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Syngas And Derivatives Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players
Syngas And Derivatives Market
As per the report, 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 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%.
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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.
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 syngas and derivatives market covered in this report is segmented -
1) By Type: Partial Oxidation; Steam Reforming; Biomass Gasification; Other Types
2) By Feedstock: Coal; Natural Gas; Petroleum; Biomass Or Waste; Other Feedstocks
3) By Gasifier: Fixed Bed; Entrained Flow; Fluidized Bed
4) By Application: Chemicals; Power Generation; Liquid Fuels; Gaseous Fuels; Other Applications
5) By End-User: Industrial; Residential; Commercial
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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.
Contents of the report:
1. Executive Summary
2. Syngas And Derivatives Market Report Structure
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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