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Syngas And Derivatives Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | ExxonMobil Corporation, Shell PLC, Total S.A., BP PLC, Chevron Corporation
Syngas And Derivatives Market Size
The Business Research Company offers in-depth market insights through Syngas And Derivatives Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The syngas and derivatives market size has grown strongly in recent years. It will grow from $220.42 billion in 2023 to $240.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to chemical industry growth, growing energy demand, growing awareness of the environmental benefits of syngas, government initiatives.
The syngas and derivatives market size is expected to see strong growth in the next few years. It will grow to $326.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to rising demand for syngas in the transportation sector, demand for syngas in the power generation sector, growing commitment to sustainable development, increasing demand for fertilizers. Major trends in the forecast period include gasification technology advances, green syngas production, high-purity hydrogen production, syngas-based chemical innovation.
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Market Segmentation:
The main types of syngas and derivatives are produced by partial oxidation, steam reforming, biomass gasification and others. Partial oxidation refers to the chemical reaction that takes place when a mixture of a hydrocarbon feedstock and a small amount of pure oxygen (O2) are combined to create a syngas stream and this process is used for the production of hydrogen. These technologies are used to produce syngas and derivatives derived from feedstocks including coal, natural gas, petroleum, biomass, waste and others in fixed bed, entrained flow and fluidized bed gasifiers. These syngas and derivatives are used in applications such as chemicals, power generation, liquid fuels, gaseous fuels and others by end-users such as industrial, residential and commercial
Syngas And Derivatives Global Market Report 2023 provides data on the global syngas and derivatives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The syngas and derivatives market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Surging Electricity Demand Driving Syngas And Derivatives Market
The surging demand for electricity is expected to propel the growth of the syngas and derivatives markets going forward. Electricity is a form of energy resulting from the movement of charged particles, typically electrons, through a conductor, which can be harnessed to power devices and systems in various industries and daily life. Syngas and derivatives are fuels used in power plants to generate electricity and replace natural gas or other fossil fuels. For instance, in February 2023, according to a report published by the International Energy Agency, a France-based intergovernmental organization, the global electricity demand increased to 26,779 terawatt-hours in 2022 from 26,281 terawatt-hours in 2021. Moreover, it is estimated to grow to 29,281 terawatt-hours by 2025. Therefore, the surging demand for electricity will drive the syngas and derivatives markets.
Competitive Landscape:
Major players in the syngas and derivatives market are ExxonMobil Corporation, Shell PLC, Total S.A., BP PLC, Chevron Corporation, BASF SE, Siemens AG, General Electric Company, Dow Chemical Company, LyondellBasell Industries N.V., Linde PLC, Air Liquide SA, Mitsubishi Heavy Industries Ltd., Yara International ASA, Johnson Matthey PLC, Sasol Ltd., Air Products and Chemicals Inc., Eastman Chemical Company, Celanese Corporation, TechnipFMC PLC, KBR Inc., Foster Wheeler AG, Chiyoda Corporation, Methanex Corporation, ThyssenKrupp Uhde GmbH, Topsoe A/S, Linc Energy Ltd., Synhelion SA, Advanced Biofuel Solutions Ltd.
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Top Trend - Driving Sustainability In Syngas Production With Low Carbon Solutions
Major companies operating in the syngas and derivatives markets are adopting sustainable technologies to optimize syngas production processes, enhance efficiency, meet the rising demand for cleaner energy alternatives and sustain their position in the market. For instance, in June 2022, Johnson Matthey PLC, a UK-based chemical and sustainable technology company, launched low carbon solutions CLEANPACE, a collection of ready-now technologies that can be retrofitted onto existing gray hydrogen and methanol facilities to cut carbon emissions by up to 95% at a minimal initial cost. CleanPace enables participants throughout the syngas value chain to retrofit current assets, leading to substantial and enduring reductions in carbon emissions. JM is collaborating with renowned pre-combustion CO2 capture providers and seamlessly integrating its established advanced reforming technologies to offer economically viable solutions for effective decarbonization.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Syngas And Derivatives Market Characteristics
3. Syngas And Derivatives Market Trends And Strategies
4. Syngas And Derivatives Market - Macro Economic Scenario
5. Syngas And Derivatives Market Size And Growth
…..
27. Syngas And Derivatives Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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