CHICAGO, June 25, 2020 /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 2025", published by MarketsandMarkets™, the Syngas & Derivatives Market in 2020 is estimated at 2,45,557 MWth and is projected to reach 4,06,860 MWth by 2025, at a CAGR of 10.6% from 2020 to 2025.
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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. Polygeneration of derivatives from syngas and flexibility in the use of feedstocks to produce syngas and its derivatives are the factors driving the syngas & derivatives market growth. Furthermore, outbreak of COVID-19 pandemic is anticipated to fuel the consumption of syngas derived chemical intermediaries in health and hygiene products.
Chemicals segment accounts for the largest share of the syngas & derivatives market
The chemicals segment is estimated to lead the syngas & derivatives market in 2020, 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. Moreover, despite lockdown in several countries and low demand for goods and services, manufacture of syngas derived chemical intermediaries and fuels were considered as critical infrastructure and essential goods and services leading to sustained demand for syngas and its derivatives in the first half of 2020.
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.
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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 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific syngas & derivatives market in 2019. This growth can be attributed to the increasing demand for syngas & derivatives from the region's chemicals, fuel, and electricity industries, particularly in China and India. The region is a lucrative market for chemicals and fuel production. Outbreak of COVID-19 from China and the impact of coronavirus in Japan, South Korea, Autralia, and India has caused a trivial decrease in the consumption of syngas and its derivatives. However, syngas as clean and renewable energy and important source for the production of chemical intermediaries is anticipated to witness growth during the forecast period.
Key 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), Dow Inc. (US), and John Wood Group PLC (UK), among others.
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