CHICAGO, Dec. 9, 2019 /PRNewswire/ -- According to the new market research report "Syngas & Derivatives Market by Production Technology, Gasifier Type, Feedstock (Coal, Natural Gas, Petroleum Byproducts, Biomass/Waste), Application (Chemicals, Fuel, and Electricity), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Syngas & Derivatives Market, in 2019 is estimated at 277,507 MWth and is projected to reach 501,932 MWth by 2024, at a CAGR of 12.6% from 2019 to 2024. Rising environmental concerns have been the major driver for the growth of the syngas & derivatives market in order to provide alternative methods of fuel production.
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Chemicals segment accounts for the largest share of the syngas & derivatives market
The chemicals segment is estimated to lead the syngas & derivatives market in 2019, due to the rising demand for chemicals for the production of syngas & derivatives from methanol, ammonia, and Fischer-Tropsch synthesis products. Chemicals such as methanol are used as fuel as well as feedstock, which makes it the most important chemical from synthesis. Ammonia being the major chemical for manufacturing fertilizers drives the growth of the chemical segment in the syngas & derivatives market.
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Biomass/waste segment is estimated to witness fastest growth in the syngas & derivatives market, during the foreast period
Based on feedstock, the biomass/waste segment is estimated to witness highest growth in the syngas & derivatives market during the foreast period. Increasingly stringent environmental guidelines across developed and developing economies, as well as the reducing coal & natural gas reserves, have accelerated the adoption and growth of biomass/waste feedstock in the production of syngas & derivatives. Biomass/waste is used as feedstock to produce syngas & derivatives as clean and renewable energy, which can be used in chemical, fuel, and electricity applications.
Asia Pacific is expected to witness the fastest growth in the syngas & derivatives market during the forecast period
The syngas & derivatives market in the Asia Pacific region is projected to grow at the highest CAGR between 2019 and 2024. China, India, and Japan together accounted for the major share of the Asia Pacific syngas & derivatives market in 2018. This growth can be attributed to the increasing demand for syngas & derivatives from the region's chemical, fuel, and electricity industries, particularly in China and India. The region is a lucrative market for chemicals and fuel production.
Key Syngas & Derivatives Market players covered in this report includes Sasol Limited (South Africa), Haldor Topsoe A/S (Denmark), Air Liquide S.A. (France), Siemens AG (Germany), Air Products and Chemicals Inc. (US), KBR Inc. (US), Linde plc (UK), BASF SE (Germany), TechnipFMC PLC (UK), McDermott International, Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan), Chiyoda Corporation (Japan), Synthesis Energy Systems, Inc. (US), Yara International ASA (Norway), Methanex Corporation (Canada), CF Industries Holdings, Inc. (US), The Dow Chemical Company (US), and John Wood Group PLC (UK), among others.
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