Global Syngas Market – Growth, Trends, and Forecast (2019 – 2024)
January 24, 2020 - 9:06 PM EST
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Global Syngas Market - Growth, Trends, and Forecast (2019 - 2024)
Market Overview The market for syngas is expected to grow at a CAGR of 11. 02 % during the forecast period of 2019 - 2024. Major factors driving the market studied are feedstock flexibility for syngas production and the growing chemical industry.
New York, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Syngas Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778128/?utm_source=GNW High capital investment and funding are expected to hinder the growth of the market studied.
The demand from the chemical industry dominated the market in 2017 and is expected to grow during the forecast period, owing to the increasing demand from the chemical industry. The market is further expected to grow, owing to the rising demand from gaseous fuels. Development of underground coal gasification technology is likely to act as an opportunity in the future. Asia-Pacific dominated the market across the globe, with the largest consumption, holding a lion’s share in the market, followed by North America and Europe.
Key Market Trends Increasing Demand from Chemical Industry
Syngas is one of the widely used fuel gas mixtures, which primarily consists of carbon monoxide and hydrogen. It is often used as fuel in engines and its energy density is about half of natural gas. Syngas is used to create synthetic natural gas (SNG). It is seen as a viable alternative for usage as fuel in the form of LNG or CNG and it can be used in road, rail, marine, and other transport. Syngas can be used to fuel gas engines for various purposes, such as power supply, where it can be used for benefits like low energy costs, stability, and predictability. Syngas can be used effectively for both heat and electrical supply, as it can provide high electrical efficiency compared to other power generation technologies, such as steam turbines. It requires less pressure and its disposal is easier when it cannot be used for power or heat generation.
The Demand from Asia-Pacific to Expand at a Lucrative Rate
Asia-Pacific dominated the global market share in 2017, with rising demand from the chemical industry, primarily from refineries. China’s refinery capacity is about 14,177 thousand barrels per day, which constitutes 14.6% of the world’s refining capacity. China is a hub for chemical processing, accounting for the majority of chemicals produced, globally. With the growing global demand for various chemicals, the demand for syngas from this sector is expected to increase significantly during the forecast period. 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. 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. India was the third largest oil consumer in the world in 2017. The country has 600 million metric ton (MMT) of oil reserves and 43.8 trillion cubic feet of natural gas reserves. However, it is focusing on increasing its domestic production. India’s refinery capacity is about 4,620 thousand barrel per day, constituting about 4.7% of the world’s refining capacity. In India, the demand for increasing refining capacity is primarily due to the growing demand for fuel. Increasing sales of passenger cars, replacement of LPG as a cooking fuel, increasing urbanization, along with demand for infrastructure and consumer goods, are some of the factors augmenting the demand for fuel. The aforementioned factors are projected to increase the consumption of syngas during the forecast period.
Competitive Landscape The global syngas market is fragmented, with key players including Air Products and Chemicals Inc., the Linde Group, L‘Air Liquide SA, and Sasol. The other major players in the market include Haldor Topsoe A/S, Shell, KBR Inc., etc.
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