- A new study by Grand View Research, Inc. estimates the syngas and derivatives market to grow at a CAGR of about 8.9% from 2015 to 2022. It reports the market’s volumes to surpass 2, 08,000 MW by 2022. This could be attributed to the ever-increasing worldwide demand for fuels and energy.
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The development of sustainable fuel and energy solutions is a crucial concern in present times. Efforts are being made to lower carbon footprint by reducing dependence on crude oil. The utilization of natural gas will have a favorable impact on the syngas and derivatives market.
Large-scale urbanization and increasing disposable incomes will create the need for transport and electric systems. This will require large quantities of transportation fuel and energy. Electric systems are needed for homes, offices, and commercial settings.
Syngas can be produced either from natural gas, coal, biomass/waste, or petroleum-based products. This flexibility proves advantageous for the syngas and derivatives market. Components of syngas like nitrogen and carbon monoxide have strong potential in the chemical industry. They present ample research opportunities.
Fischer-Tropsch synthesis – a catalytic chemical process, is used to produce liquid transportation hydrocarbon fuels from syngas. Such fuels suit most automotives and prevent large-scale modifications in the latter. The important derivatives of syngas include ammonia, hydrogen, and methanol. Ammonia, with high nitrogen content, is used in fertilizers.
It also plays a key role in the production of polyurethanes and nylon. Hydrogen is touted as ‘the energy carrier and fuel of the future.’ Methanol is an important base chemical and used to produce formaldehyde, acetic acid, dimethyl ether, and some others. These, in turn, find applications in the manufacture of resins, plastics, adhesives, and pharmaceuticals.
Insufficient capital investments are the key constraint in the syngas and derivatives market. Europe and North America are anticipated to be lucrative regions in the future. Countries like U.K., Norway, Canada, and the U.S. are increasingly using syngas to produce chemicals. However, the fastest market growth will occur in Asia Pacific.
This could be credited to energy consumption in its nations like South Korea, Japan, India, China, and Taiwan. Abundant coal reserves will also have a positive regional impact. Key players in the worldwide syngas and derivatives market include Haldor Topsoe, Oxea GmbH, KBR Inc., Mitsubishi Heavy Industries, Royal Dutch Shell, and GE Energy.
Information Source: Grand View Research
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