New Materials research report from Markets and Markets is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/09/2013 -- The syngas and derivatives market is expected to grow at a CAGR of 8.7%, over the next five years to reach 117,400 MW thermal by 2018. Asia, with its thriving economies and rapidly expanding population, is expected to experience the highest consumption from 2013 to 2018.
The major driving factors of this market are the growing needs for chemicals, fuels, and electricity which can be generated simultaneously to meet the requirements of the increasing population. The other growth driver is the feedstock flexibility of syngas production process which means that it can be produced either from coal, natural gas, petroleum based products, or biomass/waste, the one which is easily available.
Upcoming opportunities such as development of underground coal gasification technology and utilization of stranded gas reserves show a promising growth for syngas production. This will lead to decreased dependency on crude oil for the production of various fuels such as gasoline and diesel.
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Syngas and its derivatives have a large number of applications that range from fertilizers, chemical intermediates, solvents, water treatment chemicals, transportation fuels, and others. Ammonia, methanol, and hydrogen are the most important syngas derivatives. Ammonia, due to its nitrogen content, is an important source of nutrients for plant growth. The global demand for ammonium fertilizers is anticipated to grow at a CAGR of 2.7% during the next five years. 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, DME, and others. Through MTG process, it can be used for the production of gasoline, besides its increased application for fuel blending purposes in China.
The syngas and its derivatives market is analyzed in terms of consumption (MW thermal) for all major regions, namely Asia-Pacific, North America, Middle East & Africa, Europe, and South America. The consumption figures are further broken down by major countries in respective regions. Coal, natural gas, petroleum (petcoke and others), and biomass/waste are the four major feedstock utilized for the production of syngas. Syngas production technologies identified and included are steam reforming, partial oxidation, autothermal reforming, combined or two-step reforming, and biomass gasification. The market is also covered by the type of gasifier utilized for syngas production process. Syngas consumption for end use such as chemical, liquid fuel, power generation, and gaseous fuel is covered. Consumption figures (kilotons) for chemical derivatives such as methanol, ammonia, oxo chemicals, n-butanol, hydrogen, and DME have been broken down by major regions and applications.
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