PUBLISHER: The Business Research Company | PRODUCT CODE: 1415685
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415685
“Syngas And Derivatives Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on syngas and derivatives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for syngas and derivatives? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The syngas and derivatives market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Synthesis gas and its derivatives encompass a valuable combustible gas mixture comprised of hydrogen and carbon monoxide, which can be obtained from various feedstocks. This gas serves as a foundational component for the production of multiple chemicals, including ammonia, methanol, oxo chemicals, and hydrogen.
The primary categories of syngas and its derivatives are generated through processes like partial oxidation, steam reforming, biomass gasification, and other methods. Partial oxidation involves a chemical reaction where a blend of a hydrocarbon feedstock and a small quantity of pure oxygen (O2) is combined to yield a syngas stream, which is especially utilized in hydrogen production. These technologies are employed to produce syngas and its derivatives from feedstocks like coal, natural gas, petroleum, biomass, waste, and others, using fixed bed, entrained flow, and fluidized bed gasifiers. These resulting syngas and derivatives find applications in various sectors, including chemicals, power generation, liquid fuels, gaseous fuels, and more. They are utilized by a range of end-users, such as industrial, residential, and commercial entities.
The syngas and derivatives market research report is one of a series of new reports from The Business Research Company that provides syngas and derivatives market statistics, including syngas and derivatives industry global market size, regional shares, competitors with a syngas and derivatives market share, detailed syngas and derivatives market segments, market trends and opportunities and any further data you may need to thrive in the syngas and derivatives industry. This syngas and derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
The increasing need for electricity is poised to be a significant driver for the syngas and derivatives market's growth in the foreseeable future. Electricity, a vital form of energy generated from the movement of charged particles like electrons through conductors, plays a pivotal role in powering diverse industries and everyday life. Syngas and its derivatives serve as crucial fuels in power plants, where they are utilized to produce electricity and act as substitutes for conventional fossil fuels, including natural gas. For instance, a report from the International Energy Agency in February 2023 indicated that global electricity demand surged from 26,281 terawatt-hours in 2021 to 26,779 terawatt-hours in 2022, with a projected increase to 29,281 terawatt-hours by 2025. Consequently, the escalating demand for electricity is set to be a driving force for the syngas and derivatives markets.
The syngas and derivatives market is poised for substantial growth, driven by the expanding chemical industry. This expansion within the chemical sector encompasses both growth and innovation, marked by increased investments in emerging domains. Syngas and its derivatives play a pivotal role as essential raw materials within the chemical industry, enabling the production of a diverse array of products, spanning fertilizers, plastics, fuels, and various chemicals. As the industry continues to evolve and diversify, the demand for syngas and derivatives is expected to rise. For instance, data from the US Bureau of Labor Statistics in July 2023 indicated a noteworthy growth in the trade value of chemical manufacturing products exported from the U.S. in 2022, reaching $288.0 billion, signifying a 13.4% increase compared to the previous year. This underlines how the expanding chemical industry acts as a driving force behind the growth of the syngas and derivatives market.
The syngas and derivatives market faces a hurdle in the form of carbon capture costs, particularly during the forecast period. Carbon capture involves a set of technologies aimed at mitigating climate change by reducing carbon dioxide (CO2) emissions. The incorporation of Carbon Capture and Storage (CCS) technologies can impact the profitability of syngas production operations. As profit margins decline due to these additional expenses, it may diminish the attractiveness for companies to invest in syngas and derivative production, thereby obstructing market growth. For instance, data from the International Energy Agency in February 2021 demonstrated that estimated costs increase by under 10% when CO2 capture is integrated into the process. However, when electrolytic hydrogen-based processes are employed instead of conventional manufacturing techniques, these expenses escalate significantly, ranging from 37% to 70%. Thus, it becomes evident that carbon capture costs pose a significant impediment to the growth of the syngas and derivatives market.
Major players within the syngas and derivatives markets are increasingly embracing sustainable technologies to optimize the syngas production processes. These initiatives are aimed at enhancing efficiency, addressing the growing demand for cleaner energy alternatives, and sustaining their competitive edge in the market. For example, Johnson Matthey PLC, a UK-based chemical and sustainable technology company, which unveiled CLEANPACE, a set of readily applicable technologies in June 2022. These innovations are designed for retrofitting onto existing gray hydrogen and methanol facilities, capable of reducing carbon emissions by up to 95% while requiring minimal initial investment. CLEANPACE empowers stakeholders across the entire syngas value chain to upgrade their current assets, resulting in substantial and long-term reductions in carbon emissions. Johnson Matthey has also formed partnerships with renowned pre-combustion CO2 capture providers, seamlessly integrating its established advanced reforming technologies. This collaboration offers economically viable solutions for effective decarbonization.
In March 2023, Aether Fuels Pte. Ltd., a forward-thinking climate technology company based in the United States, made a strategic move by acquiring Sustainable Syngas LLC (SSG), with the financial details undisclosed. This acquisition marks the synergy of Aether's engineering expertise and advancements in fuel generation with SSG's wealth of experience in the development of impactful energy projects. Sustainable Syngas LLC (SSG) is a United States-based enterprise dedicated to the creation of carbon-neutral, sustainable liquid biofuels.
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.
Asia-Pacific was the largest region in the syngas and derivatives market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in syngas and derivatives report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the syngas and derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The syngas and derivatives market consists of sales of ammonia, synthetic fuels, N-butanol and dimethyl ether. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.