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Syngas and Derivatives Market Projected to Grow at CAGR of 9.4%, Scrutinized in New Research
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The global syngas market has been demonstrating a substantial rise in its size over the recent times. The burgeoning need to reduce the dependency on fossil fuels, as there is a finite number of fossil fuel reserves across the world, has been the key driving force behind the significant rise in this market. Apart from this, the increasing usage of derivatives in various industrial applications is also boosting the demand for syngas and derivatives substantially.

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In 2015, the global consumption of syngas and derivatives was 115,000 MWth. Thanks to the rising demand for fuel, electricity, and agricultural products, it is anticipated to rise at a CAGR of 9.40% between 2016 and 2024 and cross a 256,605 MWth mark by the end of 2024. Although the market points towards a thriving future, it may face some hindrances from the dearth of considerable capital investment and funding over the next few years.

Biomass Gasification to Remain Most Demanded Technology

Partial oxidation, steam reforming, and biomass gasification are the key technologies utilized for the production of syngas and derivatives. Among these, biomass gasification is the most-utilized technology for production of syngas and derivatives, as, with this technology, the organic/fossil fuel-based carbonaceous materials, such as biomass and coal, can be converted into syngas, carbon monoxide, hydrogen, and carbon dioxide. A continued strong demand for this technology is predicted across the world in the years to come.

The demand for steam reform technology is also increasing steadily and is expected to pick up pace over the forthcoming years. In steam reforming technology, natural gas is used as a feedstock to produce syngas. Hydrogen, carbon monoxide, and several other useful products are also produced during the process. Partial oxidation technology, which held a meager share in the overall syngas and derivatives market, is anticipated to witness increased demand in the near future.

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Asia Pacific to Remain on Top in Global Syngas and Derivatives Market

Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America are the main geographical segments of the worldwide market for syngas and derivatives. With a share of more than 52%, Asia Pacific dominated the global market in 2015. Analysts predict this regional market to retain its lead over the next few years, thanks to the ample availability of coal and natural gas reserves, together with the rising urbanization, developments in the infrastructure, and the new discoveries in the field of oil and gas.

Among other regions, the Middle East and Africa is likely to witness strong growth in its market for syngas and derivatives in the near future due to the rising utilization of syngas for electricity and power generation. On the other hand, Latin America, North America, and Europe are anticipated to exhibit a sluggish rise in their respective markets over the forthcoming years.

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