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According to the new market research report “Syngas & Derivatives Market by Production Technology, Gasifier Type, Feedstock (Coal, Natural Gas, Petroleum Byproducts, Biomass/Waste), Application (Chemicals, Fuel, and Electricity), and Region – Global Forecast to 2024″, in 2019 is estimated at 277,507 MWth and is projected to reach 501,932 MWth by 2024, at a CAGR of 12.6% from 2019 to 2024. Rising environmental concerns have been the major driver for the growth of the syngas & derivatives market in order to provide alternative methods of fuel production.
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The syngas & derivaties market is estimated at 277,507 MWth in 2019 and is projected to reach 501,932 MWth by 2024, at a CAGR of 12.6% from 2019 to 2024. Rising environmental concerns have been the major reasons for the growth of the syngas & derivatives market in order to provide alternative ways of fuel production. The growing demand for syngas & derivatives from applicaions such as chemicals, fuels, and electricity is expected to drive the syngas & derivatives market.
Based on application, the syngas & derivatives market has been segmented into chemicals, fuel, and electricity. The chemicals segment is expected to be the fastest-growing application segment of the syngas & derivatives market during the forecast period. Chemical derivatives like methanol, ammonia, and FTS products are mainly required for chemical synthesis and production. Ammonia is the most widely used syngas derivative in chemical applications. The chemicals segment is anticipated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for syngas & derivatives. The rising demand for methanol for direct fuel applications is also set to increase, while increasing demand from the fertilizer industry is expected to drive the demand for ammonia. Fischer-Tropsch synthesis products are a highly promising option for environmentally sound production of chemicals from biomass, coal, and natural gas. These are the major derivatives that drive the chemicals market for syngas.
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The syngas & derivaties market is estimated at 277,507 MWth and is projected to reach 501,932 MWth by 2024, at a CAGR of 12.6% from 2019 to 2024. The chemicals segment is estimated to lead the syngas & derivatives market in 2019, owing to increasing demand for derivatives such as methanol, ammonia, and FT synthesis products to manufacture chemical intermediates for use in chemical synthesis and to manufacture fertilizers and petrochemicals. Rising environmental concerns due to excess usage of traditional fuels are expected to fuel the growth of the syngas & derivatives market.
Major companies such as Sasol Limited (South Africa), Haldor Topsoe A/S (Denmark), Air Liquide S.A. (France), Siemens AG (Germany), Air Products and Chemicals Inc. (US), KBR Inc. (US), Linde plc (UK), BASF SE (Germany), TechnipFMC PLC (UK), McDermott International, Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan), Chiyoda Corporation (Japan), Synthesis Energy Systems, Inc. (US), Yara International ASA (Norway), Methanex Corporation (Canada), CF Industries Holdings, Inc. (US), The Dow Chemical Company (US) and John Wood Group PLC (UK), and others are key players in the syngas & derivatives market. These players have been focusing on developmental strategies, such as expansions, acquisitions, partnerships, and new product developments, which have helped them expand their businesses in untapped and potential markets. They have also been adopting various organic and inorganic growth strategies, such as contracts, new product developments, acquisitions, and expansions, to enhance their current position in the syngas & derivatives market.
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Air Liquide (France) is one of the leading producers in the syngas & derivatives market. The company has strong product offerings that are distributed across various regions such as the Americas, Europe, Asia Pacific, and the Middle East & Africa. It is primarily focused on inorganic growth strategies such as agreements & contracts to enhance its reach on a global scale, thereby helping it strengthen its product portfolio.
Sasol Limited (South Africa) is an integrated oil & gas group with a substantial interest in the chemical and energy industry. The company develops and commercializes technologies and builds world-scale facilities to manufacture a range of high-value products, including liquid fuels, chemicals, and low-carbon electricity. The company operates globally through six business segments, including international energy, performance chemicals, base chemicals, mining, exploration & production, and group functions. The company is engaged in providing technology and feedstocks for use in the production of syngas. The company also produces syngas, which is further utilized in the production of chemicals and synthetic fuels.
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