2023 to 2028 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Syngas Derivatives Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The global Syngas Derivatives market is expected to witness substantial growth with a Compound Annual Growth Rate (CAGR) of over 9% during the forecast period. Despite challenges posed by the COVID-19 epidemic, the demand for syngas and derivatives in the chemical sector has surged, especially in the healthcare and personal protection equipment segments.
Key Highlights
In the short term, increasing environmental constraints and the adoption of clean technologies are driving the demand for syngas and derivatives. Governments worldwide are encouraging clean technology adoption to combat high pollution levels, which bodes well for the market’s future growth. Research and Development (R&D) initiatives are also contributing to market expansion, with businesses investing significantly to enhance their income.
Capital costs and time constraints in establishing operating plants with cutting-edge gasification techniques present obstacles to market growth. However, rapid urbanization, infrastructure development, and advancements in the oil & gas industry are providing substantial potential for overall industry growth in the forecast period. The Asia-Pacific region is expected to lead the global market during this period and command the highest market share in the syngas derivatives market worldwide.
Syngas Derivatives Market Trends
The transportation fuel segment is anticipated to witness significant growth during the forecast period, with a projected CAGR of 10.3%. The rise of power-to-liquid (PtL) fuel as a practical option for the aviation sector, aiming for sustainable energy sources with substantial reductions in greenhouse gas emissions, contributes to this growth. PtL fuels are produced through fuel synthesis and methanol to jet processes, both of which require syngas generation or ‘syngas,’ a blend of carbon monoxide and hydrogen.
The co-electrolysis process, which generates syngas in a single step, shows potential advantages over other methods, including lower levelized fuel production costs and increased efficiency due to heat recovery and integration with the fuel synthesis stage. Additionally, innovations in low-carbon and renewable hydrogen generation will play a crucial role in PtL value chain development.
Asia-Pacific Region to Dominate the Market
Asia-Pacific is expected to maintain its leadership position in the syngas derivatives market, both in terms of market share and revenue. The region benefits from abundant coal and natural gas reserves, along with rapid urbanization, infrastructure development, and advancements in the oil and gas industry. China, in particular, has emerged as a significant player in chemical exports and hydrogen production, with ambitious plans for hydrogen energy development and carbon neutrality.
Competitor Analysis
The Syngas Derivatives Market is partially fragmented, with several major manufacturers contributing to the market’s growth. Key players in the market include BASF SE, CF Industries Holdings, Inc., Dow Inc., Shell PLC, SynGas Technology, LLC, among others.
Overall, the Syngas Derivatives market is expected to witness substantial growth, driven by increasing demand for clean technologies, infrastructure development, and advancements in the oil & gas industry, particularly in the Asia-Pacific region. The market presents exciting opportunities for businesses and investors to leverage R&D initiatives and capitalize on the growing demand for syngas and derivatives.
A selection of companies mentioned in this report includes
- Air Liquide Global E&C Solutions
- Air Products and Chemicals, Inc.
- BASF SE
- CF Industries Holdings, Inc.
- Chiyoda Corporation
- Dow Inc.
- General Electric Company
- Haldor Topsoe A/S
- Linde AG (The Linde Group)
- Methanex Corporation
- Nutrien Ltd.
- Sasol Limited
- Shell PLC
- Siemens AG
- SynGas Technology, LLC
- Synthesis Energy Systems, Inc
- TechnipFMC PLC
For more information about this report visit https://www.researchandmarkets.com/r/a0p6sb
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