Syngas & Derivatives Market to Register CAGR of 6.27% until 2027
The increasing use of syngas
in chemical industry is driving the growth in Global Syngas & Derivatives
Market in the forecast period.
According to TechSci Research
report, “Syngas & Derivatives Market
- Global Industry Size, Share, Trends, Competition, Opportunities and Forecast,
2017-2027”, the Global Syngas & Derivatives Market stood at USD248.89
billion in 2021 and is expected to grow at a CAGR of 6.27% during the forecast
period. Syngas can be used to make a variety of chemical monomers, including
phosgene, which is used to make polycarbonate, as well as formic acid, acetic
acid, formaldehyde, alcohols, ammonia, aldehydes, methanol, Fischer-Tropsch
diesel fuel, waxes, lubricants, and naphtha, which is contributing to the
growth of Global Syngas & Derivatives Market during the next five years,
till 2027.
It is possible to reduce
carbon emissions by increasing the use of renewable and low-carbon gases (such
as biomethane, syngas, and hydrogen) and developing carbon capture,
utilization, and storage (CCUS) technology. Economies looking to cut greenhouse
gas emissions might concentrate on mixing CO2 and H2 to create synthetic fuels
like syngas and methanol. Various chemicals and polymers can be produced using
primary chemical feedstock like syngas and methanol. The global market for
syngas and derivatives is expanding as consumers turn more frequently to
synthetic fuel since it emits fewer greenhouse gases.
The governments of
different nations are adopting several actions to reduce greenhouse gases,
which are the primary reason behind global warming. The Indian government
recently gave instructions to Coal India Ltd (CIL) and Singareni Collieries
Company Ltd (SCCL) to add a new subsector regarding the auction of coal
linkages to the Non-Regulated Sector and to establish a separate auction window
for the allocation of coal linkages to coal gasification projects (NRS). The
Coal Block Allocation Rules, 2017 of India have already designated the
production of Syngas as one of the end-use sectors.
Browse over 137 market
data Figures and spread through 182 Pages and an in-depth TOC
on " Global Syngas &
Derivatives Market"
The Global Syngas &
Derivatives Market is segmented based on Production Technology, Gasifier Type,
Feedstock, Application, Chemical Derivatives, Consumption and Regional
Distribution, and Company.
Based on Application,
the market is further divided into Chemicals & Fertilizer, Fuel, Electricity. Chemicals & Fertilizer segment dominated the
market in 2021 with an overall market share of 54.83%. This can be ascribed to the
growing environmental concerns and awareness worldwide which has significantly
increased the demand for green chemicals all across the globe. Syngas and
derivatives are frequently utilized in the production of various chemicals,
which can then be used to create products like oxo chemicals, petrochemicals,
and fertilizers. Syngas can be used to create a variety of compounds, depending
on the proportion of hydrogen to carbon monoxide.
Based on Chemical Derivatives the market is further
divided into Ammonia, Methanol, Others. The Ammonia segment dominated the
market in 2021 on account of the widespread use of Global Syngas &
Derivatives.
Some of the
major companies operating in the Global Syngas & Derivatives Market include:
·
Linde PLC
·
Air Liquide S.A.
·
Air Products and
Chemicals, Inc
·
Yingde Gases Group Company
·
Sasol Limited
·
Saudi Aramco Oil Company
- TechnipFMC PLC
- Messe Group GmbH
- Haldor Topsoe A/S
- Nippon Sanso Holdings Corporation
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“Low-quality coals are widely
available and less expensive. Since poor-quality coal has a lower ability to
generate electricity, it is not used in the energy industry. Due to low coal
prices and simple availability, poor-grade coal is increasingly being gasified
because it is an environmentally friendly process. Syngas, which have a variety
of uses in chemical engineering, can be produced by gasifying low-grade coals.
Additionally, the demand for syngas has increased by the 50.86% efficiency of
low-quality coal in the generation of syngas," said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
Syngas & Derivatives Market-
Global Industry Size,
Share, Trends, Competition, Opportunities and Forecast, 2017-2027 “Segmented By Production
Technology (Partial Oxidation, Steam Reforming, Autothermal Reforming, Biomass Gasification,
Others), By Gasifier Type (Entrained Flow Gasifier, Fixed (Moving) Bed
Gasifier, Fluidized Bed Gasifier, Others), By Feedstock (Natural Gas, Coal,
Petroleum By Products, Biomass/Waste), By Application (Chemicals &
Fertilizer, Fuel, and Electricity), By Chemical Derivatives (Ammonia, Methanol,
Others), By Consumption (Captive, Merchant), By Region”, has evaluated the future
growth potential of Global Syngas & Derivatives Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Syngas & Derivatives Market.
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