Syngas Market Report and Forecast 2024-2032

Market Outlook

According to this report, the syngas market size reached a volume of 415.03 thermal GW in 2023. Aided by the increasing demand for clean and sustainable energy solutions and the growing applications of syngas in various sectors, the market is projected to further grow at a CAGR of 7.8% between 2024 and 2032 to reach a volume of 817.43 thermal GW by 2032.

Syngas, or synthesis gas, is a fuel gas mixture primarily composed of hydrogen, carbon monoxide, and some carbon dioxide. It is produced through the gasification of carbon-containing materials such as coal, biomass, and waste, and is used as a feedstock for the production of various chemicals, fuels, and electricity. Syngas is a crucial component in the manufacturing of methanol, ammonia, and synthetic natural gas (SNG).

The increasing demand for clean and sustainable energy solutions is driving the syngas market growth. With the growing awareness of environmental issues and the need to reduce greenhouse gas emissions, there is a significant shift towards renewable and low-carbon energy sources. Syngas, produced from renewable biomass and waste, is gaining traction as a sustainable alternative to conventional fossil fuels. Additionally, the rising energy demand from various sectors, including industrial, transportation, and residential, is further propelling the demand for syngas.

The expanding applications of syngas in various sectors also play a significant role in propelling the market. In the chemical sector, syngas is used as a feedstock for the production of methanol, which is further used to manufacture formaldehyde, acetic acid, and various other chemicals. In the energy sector, syngas is used for power generation through integrated gasification combined cycle (IGCC) plants and as a fuel for gas engines and turbines. The growing demand for hydrogen, produced from syngas, in refining and chemical processes, is further boosting the market growth.

Moreover, advancements in gasification technologies are driving innovation and development in the market. The introduction of new technologies, such as plasma gasification, fluidised bed gasification, and underground coal gasification, has enhanced the efficiency and effectiveness of syngas production. These technologies enable the utilisation of various feedstocks, including low-grade coal, agricultural waste, and municipal solid waste, thereby expanding the availability of raw materials for syngas production, consequently driving up the syngas market share.

The growing focus on carbon capture and utilization (CCU) is also contributing to the market growth. The integration of CCU technologies with syngas production processes enables the capture and conversion of carbon dioxide into valuable products, such as chemicals, fuels, and building materials. This approach not only reduces greenhouse gas emissions but also enhances the economic viability of syngas production. The increasing investments in CCU projects and the growing emphasis on circular economy principles are driving the adoption of syngas technologies.

The regulatory environment plays a crucial role in shaping the market. Governments and regulatory bodies across the world are actively supporting the development and deployment of clean and sustainable energy solutions. Various regulations and policies, such as renewable energy mandates, carbon pricing, and tax incentives, are promoting the use of syngas and other low-carbon technologies. These regulatory efforts are providing a favourable environment for the growth of the market.

As per the syngas market analysis, methanol, produced from syngas, is a key raw material for various chemical processes. The growing demand for methanol in the production of formaldehyde, acetic acid, and other chemicals is driving the market. Additionally, methanol is gaining traction as a clean-burning fuel and a hydrogen carrier, further boosting its demand.

Market Segmentation

The market can be divided based on gasifier type, feedstock, technology, application, and region.

Market Breakup by Gasifier Type

• Moving Bed Gasifier
• Fluidised Bed Gasifier
• Entrained Flow Gasifier
• Others

Market Breakup by Feedstock

• Coal
• Natural Gas
• Biomass and Waste
• Others

Market Breakup by Technology

• Steam Reforming
• Partial Oxidation
• Autothermal Reforming
• Combined or Two-step Reforming
• Biomass Gasification

Market Breakup by Application

• Chemicals
• Power Generation
• Liquid Fuels
• Gaseous Fuels
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global syngas market. some of the major players explored in the report are as follows:

• Linde plc
• Shell Plc
• L’AIR LIQUIDE S.A.
• Casale SA
• Synthesis Energy Systems, Inc.
• Sasol Limited
• Maire Tecnimont SpA
• Johnson Matthey Plc
• Grannus, LLC
• Air Products and Chemicals, Inc.
• Others