CHICAGO, Dec. 9, 2019 /PRNewswire/ -- According to the new
market research report "Syngas & Derivatives
Market by Production Technology, Gasifier Type,
Feedstock (Coal, Natural Gas, Petroleum Byproducts, Biomass/Waste),
Application (Chemicals, Fuel, and Electricity), and Region - Global
Forecast to 2024", published by MarketsandMarkets™, the
Syngas & Derivatives Market, in 2019 is estimated at
277,507 MWth and is projected to reach 501,932 MWth by 2024, at a
CAGR of 12.6% from 2019 to 2024. Rising environmental concerns have
been the major driver for the growth of the syngas &
derivatives market in order to provide alternative methods of fuel
production.
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Chemicals segment accounts for the largest share of the
syngas & derivatives market
The chemicals segment is estimated to lead the syngas &
derivatives market in 2019, due to the rising demand for chemicals
for the production of syngas & derivatives from methanol,
ammonia, and Fischer-Tropsch synthesis products. Chemicals such as
methanol are used as fuel as well as feedstock, which makes it the
most important chemical from synthesis. Ammonia being the major
chemical for manufacturing fertilizers drives the growth of the
chemical segment in the syngas & derivatives market.
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Biomass/waste segment is estimated to witness fastest growth
in the syngas & derivatives market, during the foreast
period
Based on feedstock, the biomass/waste segment is estimated to
witness highest growth in the syngas & derivatives market
during the foreast period. Increasingly stringent environmental
guidelines across developed and developing economies, as well as
the reducing coal & natural gas reserves, have accelerated the
adoption and growth of biomass/waste feedstock in the production of
syngas & derivatives. Biomass/waste is used as feedstock to
produce syngas & derivatives as clean and renewable energy,
which can be used in chemical, fuel, and electricity
applications.
Asia Pacific is expected to
witness the fastest growth in the syngas & derivatives market
during the forecast period
The syngas & derivatives market in the Asia Pacific region is projected to grow at
the highest CAGR between 2019 and 2024. China, India,
and Japan together accounted for
the major share of the Asia
Pacific syngas & derivatives market in 2018. This growth
can be attributed to the increasing demand for syngas &
derivatives from the region's chemical, fuel, and electricity
industries, particularly in China
and India. The region is a
lucrative market for chemicals and fuel production.
Key Syngas & Derivatives Market players covered in
this report includes Sasol Limited (South
Africa), Haldor Topsoe A/S (Denmark), Air Liquide S.A. (France), Siemens AG (Germany), Air Products and Chemicals Inc.
(US), KBR Inc. (US), Linde plc (UK), BASF SE (Germany), TechnipFMC PLC (UK), McDermott
International, Inc. (US), Mitsubishi Heavy Industries, Ltd.
(Japan), Chiyoda Corporation
(Japan), Synthesis Energy Systems,
Inc. (US), Yara International ASA (Norway), Methanex Corporation (Canada), CF Industries Holdings, Inc. (US),
The Dow Chemical Company (US), and John Wood Group PLC (UK), among
others.
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