NEW YORK, June 16, 2021 /PRNewswire/ -- The global syngas market is anticipated to observe noteworthy growth in the upcoming years. Significant rise in the demand for syngas from the chemical factories is driving the growth of the market.
A latest report on the Global Syngas Market (Synthesis Gas Market) has been added by Research Dive to its offerings. As per the report, the market is projected to hit $64,248.6 million and rise with a remarkable CAGR of 6.1 % from 2020 to 2027. The report offers an all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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COVID-19 Impact on the SynGas Market Growth:
The rise of the COVID-19 pandemic in 2020 made an adverse impact on the growth of the market. During the pandemic, the government bodies of several regions have executed strict lockdown for preventing the spread of the virus. The production of syngas as the supply chains have greatly disrupted during the lockdown period. All these factors are obstructing the market growth in the pandemic period.
Access Our Comprehensive Analysis of the Impact of COVID-19 on SynGas Market
SynGas Market Growth: Top Impacting Factors
A considerable surge in the demand for syngas from the chemical factories across the globe is boosting the growth of the global syngas market. Moreover, various benefits of syngas such as its use as a fuel source in gas engines, better stability, and low energy costs are contributing to the market growth. In addition, existence of prominent companies, which are taking various strategic initiatives to uphold their company position in the market, is anticipated to unlock profitable opportunities for the market growth during the forecast period. However, considerable time needed to set up a syngas operational plant and high capital investments are expected to hinder the market growth.
The report segments the global syngas market into gasifier, technology, feedstock, application, and region.
Fluidized Bed Sub-Segment to Dominate the Market Growth
Among the gasifier segment, the fluidized bed sub-segment is expected to lead the market by garnering $25,721.6 million during the forecast period. The growth of this sub-segment is mainly because of the growing use of fluidized bed gasifier for biomass gasification, mainly due to its suitability in the medium-scale procedures.
Steam Reforming Sub-Segment to Dominate the Market Growth
Among the technology segment, the steam reforming sub-segment is expected to observe accelerated growth by garnering $24,708.1 million during the forecast period. The growth of this sub-segment is mainly because steam reforming is one of the competent and proven technologies used for the manufacturing of syngas. This technology is a reasonable, reliable, and extensively used option to generate hydrogen with eco-friendly benefits.
Coal Sub-Segment to Witness Speedy Growth
Among the feedstock type segment, the coal sub-segment is projected to hold a leading market share and gather $44,134.0 million during the forecast period. The growth of this sub-segment is mainly because of the easy availability of coal for energy generation as well as engagement of significant players from India and China in the coal-based syngas manufacturing.
Chemical Sub-Segment to Witness Speedy Growth
Among the application type segment, the chemical sub-segment is expected to hold a leading market share and surpass $25,604.8 million during the forecast period. The growth of this sub-segment is mainly because of the increasing necessity of green chemicals for the making and amalgamation of chemical intermediates.
Asia-Pacific Region to Lead the Market
The report analyzes the global syngas market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to grow rapidly and garner $41,890.1 million during the estimated period. The growth of this region market is mainly owing to the mounting demand for syngas in various industries including chemical, electricity, and fuel in this region.
Top 10 Major Players in the Market: Top Strategic Moves & Developments
The report lists some of the leading players functioning in the global syngas industry including
- Air Liquide S.A.
- John Wood Group PLC
- SynGas Technology
- Linde plc
- Air Products and Chemicals, Inc.
- Haldor Topsoe A/S
- The Chiyoda Corporation
- Syngas Energy Holdings LLC
- OQ Chemicals GmbH
- Methanex Corporation, LLC (SGT)
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.
For instance, in April 2021, Air Products and Chemicals, Inc., an American international corporation involved in selling gases and chemicals for industrial uses, proclaimed that the Kochi Industrial Gas Complex is consistently providing syngas to the Propylene Derivatives Petrochemical Project (PDPP) at the Bharat Petroleum Corporation Limited (BPCL) Kochi Refinery. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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