Syngas Market Will Grow Rapidly at 6.1% CAGR with $66.5 Billion by 2027

The global syngas market was valued at $43.6 billion in 2019, and is projected to reach $66.5 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. Syngas, which consists of hydrogen and carbon dioxide, is a natural gas fusion. It is an adaptable intermediate used in methanol, ammonia, and SNG manufacturing.  Syngas is created by a reaction between steam and oxygen from several hydrocarbon feedstocks.

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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.

In the 2019, the fluidized-bed gasifiers segment garnered the largest share. Major benefits of fluidized-bed gasifiers include fuel flexibility resulting from good mixing of feedstock and oxidants to ensure efficient heat and mass transfer, and their ability to deal with small particles.

The steam reforming segment held the major share in 2019. Steam reforming is the most utilized and cost-effective technology for the production of syngas. 

Coal dominated the feedstock segment by accounting for the largest share of 69.8%. The processing of syngas includes coal, an abundantly available raw material. Coal gasification is flexible and is the cleanest way to turn coal into hydrogen, power, and other useful items.

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Depending on application, the chemical industry dominated the market, owing to increase in demand for syngas from the chemical industry. As the demand for gaseous fuels rises, the market is expected to expand further.

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
• The Linde Group

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Covid-19 Scenario

• Manufacturing activities and daily operations from the chemical, construction, power generation, and oil & gas industries have been hindered due to the lockdown imposed during the pandemic. This reduced the demand for syngas from these industries.
• The supply–demand gap, disruptions in raw material procurement, and price variations restrained the growth of the chemical industry, which in turn, lowered the demand for syngas.
• During the post-lockdown, the day-to-day operations in the chemical, power, and oil sectors resumed, and the demand for syngas is expected to increase gradually.

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