A new study by Transparency Market Research (TMR)
states that the degree of competition between BASF SE, Air Liquide
SA, Sasol Ltd., and The Linde Group defines the competitive landscape
of the global syngas and derivatives market . Over the coming years,
the rivalry between these players is likely to increase substantially
due to their rising involvement in mergers, acquisitions, and
partnerships.
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According to the research report, the overall
consumption of syngas and derivatives which were 115,000 MWth in
2015, is likely to swell at a healthy CAGR of 9.40% during the period
from 2016 and 2024 and reach 256,605 MWth consumption volume by the
end of the forecast period. Biomass gasification is the most applied
technology for manufacturing of syngas and derivatives across the
world and is likely to remain so over the next few years.
Global Syngas and Derivatives Market to Remain
Dominated by Asia Pacific
In this research report, the worldwide market for
syngas and derivatives has also been analyzed on the basis of
geography. As per the study, Asia Pacific, the Middle East and
Africa, North America, Europe, and Latin America are considered as
the main geographical segments of this market. In 2015, Asia Pacific
led the global market with a share of more than 52%. The regional
market is anticipated to retain its dominance over the forecast
period, thanks to the availability of coal and natural gas reserves
in abundance. The rise in urbanization, infrastructural developments,
and the continual discoveries in the field of oil and gas are also
projected to support the Asia Pacific market for syngas and
derivatives over the forthcoming years.
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The market for syngas and derivatives in the Middle
East and Africa, which stood second in 2015, is anticipated to
maintain its position in the near future, owing to the augmenting
usage of syngas for the generation of power electricity. On the flip
side, the markets in North America, Latin America, and Europe are
predicted to witness a sluggish rise over the years to come, notes
the market study.
Concerns over Limited Number of Fossil Fuel
Resources to Prompt Shift towards Syngas and Derivatives
The increasing concerns over the finite number of
fossil fuel resources, coupled with the rising level of pollution
caused by them in the atmosphere, has fueled the need to reduce the
dependency on them. “With syngas emerging as a promising
alternative to fossil fuel, its demand has swelled substantially,
resulting in a significant rise in the global market for syngas and
derivatives,” says a TMR analyst.
Apart from this, the rising usage of derivatives in a
number of industrial applications is also reflecting positively on
this market. Going forward, the growing demand for fuel, electricity,
and agricultural products is expected to boost this market
considerably in the near future. However, insufficient capital
investment and funding may hamper the growth of this market over the
next few years, reports the study.
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The study presented here is based on a report by
Transparency Market Research (TMR) titled “Syngas and Derivatives
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2016 - 2024.”
The global syngas and derivatives market has been
segmented as follows:
By Feedstock
- Coal
- Petroleum
- Natural Gas/Biomass Waste
- Others
By Production Technology
- Partial Oxidation
- Steam Reforming
- Biomass Gasification
- Others
By End User
- Chemicals
- Power Generation
- Liquid Fuels
- Gaseous Fuels
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