Global Syngas and Derivatives Market: Snapshot 

The global syngas market has been demonstrating a substantial rise in its size over the recent times. The burgeoning need to reduce the dependency on fossil fuels, as there is a finite number of fossil fuel reserves across the world, has been the key driving force behind the significant rise in this market. Apart from this, the increasing usage of derivatives in various industrial applications is also boosting the demand for syngas and derivatives substantially. 

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In 2015, the global consumption of syngas and derivatives was 115,000 MWth. Thanks to the rising demand for fuel, electricity, and agricultural products, it is anticipated to rise at a CAGR of 9.40% between 2016 and 2024 and cross a 256,605 MWth mark by the end of 2024. Although the market points towards a thriving future, it may face some hindrances from the dearth of considerable capital investment and funding over the next few years. 

Biomass Gasification to Remain Most Demanded Technology 

Partial oxidation, steam reforming, and biomass gasification are the key technologies utilized for the production of syngas and derivatives.

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Among these, biomass gasification is the most-utilized technology for production of syngas and derivatives, as, with this technology, the organic/fossil fuel-based carbonaceous materials, such as biomass and coal, can be converted into syngas, carbon monoxide, hydrogen, and carbon dioxide. A continued strong demand for this technology is predicted across the world in the years to come. 

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The demand for steam reform technology is also increasing steadily and is expected to pick up pace over the forthcoming years. In steam reforming technology, natural gas is used as a feedstock to produce syngas. Hydrogen, carbon monoxide, and several other useful products are also produced during the process. Partial oxidation technology, which held a meager share in the overall syngas and derivatives market, is anticipated to witness increased demand in the near future.  

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Asia Pacific to Remain on Top in Global Syngas and Derivatives Market 

Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America are the main geographical segments of the worldwide market for syngas and derivatives. With a share of more than 52%, Asia Pacific dominated the global market in 2015. Analysts predict this regional market to retain its lead over the next few years, thanks to the ample availability of coal and natural gas reserves, together with the rising urbanization, developments in the infrastructure, and the new discoveries in the field of oil and gas.

Among other regions, the Middle East and Africa is likely to witness strong growth in its market for syngas and derivatives in the near future due to the rising utilization of syngas for electricity and power generation. On the other hand, Latin America, North America, and Europe are anticipated to exhibit a sluggish rise in their respective markets over the forthcoming years. 

At the forefront of the global market for syngas and derivatives are The Linde Group, Syngas Technology LLC, Siemens AG, Sasol Ltd., Haldor Topsoe A/S, Chicago Bridge & Iron Co. N.V., BASF SE, Air Products & Chemicals Inc., AMEC Foster Wheeler Plc., and Air Liquide SA.

Rising Need for Using Clean Energy to Boost the Growth Opportunities across the Syngas and Derivatives Market

The syngas and derivatives market is estimated to gain a considerable share of growth during the assessment period of 2016-2024. The booming global population numbers have led to an increase in the demand for electricity to a substantial extent. The rise in demand has also been attributed to the escalating environmental regulations coupled with the growth of clean technology. All these factors will help the syngas and derivatives market to display a positive growth trajectory across the forecast period.

• Syngas, also known as synthesis gas is a type of fuel gas prominently utilized for the production of power and other chemicals. It is a mixture of carbon monoxide, hydrogen, and carbon dioxide. The escalating use of syngas as a substitute for liquid and gaseous fuel production will bring immense growth prospects for the syngas and derivatives market.
• The government bodies of numerous countries are making efforts to promote the use of clean energy owing to the massive pollution levels across the globe. These initiatives, taken by a large number of countries bode well for the growth of the syngas and derivatives market.
• Research and development activities form an important component of the growth trajectory of the syngas and derivatives market. The players invest heftily in these activities for boosting their revenues. The extensive investment in these activities by numerous players ultimately influences the growth prospects of the syngas and derivatives market
• The COVID-19 pandemic has proved to be a disaster for many businesses and sectors. The syngas and derivatives market is no exception. The lockdown restrictions enforced by numerous countries due to large-scale transmission levels took a toll on the growth of the syngas and derivatives market.
• The border restrictions and the consistent problems in the supply chain and logistics further ruined the growth. However, the relaxations in the restrictions introduced by various countries will serve as a relief for the players in the syngas and derivatives market.

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