Syngas & Derivatives Market

Syngas & Derivatives Market Size and Growth2023-2028):

Syngas & Derivatives Market was estimated at xx in 2022 and is projected to reach xx by 2028, at a CAGR of 11.6% from 2023-2028

Rising fuels and energy demand is expected to drive syngas and derivatives market growth over the outlook period. Synthesis gas is called syngas, which is a fuel gas that mainly consists of CO, hydrogen (H), and some amount of carbon dioxide (CO2). The syngas have found major utilization in generating electricity and gasification. It is an ideal option for the making of liquid and gaseous fuels. In some cases, coal is also used as feedstock.

Electricity, fuels, and agricultural products are operating in increasing the growth of the global syngas and derivatives market. New productions of the plants of syngas are constructed in different regions. Polygeneration is the main factor that is operating the syngas and derivatives market, and it would be used to derive fuels and chemicals for the purpose of power generation. The most found uses of syngas are in chemical production. The popular chemicals that are produced from syngas include methanol (ch3-OH) oxo-chemicals, ammonia (NH3) dimethyl ether, and hydrogen (H). Methanol (CH3-OH) is used to produce a lot of derivatives such as olefins and formaldehyde. The increasing use of derivatives in various industrial applications is operating the demand of the global syngas and derivatives market. The high capital investments and the time required to build the operational plant with the hi-tech gasification techniques are very long, which may affect the development of this market.

Drivers in the Syngas & Derivatives Market

• For Syngas Production, growth in demand is driven by Feedstock Flexibility

• Electricity is increasing in demand.

• Combined Production of Chemicals, Fuels, and Power of Polygeneration Driving

• Extensive Capital Investment and Funding Requirement

Opportunities in the Syngas & Derivatives Market

• Utilization of standard natural gas reserves

• Dependency on Crude Oil and Fuels is reducing

SYNGAS & DERIVATIVES MARKET REPORT COVERAGE:

The syngas and derivatives Market Segmentation:

• Coal

• Natural Gas

• Petroleum By-products

• Biomass/Waste

• Others (Pet Coke, Plastic Waste, and Medical Waste)

Biomass/waste is projected to be the fastest-growing feedstock segment in the global syngas & derivatives market over the conjecture period. Biomass and organic wastes are renewable and are available in high quantities in many countries. The production of syngas & derivatives produces clean and renewable energy and reduces landfills to a great extent in the application of biomass and organic wastes. The rise in stringent environmental regulations in developed economies is predicted to boost the usage of biomass/waste at a rapid pace during the determined period.

Syngas & Derivatives Market - By Production:

• Steam Reforming
• Partial Oxidation
• Auto Thermal Reforming
• Biomass Gasification
• Others

Syngas & Derivatives Market - By Application:

• Chemicals

• Fuels

• Electricity

In 2019, the chemicals segment led the global syngas & derivatives market, due to rising demand for syngas & derivatives such as methanol (CH3-OH), ammonia (NH3), and FT synthesis in the production of chemicals. Compounds such as methanol (CH3-OH) are used as an intermediate for the synthesis of many chemicals as well as in fuels. Ammonia (is a significant chemical used in the manufacturing of fertilizers, encouraging the expansion of the chemicals segment in the global syngas & derivatives market. The increasing demand for green chemicals for the synthesis and production of chemical intermediates is promoting the overall business. Depending on the H2/CO ratio, syngas & derivatives are widely used in the processing of chemicals for manufacturing fertilizers, petrochemicals, and oxo chemicals, among others.

Syngas & Derivatives Market – By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The geographical segmentation of this market includes Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa in Syngas & derivatives market. The Asia Pacific region has occupied the principal portion of the global syngas and derivatives market. The factors that contribute to this market growth are rising urbanization, new oil and gas reserves being found, ample availability of natural gas reserves, and developments in the infrastructure. The Middle East and Africa regional markets are also expected to develop at a steady rate due to the rising usage of syngas in power generation.

The high demand for syngas & derivatives in countries such as China, India, and Japan in applications like chemicals, fuel, and electricity is foreseen to develop the regional business in the APAC. The region nature or essence of a region (being) the largest consumer in the chemical industry offers the highest growth is the opportunity for chemical applications for use in fertilizers and petrochemicals. The fuel and electricity applications, with increasing demand for syngas & derivatives in liquid fuel, gaseous fuel, and hydrogen-based electricity is rapidly growing in the region.

Recent Developments

• Synthesis Energy Technologies LLC which owns the SES gasification technology and its related global business undertakings entered the technology purchase option agreement with Australian Future Energy Pty Ltd in April 2020.

• Praxair, a division of Linde plc, has begun a new syngas facility in Louisiana, the USA in February 2020.)

• Hokkaido University researchers developed a novel catalyst for the alteration of methane gas into syngas in September 2018.

Key Players of the Syngas and Derivatives Market:

• HaldorTopsoe A/S (Denmark)
• KBR Inc (U.S)
• Air Products and Chemicals (US)
• Air Liquide SA (France)
• Sasol Limited (South Africa)
• Agrium
• The Linde Group (UK)
• TechnipFMC PLC (UK)
• Royal Dutch Shell PLC
• Yara International ASA
• General Electric Company
• Linc Energy
• Siemens AG (Germany)
• The DOW Chemical Company (US)
• Methanex Corporation (Canada)