Syngas & Derivatives Market Poised for Robust Growth, Reaching US$411.71 Billion by 2030
The global Syngas & Derivatives market is expected to see significant growth in the coming years, reaching a valuation of nearly US$411.71 billion by 2030, according to a recent report. This translates to a compound annual growth rate (CAGR) of 9.3% from 2024, up from US$220.92 billion in 2023.
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Market Overview:
Syngas, a versatile mixture of hydrogen and carbon monoxide, serves as a key feedstock for producing various chemicals and fuels. Growing demand for clean energy alternatives, along with rising environmental concerns, is driving the adoption of syngas and its derivatives across diverse industries. The market is also witnessing advancements in gasification technologies, further bolstering its growth potential.
Syngas & Derivatives Market Dynamics:
It is anticipated that a variety of decarbonisation techniques would be needed to achieve ambitious decarbonisation goals. For example, using sustainable fuels could help achieve these decarbonisation goals. Sustainable fuels include both synthetic and biofuels, such as methanol and ammonia, or hydro-treated vegetable oil (HVO) or bioethanol.
Report Scope:
This comprehensive report delves into the global Syngas & Derivatives market, offering insights into:
- Market size and growth potential: Comprehensive analysis of the current market size and projected CAGR for the forecast period.
- Key drivers and challenges: Exploring the factors influencing market growth, including environmental regulations, technological advancements, and feedstock availability.
- Regional trends: Examining the growth dynamics across key regions like North America, Europe, Asia Pacific, and the Rest of the World.
- Competitive landscape: Profiling leading players in the market and their growth strategies.
Research Methodology:
The report employs a robust research methodology, combining:
- Secondary data: Extensive analysis of industry reports, government data, and academic publications.
- Primary data: Interviews with industry experts, key market participants, and end-users.
- Quantitative and qualitative analysis: In-depth data analysis to provide actionable insights.
Segmentation:
The Syngas & Derivatives market is segmented by:
by Technology
Steam Reforming
Partial Oxidation
Thermal Reforming
Combined or Two-Step Reforming
Biomass Gasification
Others
by Gasifier Type
Fixed (Moving) Bed Gasifier
Entrained Flow Gasifier
Fluidized Bed Gasifier
Others
by Feedstock
Coal
Petroleum Byproducts
Natural Gas
Biomass/Waste
Others
by Application
Chemicals
Fuel
Electricity
Others
Over the course of the projection period, the fuel sector by application is anticipated to rise at a CAGR of 10.3%. Power-to-liquid (PtL) fuel has the potential to be a major substitute for fossil fuels in aviation as it can reduce greenhouse gas emissions by up to 100%. The two main methods used to manufacture PtL fuels are methanol to jet and fuel synthesis. Synthesis gas, or "syngas," which is basically a mixture of carbon monoxide and hydrogen, must be produced for both. Reverse water gas shift (RWGS) and co-electrolysis are two methods for producing syngas. While RWGS requires renewable or low-carbon hydrogen as a prerequisite to syngas synthesis, the co-electrolysis process creates syngas in a single phase and does away with the necessity for separate hydrogen production.
Regional Insights:
China consumes 1.9 billion tonnes of oil equivalent (tonne coal) annually for primary energy. China's coal gasification industry has quickly become commercialised over the last ten years. In late 2000s, overcapacity emerged in steel, coal, fertilisers, methanol, and dimethyl ether. China focused on water reutilization technology and emission and particle reductions in its most recent Five-Year Plan. China's domestic coal consumption peaked in 2020. The need for methanol, olefins, acetyls, and Oxo compounds is increasing due to the expansion of consumer goods production. In China, emphasis has been placed on larger-scale projects, particularly by large oil, gas, coal, and power businesses. Natural gas, renewable energy sources, and highly efficient pulverised coal are growing in popularity.
Key Players:
1. Sasol Limited
2. Haldor Topsoe A/S
3.Air Liquide S.A.
4. Siemens AG
5. Air Products and Chemicals Inc.
6. KBR Inc.
7. Linde plc
8. BASF SE
9. TechnipFMC PLC
10. McDermott International, Inc.
11. Mitsubishi Heavy Industries, Ltd.
12. Chiyoda Corporation
13. Synthesis Energy Systems, Inc.
14. Yara International ASA
15. Methanex Corporation
16. CF Industries Holdings, Inc.
17. Dow Inc.
18. John Wood Group
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