Syngas Chemicals Market:
Syngas chemical is primarily produced from synthesis gas, which is a fuel gas mixture consisting primarily of hydrogen, carbon monoxide, and often some carbon dioxide. The name comes from its use as intermediates in creating synthetic natural gas and for producing methanol or ammonia. Syngas is a product of coal gasification and the key application is electricity generation. Syngas has 50% of the energy density of natural gas. It cannot be burnt directly, but is used as a fuel source.
Impact of COVID-19
The significant challenges of the financial crisis, such as operational losses and lay-offs, have slowed down the growth of the chemical & materials industry. Chemicals manufacturers are facing a tough time operating in during the COVID-19 pandemic. Some of the companies are temporarily shut down, while most are still struggling to continue their operations. Conversely, many chemical companies are witnessing a sharp growth in the demand for disinfectant chemicals, due to which they are planning to increase the capacity and supply across the global market.
Top impacting factors: market scenario analysis, trends, and drivers
Syngas & derivatives are extensively used in the processing of chemicals for manufacturing various products such as fertilizers, petrochemicals, and oxo chemicals that ultimately favors the growth of this market. The use of syngas chemicals for gas lighting has propelled demand within the global market and has given an impetus to the market players. The use of syngas chemicals for optimizing energy capacity of chemical processes has augmented the market in recent years.
On the other hand, high cost of capital investment is anticipated to be major growth restraining factor of this market. If not handled and planned properly, cost related issues further are expected to challenge the overall market growth. On the contrary, the market is expected to witness significant growth opportunities over the coming years. This is attributed to rise in the adoption of hydrogen as a clean transportation fuel, significantly reduced dependency on crude oil, and mandatory regulation regarding cleaner energy.
Key benefits of the report
- This study presents the analytical depiction of the global syngas chemicals market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global syngas chemicals market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global syngas chemicals market research report:
- Which are the leading players active in the global syngas chemicals market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Syngas Chemicals Market Report Highlights
By Production Technology
Key Market Players
Air Liquide, Air Products and Chemicals Inc., Methanex, HaldorTopsoe A/S Air Liquide S.A., LyondellBasell Industries Holdings, Celanese, Sasol Limited, BASF SE, East-Man Chemical, China National Petroleum, BP PLC