Report Code: A08224 | Pages: NA | Jul 2023 | 1189 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Syngas Chemicals Market
Request Now !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.
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. Â Â Â
Key benefits of the report
Questions answered in the global syngas chemicals market research report:
Syngas Chemicals Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Methanex, Celanese, LyondellBasell Industries Holdings, HaldorTopsoe A/S Air Liquide S.A., China National Petroleum, Air Liquide, East-Man Chemical, BASF SE, BP PLC, Sasol Limited, Air Products and Chemicals Inc. |
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