Westford, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region is the most significant contributor to the growth of the syngas & derivatives market, with increasing demand from end-use industries such as chemicals, fuels, and power generation. This demand is driven by a growing awareness of the need for cleaner and more sustainable energy solutions and strict environmental regulations aimed at reducing emissions from traditional fossil fuels. The rise in the number of syngas-based projects across the globe also contributes to the market's growth. The use of syngas as an intermediate product that can be processed in several ways to produce various energy outputs is projected to drive the market forward in the future.
SkyQuest predicts substantial growth in hydrogen production from renewable energy sources by 2025. This growth is expected to reach an annual output of 100,000 to 200,000 metric tons, contributing to a decline in carbon dioxide emissions by 1 million to 2 million metric tons per year. The increasing demand for hydrogen from renewable energy sources is likely to drive the growth of the syngas & derivatives market in the coming years.
Browse in-depth T.O.C. on "Syngas & Derivatives Market"
- Pages - 257
- Tables - 93
- Figures - 74
Syngas is an intermediate form of gas produced from a hydrocarbon feedstock, mainly consisting of hydrogen and carbon monoxide. It is essential in producing a wide range of products, including gasoline, chemicals, and fertilizers. In addition, further processing syngas can yield various energy outputs, such as electricity and high-quality fuels that can be used as transportation fuels. Examples of syngas derivatives include methanol, ammonia, high-speed diesel, and polymers. The composition of syngas may also have secondary constituents such as CO2 and methane.
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Prominent Players in Syngas & Derivatives Market
- Sasol Limited (South Africa)
- Air Liquide S.A. (France)
- Haldor Topsoe A/S (Denmark)
- Air Products and Chemicals Inc. (US)
- Siemens AG (Germany)
- Linde plc (UK)
- KBR Inc. (US)
- TechnipFMC PLC (UK)
- BASF SE (Germany)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- McDermott International, Inc. (US)
- Synthesis Energy Systems, Inc. (US)
- Chiyoda Corporation (Japan)
- Methanex Corporation (Canada)
- Yara International ASA (Norway)
- Dow Inc. (US)
- CF Industries Holdings, Inc. (US)
- John Wood Group PLC (UK)
Chemical Segment to Capture Higher Revenue Share owing to Increasing Demand for Personal Protection Equipment and Healthcare Industry
The chemical segment is expected to drive substantial syngas & derivatives market growth in the coming years. It can be attributed to the increasing demand for environmentally friendly chemicals and the use of syngas & derivatives in the production of chemical intermediates. In addition, the versatility of syngas & derivatives, which can be adjusted to suit the specific H2/CO ratio requirements for various chemical production processes, has made them a popular choice in the chemical industry. According to SkyQuest, global ammonia output in 2021 was around 150 million metric tonnes. With approximately 64.6 million metric tonnes, East Asia produced the most ammonia. On the other hand, China held the dominant position as the world's largest producer of ammonia.
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The Asia Pacific region holds a major market share due to the high demand for syngas and its derivatives in countries such as China, India, and Japan. The utilization of syngas & derivatives in the chemical industry, particularly for fertilizers and petrochemicals, is a major growth driver in the region. With the presence of large chemical companies and abundant resources, the Asia Pacific is expected to continue to lead the market in the coming years.
Coal Emerges as the Dominant Feedstock Category Segment due to Ample Availability of Coal Resources
The coal segment is projected to witness tremendous growth in the production of syngas and derivatives in the coming years as this fuel source becomes increasingly popular. Such growth is driven by the abundance of coal in several major countries and its compatibility with various syngas production technologies. Furthermore, with China, the United States, and Russia being some of the largest coal-producing nations, the demand for syngas derived from coal is expected to rise in the near future.
North America is poised to grow as the leading market for syngas & derivatives, characterized by a robust growth trajectory in the coming years. It can be attributed to the region's mature industrial landscape and many established players in the sector. In addition, with the increasing demand for syngas-based products in various applications, such as liquid fuel, gaseous fuel, and hydrogen-based energy, the region is set to see substantial growth in the near future. Moreover, the well-developed infrastructure for the production and consumption of syngas adds to the overall growth potential of the market in North America.
The syngas & derivatives market is extensively analyzed in a new research report, exploring the industry's size, share, and key players on a global level. The report delves into the impact of significant events and market conditions in various regions, presenting a comprehensive picture of the current market scenario and strategies. The study also forecasts the market's growth until 2028, drawing on the insights of industry experts. Furthermore, the report strives to understand the critical customer attributes that define the market and recognize the demands throughout the industry.
Key Developments in Syngas & Derivatives Market
- Primus Green Energy has taken a significant step towards realizing its vision of a natural gas-to-gasoline plant in Texas by partnering with a well-known petrochemical company. The FEED study will be conducted in collaboration with IHI E&C International Corporation, a leading engineering and construction company. The joint venture will build a large-scale plant modeled after Primus's successful demonstration plant in New Jersey, which has produced gasoline and methanol safely and efficiently.
- Oil and gas giant Shell has joined forces with Kansai Electric Power to explore the commercial viability of liquid hydrogen supply chains. The two companies will work under a Memorandum of Understanding (MoU) to investigate and promote this cleaner and greener energy source as part of their efforts to decarbonize their respective businesses.
- Air Products and Chemicals Inc. has announced a massive investment of USD 500 million to establish its largest steam methane reformer (SMR) facility for hydrogen production, an air separation unit (ASU) for nitrogen supply, and the necessary utility facilities. This move marks the company's largest US investment and is expected to impact the industry significantly.
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Key Questions Answered in Syngas & Derivatives Market Report
- What is the market outlook for the syngas & derivatives industry, and what is driving its growth?
- Who are the key players in the syngas & derivatives market, and what is their market share?
- What are the most promising segments, applications, and regions for investment in the market?
- What strategies should market players adopt to enter the global market effectively?
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