Syngas Market Revenue Growth is Making Marketplace Explosive

Global syngas market generated $43.6 billion in 2019, and is expected to reach $66.5 billion by 2027, witnessing a CAGR of 6.1% from 2020 to 2027. Increase in environmental issues has been the key driver of the syngas market. This is attributed to the syngas is widely used as clean and renewable energy to replace conventional sources of energy. In addition, owing to the outbreak of COVID-19, rise in demand for chemical intermediaries in the production of hygiene and sanitation and pharmaceutical products is expected to drive the need for syngas in the chemical industry.

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Based on gasifier, the fluidized bed gasifier segment held around two-fifths of the global syngas market in 2019, and is projected to maintain its lead position during the forecast period. This is due to their ability to enhance turbulence for complete gasification of low quality and low reactivity feedstock. However, the moving bed gasifier segment is estimated to witness the highest CAGR of 6.3% from 2020 to 2027, owing to wide usage for gasification of biomass as they have a lower operating temperature, larger flexibility in feed size, and ability to handle higher moisture content as compared to others.

Based on technology, the steam reforming segment accounted for the highest market share in 2019, contributing to nearly two-fifths of the global syngas market in 2019, and is expected to continue its lead position by 2027. This is attributed to its reliable, cost-effective, and wide usage for producing hydrogen. However, the auto-thermal reforming segment is estimated to manifest the largest CAGR of 6.3% from 2020 to 2027, owing to its high reliability, superior performance, simplified design for cost-effectiveness, and low environmental impact.

Based on region, Asia-Pacific, followed by North America, is estimated to portray the fastest CAGR of 6.2% during the forecast period. Moreover, this region contributed to the highest market share in terms of revenue, holding nearly two-thirds of the global syngas market in 2019, and is expected to maintain its dominant position by 2027. This is due to rise in demand from the chemical industry, majorly from refineries and China being a chemical manufacturing powerhouse that supplies a majority of the chemicals to the world.

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Players analyzed and profiled in the global syngas market Air Liquide, Air Products and Chemicals Inc., BASF SE, John Wood Group, Royal Dutch Shell, Sasol Limited, Siemens, Syngas Energy Holdings, SynGas Technology LLC, and The Linde Group.

Key Findings of The Study
• Based on gasifier, the fluidized bed gasifier is likely to witness the growth rate of 40.1%, in terms of revenue, during the forecast period.
• On the basis of technology, the steam reforming segment emerged as the global leader with more than 39.6% share in 2019.
• By feedstock, the coal segment is anticipated to witness moderate growth rate of 69.8%, in terms of revenue, during the forecast period.
• Depending on application, the chemicals segment dominated the global syngas market with around 61.3% global market share in 2019.
• Countries such as China, India, and Indonesia are emerging as an investment-centric hubs due to wide scope in the manufacturing sector.

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