SYNGAS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Asia-Pacific dominated the global market share, with rising demand from the countries such as China and India, which are among the fastest-growing economies across the world. Moreover, countries are moving toward renewable energy sources, which triggers market growth.

In China, Air Products was awarded a long-term onsite contract to supply syngas to Jiutai New Material Co. Ltd for its high-value mono-ethylene glycol project in Hohhot, China. The project is expected to start in 2023. The facility/plant is designed to produce over 500,000 Nm3/hr of syngas, comprised of five gasifiers, two approximately 100,000 Nm3/hr air separation units (ASU) with syngas purification and processing, and associated infrastructure and utilities.

A breakthrough in the coal-to-syngas processing facility in Xuwei National Petrochemical Park, Lianyungang City, Jiangsu Province, China, is evident in the 80% Air Products/20% joint venture with Debang Xinghua Technology Co. Ltd (a subsidiary of Jiangsu Debang Chemical Industrial Group Co. Ltd (“Debang Group”)).

India developed a technology to convert high ash Indian coal to methanol and established its first pilot plant in Hyderabad. The process of converting coal into methanol may consist of converting coal to synthesis (syngas) gas, and further process, thus adding to the syn gas market in the country.

The Global Syngas Market size is expected to grow from 234.20 million metric normal cubic meters per hour (mm nm³/h) in 2023 to 402.71 million metric normal cubic meters per hour (mm nm³/h) by 2028, at a CAGR of 11.45% during the forecast period (2023-2028).

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