Syngas Market Revenue Continues to Dominate with CAGR value Globally To 2028
The global syngas market size is estimated to be valued at $64,248.6 million by 2027, surging from $42,100 million in 2019 at a noteworthy CAGR of 6.1%.
COVID-19 impact on Syngas Market:
The global syngas market has experienced a slight negative impact, in the COVID-19 outbreak situation. The pandemic crisis affected almost every industry in various ways such as supply chain disruptions, along with delay in the progress of ongoing projects worldwide. On the other hand, some of the notable institutions like University of Saskatchewan (USask), a Canadian public research university, are coming up with novel innovations, during the COVID-19 situation. For instance, in April 2020, the team of researchers at USask have been producing syngas by making it possibly cost-effective, as well as eco-friendly by utilizing water in place of fossil fuels in order to break down the feedstock. These novel innovations may lead to favorable conditions for investors, post the COVID-19 outbreak.
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Global Syngas Market Analysis
Significant rise in environmental awareness along with implementation of stringent government policies on the adoption of renewable fuels majorly contribute toward the syngas industry growth. Also, syngas plays crucial role in minimizing atmospheric waste emissions in landfills and greenhouse gases, which may accelerate the global syngas market growth, in the coming years. Furthermore, the innovation of underground coal gasification (UCG) technology is anticipated to bolster the global syngas market, during the analysis period.
Unfavorable business conditions owing to the COVID-19 pandemic are negatively impacting the global syngas market. In addition to this, the high capital investments required to build operational plants of syngas is also the main reason hampering the global market growth.
Underground coal gasification is an in-situ gasification technology that utilizes underground coal seams and converts them into syngas. The key advantage of this process is that it does not require additional external coal in order to carry out the process. Thus, it reduces the overall cost. Another advantage the process offers is that coal with lower ash content can also be unutilized in the process. Furthermore, the process requires smaller cleaning equipment compared to the conventional gasification technique. Thus, the variety of benefits offered by the underground coal gasification technique may attract the attention of investors in the future.
Global Syngas Market, Segmentation
The global syngas market is segmented based on gasifier, technology, feedstock, application, and region.
Gasifier:
The gasifier segment is further classified into moving bed gasifier, fluidized bed gasifier, entrained flow gasifier, and others. Among these, the fluidized bed gasifier is expected to have the largest market share and it is predicted to cross $25,721.6 million by 2027, with an increase from $16,803.9 million in 2019.
Load and fuel flexibility, high heat transfer rates, and higher cold gas efficiency are some of the key features of fluidized bed gasifiers. Also, it provides uniform and moderately high temperature throughout the production of syngas. Moreover, the fluidized-bed gasifier can effectively operate in a highly back-mixed mode, systematically mixing the feedstock particles with the particles already undergoing gasification. Also, leading players operating in the renewable industry are coming up with strategic collaborations for new product launchings. For instance, in June 2020, Hatch Ltd., a global advisory and multidisciplinary engineering firm and SunGas Renewables Inc., a leading player in biomass gasification systems extended into a partership. The partnership will escalate the deployment of SunGas’ biomass gasification systems which are based on pressurized fluidized bed technology. Such company developments are further projected to surge the sub-segment growth, in the coming years.
Feedstock:
The feedstock segment is further divided into natural gas, coal, biomass/waste, and others. The coal sub-segment is projected to have a lucrative growth in the global market and register a revenue of $44,134.0 million during the forecast period.
Coal is one of the significant feedstocks in the production of syngas, and it is expected to lead the market throughout the analysis period. The growth of coal subsegment of global syngas market is mainly attributed to its high availability along with the outstanding compatibility of the feedstock with highly advanced syngas manufacturing technologies.
Technology:
The technology segment is further divided into steam reforming, partial oxidation, auto-thermal reforming, combined or two-step reforming, and biomass gasification. The steam reforming sub-segment is projected to have the highest growth in the global market and generate a revenue of $24,708.1 million by 2027.
The notable growth of steam reforming sub-segment of the global syngas market is mainly driven by its cost-effectiveness, reliability, and environmental benefits. Thus, industry leaders like Haldor Topsoe A/S, a significant Danish catalysis company are following product innovations, in order to stronghold their presence across the globe. For instance, in February 2020, Topsoe announced to officially launch ‘advanced steam reforming catalyst series’ called TITAN with higher reliability and efficiency. It primarily offers highly improved performance as well as longer catalyst lifetime. These technological advancements can create massive opportunities for the growth of sub-segment, throughout the forecast period.
Application:
The application segment is further classified into power generation, chemicals, and others. Among these, the chemical is anticipated to have a largest share and is projected to surpass $39,028.2 million by 2027, with the surge from $25,604.8 million in 2019.
Syngas has the largest application in chemical industry mainly because the chemical industry majorly tends to use feedstocks that are the cost-effective to produce or procure. Also, prominent countries of the globe, like China, the United States, and India, highly utilize coal as the raw material for the multiple chemical production, namely hydrogen (H2), carbon monoxide (CO), and methanol. Also, syngas has crucial role in the n-butanol production and ammonia synthesis which is the ideally utilized across the chemical sectors. Furthermore, significant uses of syngas in the fuel-gas based engines mainly for improved stability, power supply, and low energy cost, can upsurge the syngas demand. Hence, in 2019, the chemical application sub-segment accounted for the largest syngas market share.
Region:
Asia-Pacific synthesis gas market size is projected to reach upto $41,890.1 million by 2027 and is anticipated to witness the CAGR of 6.2%. Syngas market for Asia-Pacific region is projected to experience exponential growth in the forecast period mainly due to the surging demand for syngas in various industries including chemical, fuel and electricity. Also, in Asian countries, namely India and China, chemical industries are opting for the vast production of fertilizer and petrochemicals. Moreover, higher population increases the requirement for fuel and electricity applications of syngas, which may create a positive impact on the global syngas industry.
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Key Players in the Global Syngas Market
Some of the leading global syngas market players are
- Air Liquide S.A.
- Linde plc
- Air Products and Chemicals, Inc.
- Haldor Topsoe A/S
- The Chiyoda Corporation
- Syngas Energy Holdings LLC
- John Wood Group PLC
- OQ Chemicals GmbH
- Methanex Corporation
- SynGas Technology, LLC (SGT)
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.