Portland, OR, May 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global syngas market was accounted for $43.6 billion in 2019, and is estimated to garner $66.5 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Rise in use in industrial applications and surge in demand from the power generation industry have boosted the growth of the global syngas market. On the other hand, need for high capital investments hampers the market growth. On the contrary, rise in demand for chemicals opens lucrative new opportunities for the market players in the future.
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Covid-19 Scenario
- Owing to the Covid-19 pandemic, the manufacturing activities and day-to-day operations were disrupted across the chemical, power generation, construction, and oil & gas industries. This minimized the demand for syngas.
- The prolonged lockdown resulted in disruption of the supply chain, raw material procurement, and increased raw material prices.
- However, the daily operation in the chemical, oil sectors, and power sectors would resume post-pandemic, which would increase the demand for syngas.
The global syngas market is segmented based on gasifier, technology, feedstock, application, and region. Based on gasifier, the moving bed gasifier segment would showcase the highest CAGR of 6.3% during the forecast period. However, the fluidized bed gasifier segment was accounted for the highest share in 2019, holding around two-fifths of the market.
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On the basis of technology, the auto-thermal reforming segment would manifest the highest CAGR of 6.3% during the forecast period. However, the steam reforming segment held the largest share in 2019, accounting for nearly two-fifths of the market.
The global syngas market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2019, contributing to two-thirds of the market. In addition, the region is projected to register the highest CAGR of 6.2% during the forecast period.
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The global syngas market report includes an in-depth analysis of the major market players including Air Liquide, Air Products and Chemicals Inc., BASF SE, John Wood Group, Royal Dutch Shell, Sasol Limited, Siemens, Syngas Energy Holdings, SynGas Technology LLC, and The Linde Group.
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