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 2025“, The syngas & derivatives market in 2020 is estimated at 2,45,557 MWth and is projected to reach 4,06,860 MWth by 2025, at a CAGR of 10.6% from 2020 to 2025.
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. Polygeneration of derivatives from syngas and flexibility in the use of feedstocks to produce syngas and its derivatives are the factors driving the syngas & derivatives market growth. Furthermore, outbreak of COVID-19 pandemic is anticipated to fuel the consumption of syngas derived chemical intermediaries in health and hygiene products.
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The chemicals segment is estimated to lead the syngas & derivatives market in 2020, due to the rising demand for chemicals for the production of syngas & derivatives from methanol, ammonia, and Fischer-Tropsch synthesis products. Chemicals such as methanol are used as fuel as well as feedstock, which makes it the most important chemical from synthesis. Ammonia being the major chemical for manufacturing fertilizers drives the growth of the chemical segment in the syngas & derivatives market. Moreover, despite lockdown in several countries and low demand for goods and services, manufacture of syngas derived chemical intermediaries and fuels were considered as critical infrastructure and essential goods and services leading to sustained demand for syngas and its derivatives in the first half of 2020.
Based on feedstock, the biomass/waste segment is estimated to witness highest growth in the syngas & derivatives market during the foreast period. Increasingly stringent environmental guidelines across developed and developing economies, as well as the reducing coal & natural gas reserves, have accelerated the adoption and growth of biomass/waste feedstock in the production of syngas & derivatives. Biomass/waste is used as feedstock to produce syngas & derivatives as clean and renewable energy, which can be used in chemical, fuel, and electricity applications.
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The syngas & derivatives market is estimated at 2,45,557 MWth in 2020 and is projected to reach 4,06,860 MWth by 2025, at a CAGR of 10.6% from 2020 to 2025. The chemicals segment is estimated to lead the syngas & derivatives market in 2020, 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. In addition, high demand for chemical intermediaries in the production of hygiene and sanitization and pharmaceutical products due to outbreak of COVID-19 is anticipated to fuel the growth of syngas and its derivatives in the chemical segment. Manufacture of chemicals and fuels was marked as critical infrastructure and as essential goods and services, which led to continuation in the operations and production of syngas derived chemicals, fuel, and electricity to meet the demand across the world. Furthermore, 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), Dow Inc. (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, agreements, new product developments, acquisitions, and expansions, to enhance their current position in the syngas & derivatives market.
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Air Products and Chemicals Inc. (US) is a leading manufacturer of industrial gases in the world. The company manufactures hydrogen, carbon monoxide, and syngas under the process gases division. Air Products provides coal gasification technology with processes such as Integrated Gasification Combined Cycle (IGCC), polygeneration, Gas-To-Liquids (GTL), Coal-To-Liquids (CTL), Coal-To-Chemicals (CTC), and Substitute Natural Gas (SNG). The company has a geographic presence in over 50 countries.
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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