Syngas Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Syngas Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Request Now !Syngas is used for the synthesis of ammonia and fertilizers in the industry. During this process, methane combines with water to generate hydrogen, carbon monoxide, and other trace gases. This process is called gasification. Syngas is also known as fuel source, as it can be easily burnt and has high energy density. Being rich in carbon, it is widely used for the production of oxo-chemicals, methanol, hydrogen, natural gas, and other industrial applications. Furthermore, natural gas is used in the form of liquefied natural gas and compressed natural gas. Thus, syngas market is likely to have plethora of applications during the forecast period.
Scope of the report
Report Metric | Details |
Market Size available for years | 2019-2027 |
Base year Considered | 2019 |
Forecast Period | 2020-2027 |
Forecast Units | Value (USD) and Volume(Ton) |
Segments covered | Gasifier Type, Feedstock Type, Application, and Region |
Regions Covered | North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM), and the Middle East & Africa |
Companies Covered | Air Products and Chemicals Inc., Linde Plc, BASF SE, TechipFMC PLC, McDermott International, Mitsubishi Heavy Industries Ltd, Yara International ASA, Methanex Corporation, John Wood Group PLC, Liquide S.A., and Saslo Limited |
COVID-19 impact analysis
- The global market for syngas is severely impacted by the outbreak of the COVID-19 pandemic.
- The syngas market in countries such as the U.S. and Canada faced a drop in demand during the pandemic period.
- The collapsing demand idled around 3.5 billion gallons of annualized ethanol output at a quarter in the U.S., which impacted the syngas market growth.
- The sharp decline is attributed to social distancing and reduced monthly expenditure for the residents.
- In addition, bioethanol used for hand sanitizer is less profitable than fuel grade ethanol, as hand sanitizer inputs require additional processing, which leads to higher production cost.
- However, during May and June, biofuel export market improved in Canada due to surge in demand for exported biofuel in the European Union and the U.S. According to a report by Biodesel Magazine, the U.S. accounted for around 99% of Canada’s total biodiesel exports.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Feedstock flexibility and surge in demand for syngas from the chemical industries are the major drivers of the syngas market, globally. The demand for the chemicals globally is expected to increase exponentially.
Underground coal gasification development and high capital investment are expected to offer remunerative opportunities for the expansion of the market during the forecast period. Syngas is used largely in fuel gas engines for power supply purpose, due to its advantages such as stability, reduced cost, and predictability. In countries such as India and China, increase in sale of fuel leads to surge in demand for the refining capacity. Furthermore, various government policies and regulations will be planned in favor for the syngas market. The production of syngas should have no harmful impacts on the environment, this is the biggest challenge industry will face in the forecast period.
Key segments covered
Segment | Subsegment | |
By Gasifier |
| |
By Feedstock |
| |
By Application |
| |
By Region |
| |
Key market players
The major market players of syngas industry are Air Products and Chemicals Inc., Linde Plc, BASF SE, TechipFMC PLC, McDermott International, Mitsubishi Heavy Industries Ltd., Yara International ASA, Methanex Corporation, John Wood Group PLC(UK), Liquide S.A., Siemens AG, Saslo Limited and Others. Expansions, acquisitions, partnerships, and new product developments are the main focus of these market players to grow their business in the potential markets. They have been focusing on strategies such as organic and inorganic growth developments, including contracts and investments.
Key benefits of the report
- This study presents the analytical depiction of the global syngas market along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the global syngas market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global syngas market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This reports helps users in comprehending the key product segments and their future.
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