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(IT-NEWSWIRE.COM, February 10, 2023 ) The global Syngas & Derivatives Market is estimated at 2,45,557 MWth in 2020 and is projected to reach 4,06,860 MWth by 2025, at a CAGR of 10.6% from 2020 to 2025. The chemicals segment is estimated to lead the Syngas & Derivatives Market in 2020, owing to increasing demand for derivatives such as methanol, ammonia, and FT synthesis products to manufacture chemical intermediates for use in chemical synthesis and to manufacture fertilizers and petrochemicals. In addition, high demand for chemical intermediaries in the production of hygiene and sanitization and pharmaceutical products due to outbreak of COVID-19 is anticipated to fuel the growth of syngas and its derivatives in the chemical segment. Manufacture of chemicals and fuels was marked as critical infrastructure and as essential goods and services, which led to continuation in the operations and production of syngas derived chemicals, fuel, and electricity to meet the demand across the world. Furthermore, rising environmental concerns due to excess usage of traditional fuels are expected to fuel the growth of the syngas & derivatives market.
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Additionally, the increasing demand for syngas and its derivatives in the production of fertilizers, solvents, and fuels is expected to drive the growth of the market in the coming years. The use of syngas in the production of hydrogen, a clean energy source, is also expected to boost the market growth. The increasing adoption of natural gas as a feedstock for the production of syngas and the rising demand for low-carbon emissions technologies is expected to provide significant growth opportunities for the market.
However, the high capital and operational costs associated with the production of syngas and its derivatives may act as a restraint for the market. The fluctuating prices of natural gas and other feedstocks used for the production of syngas may also negatively impact the market growth.
In conclusion, the increasing demand for syngas and its derivatives in various end-use industries is expected to drive the growth of the syngas & derivatives market in the coming years.
The increasing awareness about the advantages of using biomass/waste feedstock, such as low carbon emissions and low costs, has increased its demand among syngas and derivatives producers. Moreover, the growth of the agriculture and forestry sectors has increased the availability of biomass/waste feedstock, which is expected to boost the market growth.
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Browse In-Depth TOC On "Syngas & Derivatives Market”
199 - Market Data Tables
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In addition, the growing trend of using biomass/waste feedstock for the production of syngas & derivatives has led to the development of advanced technologies and processes, such as gasification and pyrolysis, which are expected to further drive the growth of the market.
However, the processing of biomass/waste feedstock is complex and requires specialized equipment, which may act as a restraint for the market growth. The lack of standardization in the biomass/waste feedstock quality and the difficulty in transportation may also pose challenges for the market growth.
Key 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), Dow Inc. (US), and John Wood Group PLC (UK), among others.
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