ALBANY, New York, February 28, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Syngas and Derivatives Market for Chemicals, Power Generation, Liquid Fuels and Gaseous Fuels End-user - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global consumption of syngas and derivatives market was 115,000 MWth in 2015 and is anticipated to reach 256,605 MWth by 2024, rising at a CAGR of 9.4% between 2016 and 2024.
Syngas is a fuel gas mixture used for production of chemicals, power generation, liquid fuels and gaseous fuels. Coal, petroleum, natural gas / biomass waste and others are used as feedstock for manufacturing of syngas. Syngas is majorly used as a substitute for natural gas, as natural gas is very costly. It constitutes 50% of the energy density of natural gas.
In terms of feedstock, coal held the major share of the market and is expected to grow at a rapid rate during the forecast period. There are large reserves of coal available across the globe, as a result it is cheaper in nature. Natural gas is costlier compared to coal, therefore the share is lesser in the market.
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In terms of production technology, syngas and derivatives market is segmented into partial oxidation, steam reforming, biomass gasification and others. Biomass gasification is the most used technology for production of syngas and derivatives as organic or fossil fuel-based carbonaceous materials such as coal and biomass are converted into syngas, carbon monoxide, hydrogen, and carbon dioxide. Steam reforming is another method or production technology used for the manufacture of syngas. Here, syngas is produced by using natural gas as a feedstock. During the process, hydrogen, carbon monoxide, and other useful products are also produced. In this process, the reformer reacts with the steam at high temperature and fossil fuel to yield syngas and other products. Partial oxidation technology held an average share of the syngas and derivatives market, but the demand is anticipated to rise at a rapid rate during the forecast period.
In terms of end-user, the market can be segmented into chemicals, power generation, liquid fuels, gaseous fuels and others. Syngas is majorly used as an intermediate for manufacturing of chemicals. It is also used as intermediate for manufacturing of liquid fuels, like creating synthetic petroleum to use as a lubricant or fuel. Power generation held average share in the market. The demand for gaseous fuels segment is expected to increase rapidly during the forecast period.
Asia Pacific dominated the syngas and derivatives market in 2015. This trend is expected to continue during the forecast period due to the increasing demand for automobiles and power generation in the region. Rise in population is another factor that is expected to propel the syngas and derivatives market in Asia Pacific. The demand of syngas and derivatives market in Middle East & Africa region is expected to increase during the forecast period.
Major players in the syngas and derivatives market includes Air Products and Chemicals Inc., Air Liquide SA, BASF SE, Sasol Limited, Siemens Ag and others.
The syngas and derivatives market has been divided into the following segments.
Syngas and Derivatives Market - Feedstock Analysis
- Natural Gas/Biomass Waste
Syngas and Derivatives Market - Production Technology Analysis
- Partial Oxidation
- Steam Reforming
- Biomass Gasification
Syngas and Derivatives Market - End-user Analysis
- Power Generation
- Liquid Fuels
- Gaseous Fuels
Syngas and Derivatives Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Browse Other Related Market Research Reports:
- Coal Fired Power Generation Market: http://www.transparencymarketresearch.com/coal-fired-power-generation-market.html
- Biomass Gasifier Market: http://www.transparencymarketresearch.com/biomass-gasifier-market.html
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