USD 51.67 Billion
Syngas Market Size, Share, and Growth Analysis
Syngas Market By Technology (Steam Reforming, Partial Oxidation), By Feedstock (Petroleum Byproducts, Coal), By Gasifier (Fixed Bed, Entrained Flow), By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG10C2034 |
Region:
Global |
Published Date: December, 2024
Pages:
169
|Tables:
0
|Figures:
0
Format -
Syngas Market Insights
Syngas Market size was valued at USD 51.67 Billion in 2023 and is poised to grow from USD 54.82 Billion in 2024 to USD 88.04 Billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).
Growing emphasis on sustainability and rising demand for clean energy are expected to primarily drive up the demand for syngas over the coming years. Surging chemical manufacturing activity around the world and high use of syngas in the same is also slated to bolster syngas market outlook in the future. Since syngas can be produced using feedstock such as coal, natural gas, biomass, and municipal solid waste, its availability is expected to be abundant as compared to other energy sources. Advancements and rising investments in the research and development of novel liquid-to-gas technologies are also estimated to offer new opportunities for syngas companies over the coming years. The use of syngas in hydrogen production as demand for hydrogen surges around the world is also estimated to bolster revenue generation in the long run. However, fluctuations in feedstock prices, availability of renewable energy resources, high capital investments, and challenges in gasification are expected to impede syngas market development going forward.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Chemicals
Fastest Growth
Power Generation
Growth Rate
6.1% CAGR
Global Syngas Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Syngas Market Segments Analysis
Global Syngas Market is segmented by Technology, Feedstock, Gasifier, Application and Region. Based on Technology, the market is segmented into Steam Reforming, Partial Oxidation, Autothermal Reforming, Biomass Gasification, Others. Based on Feedstock, the market is segmented into Petroleum Byproducts, Coal, Natural Gas, Biomass/ Waste, Others. Based on Gasifier, the market is segmented into Fixed Bed, Entrained Flow, Fluidized Bed, Others. Based on Application, the market is segmented into Chemicals (Methanol, Ammonia, FT Synthesis Products), Fuels (Liquid, Gases), Power Generation. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Feedstock
Natural gas is forecasted to account for a substantial syngas market share going forward. Easy availability and high affordability of natural gas are expected to be key factors allowing it to hold sway over other types of feedstocks. Steam methane reforming (SMR) is most commonly used to make syngas from natural gas. Syngas made from natural gas is quite easy to produce and hence more affordable as compared to syngas made from other feedstocks. Rising emphasis on natural gas utilization and increasing oil & gas exploration activity are estimated to help this segment maintain its high revenue share.
Meanwhile, the demand for syngas produced from biomass/waste feedstock is estimated to increase at a notable CAGR across the forecast period and beyond. Growing emphasis on waste reduction and advancements in biomass processing technologies are projected to create new opportunities for syngas companies in the long run. Agricultural residues, forestry waste, and dedicated energy crops promise the widespread availability of this feedstock and help generate new business scope as well. Low pollution and contribution to waste reduction are added benefits of using biomass as a feedstock for syngas production in the long run.
Analysis by Application
Chemical applications of syngas are projected to hold sway over other segments in the future. Growing chemical manufacturing activity around the world, rising emphasis on sustainability, and high versatility are some key factors allowing this segment to dominate the global syngas industry. Use of syngas as a raw material to produce plastics, formaldehyde, and ammonia is also expected to create new opportunities for syngas companies focusing on this segment over the coming years. The ability of syngas to produce chemicals with a higher H:C ratio than that of syngas itself is also expected to promote its adoption in chemical applications going forward.
On the other hand, the demand for syngas in power generation applications is projected to rise at a robust pace in the future. Rapidly surging demand for renewable energy storage and clean energy around the world to satisfy the growing global energy demand is estimated to offer lucrative opportunities for syngas providers in the long run. Syngas can be used to convert waste into energy and finds application in multiple waste-to-energy establishments. Moreover, the potential of creating hydrogen through syngas is also expected to generate new business scope for syngas companies focusing on this application segment in the long run.
Global Syngas Market By Application
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Syngas Market Regional Insights
Asia-Pacific is projected to emerge as the largest market for syngas companies in the world. Supportive government initiatives and the presence of a strong chemical manufacturing industry in this region are creating lucrative business scope for syngas providers. The launch of new programs and incentives to promote the adoption of clean energy and the imposition of stringent mandates to curb emissions are also estimated to bolster the demand for syngas in the Asia Pacific region. China, India, and Japan are estimated to spearhead revenue generation for all syngas companies operating in this region through 2031 and beyond.
