Syngas and Derivatives Market to Register Volume of 469,000 MWth by End of 2031, Report by Transparency Market Research, Inc.

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Jan 10, 2023, 08:30 ET

Rise in usage of syngas in a number of industrial applications as a clean and sustainable energy source has increased syngas and derivatives industry demand
Surge in demand in emerging markets and rise in number of infrastructure development projects globally have fueled syngas and derivatives industry size.

WILMINGTON, Del., Jan. 10, 2023 /PRNewswire/ -- As per TMR's syngas and derivatives market research report, the industry registered a volume of 180,000 MWth in 2020 and is estimated to expand at a CAGR of 9.1% from 2021 to 2031.

Syngas is primarily employed in the production of other compounds, and as a fuel. It is utilized in power generation, chemicals, gaseous fuels, and liquid fuels industries. Carbon-containing materials of different kinds can be used to make syngas. These include petroleum, polymers, municipal garbage, coal, biomass, and other materials of a similar nature. The global syngas and derivatives market has witnessed robust growth in the past few years. However, limited supply has increased the need to reduce dependency on fossil fuels, which in turn drives the market for syngas and derivatives.

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The need to produce more alternative energy sources coupled with increase in environmental concerns are the major factors propelling the global syngas and derivatives industry. Companies in the market should accelerate product development and reap the benefits of revenue prospects to gain a competitive advantage. Surge in urbanization and industrialization is a prominent factor driving the syngas and derivatives business in developing countries.

Key Findings of Syngas and Derivatives Market Report

Production of syngas and derivatives involves utilization of several significant technologies, including steam reforming, biomass gasification, and partial oxidation. Among these, biomass gasification is most frequently used to generate syngas and its byproducts. With the use of this technology, substances such as biomass and coal could be transformed into syngas, hydrogen, and other gases.
Biomass is the feedstock for the generation of energy. It is an environmentally friendly product. It is obtained from biogenic, agricultural, and forestry waste, and utilized in the production of fuel. It is occasionally used as fuel in the transportation sector. The biomass sector has gained popularity, and is presently recognized as a significant renewable energy source in the global energy system.
Improvements in biomass energy generation have accelerated the usage of biomass as fuel in a number of different end-use sectors. The market for steam reform technologies is expanding at a rapid pace. Thus, the global syngas and derivatives market is projected to witness strong growth in the next few years.
Increase in environmental regulations and development of clean technologies are responsible for the rise in demand for syngas and its derivatives. Significant levels of pollution across the world has induced governments in several countries to promote the usage of clean technologies. Hence, the market for derivatives and syngas is projected to grow at a rapid pace in the next few years.

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Syngas and Derivatives Market: Growth Drivers

Rise in need to reduce reliance on fossil fuels due to limited supply is a key factor propelling the global syngas and derivatives industry. Constantly expanding population has increased the demand for energy for fuel and agricultural products. Therefore, the syngas and derivatives market is anticipated to experience robust growth throughout the forecast period.
Rise in usage of syngas as an alternative fuel to liquid and gaseous fuel presents significant opportunities to companies in the syngas and derivatives market. The market for syngas and derivatives is also driven by surge in usage of derivatives in several industrial applications.

Syngas and Derivatives Market: Regional Assessment

Asia Pacific is expected to account for major share of the global market during the forecast period due to abundant coal and natural gas reserves. Rapid urbanization in developing countries such as China, Japan, and India has led to infrastructural development. Government initiatives and funding to develop the oil & gas sector has created lucrative opportunities in the region. The syngas and derivatives markets in North America, Europe, and Latin America is likely to grow at a steady pace in the near future. Middle East & Africa is expected to witness rapid syngas and derivatives market expansion.

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Syngas and Derivatives Market: Competitive Landscape

R&D is an essential component of the syngas and derivatives market. Market participants in the industry are investing significantly in research & development activities.

Key players operating in the global syngas and derivatives market are;

The Linde Group
Air Liquide SA
Air Liquide SA
SES Gasification Technology
SunGas Renewables
Siemens AG
AMEC Foster Wheeler plc
Syngas Technology LLC

Syngas and Derivatives Market: Segmentation

By Feedstock

Coal
Petroleum
Biomass Waste
Others

By Production Technology

Partial Oxidation
Steam Reforming
Biomass Gasification
Others

By End-user

Chemicals
Power Generation
Liquid Fuels
Gaseous Fuels

By Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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