Syngas Market Size (2024 - 2029)

The syngas market is projected to experience significant growth over the forecast period, driven by increasing demand from the electricity and chemical industries, heightened environmental awareness, and regulatory support for renewable fuels. Despite the challenges posed by high capital investment requirements for syngas production plants, the market is expected to recover from the impacts of COVID-19 as operations resume. The development of underground coal gasification technology presents potential future opportunities. The Asia-Pacific region leads in market consumption, holding a substantial market share.

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Market Size of Syngas Industry

Syngas Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 11.45 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Syngas Market Major Players

*Disclaimer: Major Players sorted in no particular order

Syngas Market Analysis

The Syngas Market size is estimated at 261.02 Million metric normal cubic meters per hour (mm nm³/h) in 2024, and is expected to reach 448.82 Million metric normal cubic meters per hour (mm nm³/h) by 2029, growing at a CAGR of 11.45% during the forecast period (2024-2029).

COVID-19 negatively impacted the market in 2020. However, with the resumption of operations in major applications in 2021, the market is expected to recover significantly during the forecast period.

  • The growing demand for syngas from the electricity and chemical industry, increasing environmental awareness and government regulations on renewable fuel use, and increasing hydrogen demand for fertilizers are expected to drive the growth of the market.
  • Conversely, syngas production plant setup requires high capital investment and funding. This factor is expected to hinder the market's growth.
  • The development of underground coal gasification technology is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption, holding a major share in the market.

Syngas Industry Segmentation

Syngas is a gaseous mix containing mainly hydrogen and carbon monoxide, mostly produced from steam reforming and gasification. It can be used to produce chemicals such as ammonia, acetic acid, butanol, methanol, and dimethyl ether. The fertilizer segment mainly consumes ammonia, and methanol and dimethyl ether can be used as fuel. 

The syngas market is segmented by feedstock, technology, gasifier type, application, and geography. By feedstock, the market is segmented into petcoke, coal, natural gas, and other feedstock types. By technology, the market is segmented into steam reforming and gasification. By gasifier type, the market is segmented into fixed bed, entrained flow, and fluidized bed. By application, the market is segmented into methanol, ammonia, hydrogen, liquid fuels, direct reduced iron, synthetic natural gas, electricity, and other applications. The report also covers the market size and forecasts for syngas in 12 countries across major regions. For each segment, the market sizing and forecasts have been done based on capacity volume (million metric normal cubic meters per hour (MM NM³/h)).

Feedstock
Pet Coke
Coal
Natural Gas
Other Feedstock Types
Technology
Steam Reforming
Gasification
Gasifier Type
Fixed Bed
Entrained Flow
Fluidized Bed
Application
Methanol
Ammonia
Hydrogen
Liquid Fuels
Direct Reduced Iron
Synthetic Natural Gas
Electricity
Other Applications
Geography
Asia-Pacific
China
India
Rest of Asia-Pacific
North America
United States
Canada
Trinidad and Tobago
Europe
Russia
Rest of Europe
South America
Venezuela
Brazil
Rest of South America
Middle East and Africa
Saudi Arabia
Qatar
South Africa
Iran
Rest of Middle East and Africa
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Syngas Market Size Summary

The syngas market is poised for significant growth over the forecast period, driven by increasing demand from the electricity and chemical industries, alongside rising environmental awareness and government regulations promoting renewable fuel use. The market's recovery from the COVID-19 pandemic is expected to be robust, with Asia-Pacific leading in consumption due to rapid economic growth in countries like China and India. The development of underground coal gasification technology presents future opportunities, although high capital investment requirements for syngas production plants may pose challenges to market expansion. The ammonia industry, a major consumer of syngas, is anticipated to drive further demand, with ammonia being a crucial component in nitrogen fertilizers and various industrial applications.

Key players in the syngas market include Air Liquide SA, Linde PLC, Air Products and Chemicals Inc., Maire Tecnimont SpA, and Technip Energies NV, among others. Strategic collaborations and projects, such as those by Air Products in China and Reliance Industries in India, highlight the market's dynamic nature and potential for innovation. The market is characterized by a mix of established companies and emerging technologies, with ongoing developments in carbon capture and utilization, as well as biomethane production, indicating a shift towards more sustainable practices. These factors collectively suggest a promising outlook for the syngas market, with significant implications for global energy and industrial sectors.

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Syngas Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand in the Electricity and Chemical Industry

      2. 1.1.2 Increasing Environmental Awareness and Government Regulations on the Use of Renewable Fuel

      3. 1.1.3 Increasing Hydrogen Demand for Fertilizers

    2. 1.2 Restraints

      1. 1.2.1 High Capital Investment and Funding

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Feedstock

      1. 2.1.1 Pet Coke

      2. 2.1.2 Coal

      3. 2.1.3 Natural Gas

      4. 2.1.4 Other Feedstock Types

    2. 2.2 Technology

      1. 2.2.1 Steam Reforming

      2. 2.2.2 Gasification

    3. 2.3 Gasifier Type

      1. 2.3.1 Fixed Bed

      2. 2.3.2 Entrained Flow

      3. 2.3.3 Fluidized Bed

    4. 2.4 Application

      1. 2.4.1 Methanol

      2. 2.4.2 Ammonia

      3. 2.4.3 Hydrogen

      4. 2.4.4 Liquid Fuels

      5. 2.4.5 Direct Reduced Iron

      6. 2.4.6 Synthetic Natural Gas

      7. 2.4.7 Electricity

      8. 2.4.8 Other Applications

    5. 2.5 Geography

      1. 2.5.1 Asia-Pacific

        1. 2.5.1.1 China

        2. 2.5.1.2 India

        3. 2.5.1.3 Rest of Asia-Pacific

      2. 2.5.2 North America

        1. 2.5.2.1 United States

        2. 2.5.2.2 Canada

        3. 2.5.2.3 Trinidad and Tobago

      3. 2.5.3 Europe

        1. 2.5.3.1 Russia

        2. 2.5.3.2 Rest of Europe

      4. 2.5.4 South America

        1. 2.5.4.1 Venezuela

        2. 2.5.4.2 Brazil

        3. 2.5.4.3 Rest of South America

      5. 2.5.5 Middle East and Africa

        1. 2.5.5.1 Saudi Arabia

        2. 2.5.5.2 Qatar

        3. 2.5.5.3 South Africa

        4. 2.5.5.4 Iran

        5. 2.5.5.5 Rest of Middle East and Africa

Syngas Market Size FAQs

The Syngas Market size is expected to reach 261.02 million metric normal cubic meters per hour (mm nm³/h) in 2024 and grow at a CAGR of 11.45% to reach 448.82 million metric normal cubic meters per hour (mm nm³/h) by 2029.

In 2024, the Syngas Market size is expected to reach 261.02 million metric normal cubic meters per hour (mm nm³/h).

Syngas Market Report Snapshots

Syngas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)