Global syngas market growth,trends,and forecast to 2024: market is expected to grow at a CAGR of 11%

摘要

The”Syngas Market-Growth,Trends,and Forecast(2019-2024)”report has been added to ResearchAndMarkets.corn's offering.The market for syngas is expected to grow at a CAGR of 11% during the forecast period of 2019-2024.Major factors driving the market studied are feedstock flexibility for syngas production and the growing chemical industry.High capital investment and funding are expected to hinder the growth of the syngas market.The demand from the chemical industry dominated the market in 2017 and is expected to grow during the forecast period,owing to the increasing demand from the chemical industry.The market is further expected to grow,owing to the rising demand from gaseous fuels.Development of underground coal gasification technology is likely to act as an opportunity in the future.Asia-Pacific dominated the market across the globe,with the largest consumption,holding a lion's share in the market,followed by North America and Europe.Syngas is one of the widely used fuel gas mixtures,which primarily consists of carbon monoxide and hydrogen.It is often used as fuel in engines and its energy density is about half of natural gas.Syngas is used to create synthetic natural gas(SNG).It is seen as a viable alternative for usage as fuel in the form of LNG or CNG and it can be used in road,rail,marine,and other transport.Syngas can be used to fuel gas engines for various purposes,such as power supply,where it can be used for benefits like low energy costs,stability,and predictability.Syngas can be used effectively for both heat and electrical supply,as it can provide high electrical efficiency compared to other power generation technologies,such as steam turbines.It requires less pressure and its disposal is easier when it cannot be used for power or heat generation.Asia-Pacific dominated the global market share in 2017,with rising demand from the chemical industry,primarily from refineries.China's refinery capacity is about 14,177,000 barrels/d,which constitutes 14.6% of the world's refining capacity.China is a hub for chemical processing,accounting for the majority of chemicals produced,globally.With the growing global demand for various chemicals,the demand for syngas from this sector is expected to increase significantly during the forecast period.The Chinese oil and gas sector is dominated by four national and provincial oil companies,which include PetroChina,Sinopec,China National Offshore Oil Corporation(CNOOC),and Yanchang Petroleum.