Environment degradation and declining stock are creating pressing need to reduce the dependence on fossil fuels. This is acting as the primary factor spurring the global demand for syngas and its derivatives. Syngas is serving as an alternative to fossil fuels in a number of industrial applications, which is allowing the global syngas and its derivatives market to gain significant momentum. Government According to a report by Transparency Market Research (TMR), the global market for syngas and its derivatives stood at 125,000 MWth in 2016 and is estimated to reach 256,605 MWth by 2024, progressing at a CAGR of 9.40% between 2016 and 2024. The spiraling demand for fuel, electricity, and agricultural products is providing a fillip to the market.
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What are the growth strategies adopted by key players to consolidate their position in the global syngas and its derivatives market?
A TMR analyst states that the upward climb of the market will be marred by the inadequate capital investment and funding. However, market players are realizing the immense potential offered by the market and therefore, pouring hefty funds into the research and development and expanding production capacities of syngas. To put this in perspective, Reliance Industries Limited is investing US$4.6 bn in an integrated gasification combined cycle (IGCC) project that will be used in converting captive petroleum coke to syngas. The syngas will be further used for the generating steam, power, and hydrogen.
Players are involving themselves in mergers, partnerships, and acquisitions to stay ahead in the highly competitive arena. For instance, in October 2016, Chicago Bridge & Iron Co. N.V. collaborated with Haldor Topsoe A/S to promote latter’s syngas-based technologies. The collaboration will also help CBI in expanding its portfolio. Some of the prominent companies operating in the global syngas and its derivatives market are BASF SE, Syngas Technology LLC, Air Liquide SA, Siemens AG, Sasol Ltd., AMEC Foster Wheeler Plc., and The Linde Group.
Which are the key regional segments in the global syngas and its derivatives market?
Geographically, Asia Pacific accounted for more than half of the overall market in 2015. The dominance of the region can be attributed to the abundant availability of coal and natural gas. Rapid urbanization and constant infrastructural development are also stoking the growth of the region. Moreover, the increasing oil and gas exploration activities are propelling the growth of APAC.
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Asia Pacific will be closely trailed by the Middle East and Africa and is expected to maintain its position throughout the forecast period. The expansion of the energy sector and the soaring usage of syngas for power generation are supplementing the growth of the region. However, industrialized economies in North America and Europe will experience sluggish growth over the years to come.