- Growing use of syngas in place of gaseous and liquid fuels is expected to provide syngas and derivatives market participants with significant growth prospects
ALBANY, N.Y., March 09, 2022 (GLOBE NEWSWIRE) -- The volume of global syngas and derivatives market stood at 180,000 MWth in 2020. The market is predicted to rise at a CAGR of 9.1% during the forecast period, from 2021 to 2031. The global syngas and derivatives market is anticipated to record the volume of 469,000 MWth by 2031. Syngas is extensively used in many industrial applications all over the world as a clean and sustainable energy source. The global syngas and derivatives market is being driven by growing environmental concerns as well as a rising need for alternative fuel production.
In order to gain a competitive advantage, firms in the global market are speeding product development and taking advantage of revenue prospects. Due to the increasing demand from developing countries as well as rising projects of infrastructural development globally, the global syngas and derivatives market is likely to witness robust expansion. Furthermore, increasing urbanization as well as industrialization are likely to boost the market in developing countries.
Due to the abundance of natural gas and coal deposits in Asia Pacific, the market is likely to increase rapidly. Infrastructural development, rapid urbanization, and new oil & gas finds are likely to bolster the growth of the Asia Pacific syngas and derivatives market during the forecast period.
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Key Findings of Market Report
- Most of the prevalent technologies for producing syngas and derivatives include biomass gasification, steam reforming, and partial oxidation. In several developing nations, the biomass gasification technology is extensively being utilized. Biomass and coal can be converted to carbon dioxide, carbon monoxide, syngas, and hydrogen in this technique. Biomass is produced through biological processes and utilized as a fuel for energy generation. It is a green product that may be utilized instead of non-renewable energy sources.
- Growing worries about the limited nature of fossil fuel supplies, as well as the rising pollution levels produced by them have spurred the need to lessen reliance on them. Syngas has grown in popularity as a viable alternative to fossil fuels, leading to considerable growth of the global market.
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- Increasing use of derivatives in a variety of industrial applications is having a significant impact on the market. The market is likely to witness considerable growth during the foreseeable future, as the demand for energy, fuel, and agricultural goods increases.
- The syngas and derivatives market in Middle East & Africa ranked second in 2020, is likely to retain its standing in the near future, attributed to the increasing use of syngas for power production in the region
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Global Syngas and Derivatives Market: Growth Drivers
- Growing environmental constraints, as well as introduction of clean technologies can be attributed to the increase in demand for syngas and derivatives. Due to high levels of pollution across the globe, governments in numerous nations are pushing people to embrace clean technologies. These considerations and initiatives are likely to contribute to the positive outlook for growth of the global market.
- Research and development initiatives in syngas and derivatives are also expected to contribute to market expansion. Companies are extensively spending in R&D in order to increase their income. Huge investments are likely to have a favorable impact on the global market in the long run.
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Global Syngas and Derivatives Market: Key Players
Some of the key market players are
- Air Liquide SA
- SES Gasification Technology
- AMEC Foster Wheeler Plc.
- Syngas Technology LLC.
- The Linde Group
- Siemens AG
Global Syngas and Derivatives Market: Segmentation
Feedstock
- Coal
- Petroleum
- Biomass Waste
- Others
Production Technology
- Partial Oxidation
- Steam Reforming
- Biomass Gasification
- Others
End User
- Chemicals
- Power Generation
- Liquid Fuels
- Gaseous Fuels
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