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Syngas Market Size Estimation, Current Industry Status, Growth Opportunities, Top Key Players 2023
Synthesis gas, commonly known as syngas is a blend of carbon monoxide, carbon dioxide, methane, nitrogen, and hydrogen. The Global Syngas Market can ride on its popularity among several sectors and can aim for an imposing CAGR during the forecast period (2016-2023). It is mostly used in the production of fertilizers, fuels, solvent, and synthetic materials. At the same time, its application in the production of chemicals such as acetic acid, ammonia, urea, oxo-chemicals, methanol, and dimethyl carbonate is quite pivotal.
Major factors to impact the Syngas Market in the coming years are the burgeoning chemical industry which is creating a need for Syngas for chemical synthesis. Its widespread use in the production of synthetic petroleum and in internal combustion engines as fuel can ensure growth for the market. It is produced from waste materials which help in reducing carbon footprint. The surging demand for a waste solution can improve chances for the Syngas Market to expand its operational facilities.
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Detailed segmentation in the report of MRFR on the Global Syngas Market focuses primarily on feedstock, process, gasifier, and application. The report further includes value-wise and volume-wise analysis of the data to get a closer look at the development of the market with an intent to unravel the dynamics that would decide the market growth chart in the coming years.
Going by the Feedstock, the Syngas Market includes biomass, plastic waste, water treatment plant sludge, coal, municipal solid waste, petroleum coke, and others. The easiest and cleanest method to achieve is by employing coal which makes the segment the highest-grossing one.
By Process, the Syngas Market included gasification, autothermal reforming, pyrolysis, partial oxidation, steam reforming, and others. It is the gasification process that is growing more by capitalizing on advantages it has over other procedures. The gasifier segment includes a fixed bed, entrained bed, fluidized bed, and others.
Based on the Application, the Syngas Market can be segmented into chemical synthesis, industrial gases, fertilizers, fuels, power generation, and others. The chemical synthesis includes ethanol, methanol, oxo chemicals, ammonia, dimethyl ether, n-butanol, sulfates, dimethyl carbonate, and others to produce chemicals.
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Several companies in the Syngas Market are trying to make a substantial impact to have better sway. Among them, Air Liquide (France), Methanex (Canada), Air Products and Chemicals, Inc (US), Sasol (South Africa), Shell (Netherlands), Synthesis Energy Systems, Inc. (US), The Linde Group (Germany), Yankuang Group (China) BASF SE (Germany), Yara International (Norway), and HELM AG (Germany) are of importance as per the report of MRFR.
In 2019, ThyssenKrupp received an order from the Egyptian chemical and fertilizer manufacturer NCIC to set up a fertilizer complex in association with PETROJET, an Egyptian company. It aims to start production in 2022 with 380,000 tons of urea, 440,000 tons of ammonia, and 300,000 tons of calcium ammonium nitrate per year.
Region-specific understanding of the market as led by MRFR in their report on the Global Syngas Market includes five regions, namely, Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA). Geographical analysis of the market ensures a detailed study of growth pockets.
The APAC market has the edge over the rest as huge amount of power generation is taking place in the region, and it is getting substantial support from the availability of raw materials. Fertilizers are also in high demand owing to the presence of several agrarian countries such as India, Malaysia, Taiwan, and Vietnam. Production of fertilizers is getting upliftment in the region to support the growing demand for food among the huge populace.
In Europe and North America, a robust industrial sector with leading technologies is generating demand for Syngas. It is getting traction from chemicals, automotive, electronics, aerospace, construction, and military & defense. This wide percolation of the component is expected to help the Syngas Market grow further in the region.
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