“Syngas is primarily used for the production of chemical derivatives, such as ammonia, methanol, hydrogen, and oxo chemicals. These derivatives are further used for the production of several other derivatives; for example, ammonia for urea and others, and methanol for formaldehyde and others. The global demand for ammonium fertilizers is anticipated to grow at a CAGR of 2.7% between 2015 and 2020. Urea is the major fertilizer produced, accounting for over 50% of the overall ammonia consumption. Methanol can be used for the production of several derivatives, such as formaldehyde, acetic acid, and DME, among others. Hydrogen is used for refinery operations, production of ammonia, and several other applications.
Presently, syngas is finding increased usage in power and electricity generation; and also for the production of clean transportation fuels, such as gasoline, diesel, and SNG (synthetic natural gas). The main growth driver for this is the adoption of clean coal technologies, such as IGCC (Integrated Gasification Combined Cycle), which enable the production of electricity and fuels with minimum impacts on the environment.
The Asia-Pacific is the largest market for syngas and its derivatives, as of 2014, and is expected to continue this dominance during the forecast period. Owing to the abundant availability of coal reserves in the country, China dominates the syngas production, globally. Moreover, the rising population in the country has resulted in an increased demand for energy and food, thereby leading to the increased demand for ammonia and methanol. The market in Middle East & Africa is expected to be the second-highest growing market in the coming years, primarily driven by the increasing usage of syngas for the electricity and power generation. North America, Europe, and South America are the other key regions considered for a regional analysis of the global syngas and derivatives market.
Upcoming opportunities such as development of underground coal gasification technology and utilization of stranded gas reserves offer huge growth opportunities for players in the global syngas and derivatives market. The rising need for reducing dependency on crude oil for the production of various fuels such as gasoline and diesel is also expected to drive the growth of the market under consideration.
This report also identifies market dynamics, such as drivers, restraints, opportunities, burning issues, and winning imperatives. Major companies such as Agrium Inc. (Canada), Air Products and Chemicals, Inc. (U.S.), BASF SE (Germany), Haldor Topsoe A.S. (Denmark), KBR Inc. (U.S.), and Methanex Corporation (Canada), among others, have been comprehensively profiled in this report.
“
