Asia-Pacific Syngas Market Study Reveals Growth Factors and Competitive Outlook for Future


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Oct 14, 2021, 09:45 EST


Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 09:45 /Comserve / -- Asia-Pacific Syngas Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Asia-Pacific syngas market is estimated to witness a significant growth, at an estimated CAGR of over 12%, over the forecast period. Feedstock flexibility for syngas production and growing demand for electricity are expected to drive the market during the forecast period.

- High capital investment and funding is likely to hinder the market’s growth.
- Development of underground coal gasification technology is likely to create opportunities to the market growth in the future.
- China is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.

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Key Market Trends

Increasing Usage in Power Generation Industry

- The power industry is the backbone of the industrial sector that supplies essential energy to industrial, commercial, manufacturing, and residential customers.
- Synthesis gas plays a huge role in power generation, as it is used as an intermediate in creating synthetic natural gas (SNG), which has various application, such as:
- IGCC plants use gasifiers that convert coal or any other carbon-based materials to syngas, which is used in driving a combined cycle turbine to generate electricity. IGCC plants can achieve efficiencies of 45% and have low emissions, since the fuel is cleaned before it is fired in the gas cycle turbine.
- Biogas, which is a form of renewable energy, can be obtained through thermochemical gasification of synthetic gas.
- Gasification and pyrolysis processes produce a combustible synthetic gas that can either be used to produce electricity, or further refined and upgraded for direct generation in a gas turbine or engine.
- China, currently, has 56 operating gasification plants with about 29% of the worldwide capacity, and has surpassed South Africa's Sasol, which accounts for 20% of world gasification capacity.
- The aforementioned factors have been boosting the demand for syngas in the region, in the recent times.

China to Dominate the Market

- In the Asia-Pacific region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese oil and gas sector is dominated by four national and provincial oil companies, which include PetroChina, Sinopec, China National Offshore Oil Corporation (CNOOC), and Yanchang Petroleum. PetroChina and Sinopec account for 31% and 45% of the total crude oil refining capacity in the country, respectively.
- Zhejiang Petrochemical of China started the first phase of its oil refining and petrochemical complex, which is expected to be operational by 2020. It is projected to contribute two oil refineries with a capacity of about 400,000 barrels per day.

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- Moreover, the consumption of both liquid and gaseous fuels is increasing exponentially in the country. This is expected to augment the syngas market’s growth over the forecast period.
- Therefore, the demand for syngas is expected to increase over the forecast period, owing to the growth prospects across various applications in the country.

Competitive Landscape

The Asia-Pacific syngas market is fragmented in nature. Key players in the market include Air Products and Chemicals, Inc., Linde plc, Air Liquide, and Sasol, among others.

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Feedstock Flexibility for Syngas Production
4.1.2 Growing Demand for Electricity
4.1.3 Growing Chemical Industry
4.2 Restraints
4.2.1 High Capital Investment and Funding
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION

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