On the other hand, the demand for syngas in North America is forecasted to increase at a steady pace in the future. Increasing use of syngas for power generation and rising investments in oil & gas exploration activities are creating an opportune setting for syngas suppliers in this region. Availability of highly advanced gasification technologies in this region and quick adoption of the same are also promoting the use of syngas in North America. Canada and the United States are forecasted to bring in major revenue for syngas providers of this region. Emphasis on reduction of fossil fuel usage in this region is also expected to benefit the syngas market forecast through 2031.
Global Syngas Market By Region
- Largest
- Fastest
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Syngas Market Dynamics
Drivers
- High Demand for Clean Energy
The energy industry is emerging as the largest contributor to greenhouse gas emissions and efforts to reduce these emissions are boosting the demand for clean energy. Syngas, used in power generation and as a feedstock for synthetic fuels, helps reduce reliance on fossil fuels and lowers greenhouse gas emissions thereby also driving syngas market growth.
- High Availability of Feedstock
Syngas can be produced using a wide variety of feedstocks and this is what makes it highly desirable for multiple applications. High availability of coal, natural gas, biomass, and municipal solid waste coupled with advanced gasification technologies are expected to make syngas a limitless source of energy and create new opportunities for syngas companies going forward.
Restraints
- Fluctuations in Feedstock Pricing
Syngas production is highly dependent on the availability of feedstock and raw materials and their prices. Volatility in the prices of these feedstocks due to geopolitical factors, supply chain disruptions, or market demand is expected to hurt the adoption of syngas to a certain extent in the future.
- Rising Popularity of Renewable Energy Sources
Renewable energy sources such as wind, solar, hydro, and geothermal are gaining massive traction around the world and their popularity is expected to hurt the adoption of syngas in the future. Growing affordability and scalability of renewable energy sources is projected to further impede the demand for syngas over the coming years.
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Syngas Market Competitive Landscape
Developing new technologies to produce syngas and reduce emissions should be the primary focus of all syngas companies. Collaborations, mergers, and acquisitions are expected to be popular strategies for companies looking to expand their market presence and share in the future. Launch of new syngas-related products and equipment can also create new revenue streams for syngas providers in the long run.
Top Players in Syngas Market
- Air Products and Chemicals, Inc. (US)
- BASF SE (Germany)
- Linde plc (UK)
- Praxair Technology, Inc. (US)
- Shell plc (Netherlands)
- Sasol Ltd. (South Africa)
- ExxonMobil Corporation (US)
- Dow Inc. (US)
- Mitsui Chemicals, Inc. (Japan)
- China National Petroleum Corporation (CNPC) (China)
- Sinopec (China)
- Haldor Topsoe A/S (Denmark)
- Johnson Matthey plc (UK)
- Clariant AG (Switzerland)
- Honeywell International Inc. (US)
- Air Liquide S.A. (France)
- Mitsubishi Chemical Holdings Corporation (Japan)
- ThyssenKrupp AG (Germany)
- Siemens Energy AG (Germany)
- General Electric (US)
Recent Developments
- In November 2024, Clariant, a leading Swiss multinational specialty chemicals organization announced the launch of its new line of syngas catalysts. The launch of ReforMax LDP Plus, ShiftMax 217 Plus, and AmoMax 10 Plus lead to expansion of Clariants Plus series of syngas catalyst portfolio.
- In August 2024, GAIL, a leading natural gas company in India formed a joint venture with Coal India. Under this venture the companies have a plan of developing a unit to convert coal into synthetic natural gas to support clean energy generation and adoption.
- In August 2022, Synhelion, the innovator of sun-to-liquid technology became the first company in the world to produce syngas using solar energy as the only source. The company achieved this feat on an industrial scale and opened new pathways for clean energy transition.
Syngas Key Market Trends
- Integration with Carbon Capture and Storage Systems: Syngas companies should focus on integration of carbon capture and storage solutions with their syngas production facilities going forward. This is expected to improve sustainability and reduce emissions caused by the production of syngas by capturing carbon to use in other industrial processes or applications while complying with changing regulations.
- Use in Hydrogen Economy: syngas providers should focus on the development of hydrogen through syngas to maximize their business scope in the long run. Rising investments in the development of hydrogen-powered vehicles and propulsion systems are expected to create new opportunities for syngas providers across the study period and beyond.
Syngas Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, surging demand for clean energy and growing availability of feedstock for syngas production are projected to drive syngas market growth. On the contrary, the rise in popularity of renewable energy sources and fluctuations in feedstock pricing are estimated to impede syngas demand outlook. High consumer awareness and efforts of governments in the Efforts to promote the use of clean energy and surging chemical production are helping Asia Pacific region spearhead the global demand for syngas through 2031. Integration of syngas production facilities with carbon capture and storage systems is slated to emerge as a key syngas market trend in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 51.67 Billion |
| Market size value in 2032 | USD 88.04 Billion |
| Growth Rate | 6.1% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Syngas Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Syngas Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Syngas Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Syngas Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Syngas Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Syngas Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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