Sep 15, 2021, 02:09 EST
Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 02:09 /Comserve / -- According to Research Dive analysis, the global syngas market is estimated to generate a revenue of $64,248.6 million by 2027, increasing from $27,070.3 million in 2019, at a healthy CAGR of 6.2%.
Impact Analysis of COVID-19 on the Global Syngas Market:
Developed as well as developing nations across the world are facing an unprecedented medical, social, economic and emergency with the outbreak COVID-19. The business activities have completely fallen majorly due to the complete lockdown along with shortage of workforce. In addition to this, the global pandemic has also severely affected the global syngas market, due to the lack of raw material for the syngas production which may cause delay in projects. However, several companies are coming up with strategic steps for business sustenance. For instance, in January 2020, Air Products and Chemicals Inc. an American international corporation which provides essential industrial gases, has invested around $500 million in order to build its ‘steam methane reformer’ (SMR) to produce hydrogen to supply nitrogen and utilities facilities. Such factors may create enormous opportunities for global syngas market, post COVID-19 crisis.
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Syngas Market Analysis:
The growing adoption of syngas in chemical industries worldwide, is one of the significant factors for the global market growth. The global chemical industries mainly tend to utilize feedstock that is most economical to produce or procure. Hence the demand for syngas, is expected to increase which may ultimately bolster the global market, in the coming years. Also, countries such as the China, United States, and India use coal as the raw material for the multiple chemical production namely hydrogen (H2), carbon monoxide (CO), and methanol. Such factors are also propelling the global syngas market growth.
The reasons that hamper the market growth primarily include the negative impact of COVID-19 crisis, combined with significant time and capital investment required to build the syngas operational plant.
In recent several years, novel technologies like underground coal gasification (UCG) are highly utilized for the syngas production. It is an in-situ gasification process that uses underground coal seams and converts them into syngas. This process is cost effective and provides the syngas composition with the highest percentage of methane (CO4) and carbon dioxide (CO2). In addition to this, the process requires smaller cleaning equipment compared to the conventional gasification technique as syngas produced from underground coal gasification contains a lower percentage of ash and tar. Initiatives like these are expected to generate lucrative opportunities for the global syngas market in near future.
Based on gasifier, the global market for syngas platform is divided into moving bed gasifier, fluidized bed gasifier, entrained flow gasifier, and others.
The fluidized bed gasifier sub-segment shall have the fastest market growth and it is expected to register a revenue of $25,721.6 million by 2027.
Based on feedstock, the market is classified into natural gas, coal, biomass/waste, and others. The coal sub-segment garnered $29,003.3 million in 2019 and is anticipated to grow exponentially by 2027.
Based on technology, the global market for syngas platform is divided into steam reforming, partial oxidation, auto-thermal reforming, combined or two-step reforming, and biomass Gasification.
The steam reforming sub-segment shall have the fastest market growth and it is expected to register a revenue of $24,708.1 million by 2027.
Based on application, the market is classified into power generation, chemicals, and others. The chemicals sub-segment garnered $16,435.0 million in 2019 and is projected to increase exponentially by 2027.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific syngas market is projected to rise at a growth rate of 6.1% by 2027 from the revenue generated in 2019.
The companies involved in the global syngas market are Air Liquide S.A., Linde plc, Air Products and Chemicals, Inc., Haldor Topsoe A/S, The Chiyoda Corporation, Syngas Energy Holdings LLC, John Wood Group PLC, OQ Chemicals GmbH, Methanex Corporation, and SynGas Technology, LLC (SGT).
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