traction. The projects aim to convert coal into syngas for various applications, including power generation and chemicals.
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Steam methane reforming (SMR) is a dominant method for syngas production. The availability of low-cost natural gas and the development of advanced SMR technologies were expected to drive market growth.
Global Syngas and Derivative Market: Key Players
A few dominant worldwide firms hold the majority of the market share in the syngas and derivative industry. The major companies in the market are concentrating on diversifying their product lines.
The primary strategy of big players includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services. The following companies are well-known participants in the global syngas and derivative market:
- Siemens AG
- Sasol Ltd.
- Syngas Technology LLC
- The Linde Group
- Air Liquide SA
- SES Gasification Technology
- SunGas Renewables
- AMEC Foster Wheeler Plc.
Key Developments in the Global Syngas and Derivative Market
- In 2023, BASF SE announced the launch of its new "syngas fermentation platform", which uses microorganisms to convert syngas into chemicals such as ethanol, propanol, and butanol.
- In 2023, CF Industries Holdings, Inc. announced the expansion of its syngas production capacity at its Donaldsonville, Louisiana plant.
- In the same year, Dow Inc. announced the development of a new syngas-to-olefins technology that allows for the production of ethylene and propylene from syngas.
- In 2022, Haldor Topsoe A/S announced the signing of an agreement with Nacero Inc. to provide syngas production technology for Nacero's new green ammonia plant in Louisiana.
Key Findings of the Market Report
- In terms of feedstock, the biomass waste segment is expected to accelerate the demand for syngas and derivative market, attributed to the renewable and sustainable feedstock, and environmental regulations.
- Based on production technology, the steam reforming segment is anticipated to augment the market growth, owing to the factors such as efficiency and scalability, as well as abundant natural gas resources.
- By end user, the chemicals segment is projected to proliferate the market growth, attributed to the factors including increasing demand for chemical products, and rising growth of petrochemical industry.
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Market Trends for Syngas and Derivative
- Increasing environmental regulations and a focus on reducing greenhouse gas emissions have driven the demand for cleaner syngas production methods, such as carbon capture and utilization (CCU) technologies.
- The growing interest in hydrogen as a clean energy carrier has created opportunities for syngas, as hydrogen is a significant component of syngas. The development of hydrogen-based technologies and applications has the potential to boost the syngas market.
- Ongoing research and development efforts have led to technological advancements in syngas production and utilization. The innovations can improve efficiency and reduce costs, further stimulating market growth.
Global Market for Syngas and Derivative: Regional Outlook
Various reasons are propelling the growth of the syngas and derivative market in different regions.
Asia Pacific
- The Asia Pacific region, particularly countries like China and India, is witnessing rapid industrialization and urbanization. The growth in industrial activity drives the demand for syngas as a feedstock for chemicals and fuels used in various industries.
- Many countries in Asia Pacific, such as China and Australia, possess significant coal reserves, which has led to the development of coal-to-syngas projects, which convert coal into syngas for power generation and chemical production, thereby boosting the market.
- Governments in the Asia Pacific region have been supporting clean energy initiatives and sustainable development. Incentives, subsidies, and policies promoting syngas production and utilization can stimulate market growth.
North America
- The abundant availability of shale gas in North America, particularly in the United States, has significantly boosted the syngas market. Shale gas serves as a cost-effective feedstock for syngas production, especially through steam methane reforming (SMR).
- The focus on hydrogen as a clean energy carrier aligns with the syngas market. North America is investing in hydrogen infrastructure and technologies, which can drive syngas production for hydrogen generation.
- Ongoing research and development efforts have led to technological advancements in syngas production, making it more efficient and cost-effective. The development of gasification facilities that convert various feedstocks, including coal and biomass, into syngas can lead to market growth.
Global Syngas and Derivative Market Segmentation
Feedstock
- Coal
- Petroleum
- Biomass Waste
- Others
Production Technology
- Partial Oxidation
- Steam Reforming
- Biomass Gasification
- Others
End-user
- Chemicals
- Power Generation
- Liquid Fuels
- Gaseous Fuels
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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