Global syngas market forecast to witness increased spend on R&D over the next few years
Global Syngas Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 09:38:04
The Global Syngas market is forecast to grow at a CAGR of 8.54 percent over the period 2013-2018. One of the key factors contributing to this market growth is the flexibility in feedstock for production. The Global Syngas market has also been witnessing increasing investments in R&D. However, the increase in vendor competition could pose a challenge to the growth of this market.
Key vendors dominating this space are BASF SE, Kellogg, Brown, and Root Inc., Methanex Corp., Royal Dutch Shell plc, and Yara International SA.
Other vendors mentioned in the report are Agrium Inc., Air Products and Chemicals Inc., Biomethanol Chemie Nederland B.V., CF Industries Holdings Inc., Chicago Bridge and Iron Co., ConocoPhillips Co., Dow Chemical Co., Foster Wheeler AG, General Electric Co., Haldor Topsoe A/S, KT - Kinetics Technology S.p.A, L´Air Liquide SA, Linc Energy Ltd., Mitsubishi Heavy Industries Ltd., OXEA GmbH, Sasol Ltd., Siemens AG, SynGas Technology LLC, Technip SA, and The Linde Group.
The following companies represent the key players in Global Syngas Market: BASF SE, Kellogg, Brown, and Root Inc., Methanex Corp., Royal Dutch Shell plc, and Yara International SA.
The Global Syngas market is expected to witness higher consumption from the APAC region during the forecast period. Consumption in the APAC region is expected to be the highest compared to other regions such as North America. This is primarily due to increase in population leading to a greater demand for fuel and electricity. With thriving economies such as India and China posting high GDP growth rates, the demand for syngas and its chemical derivatives from industries is also expected to increase substantially during the forecast period. Moreover, several vendors are expected to set up production facilities to cater for such demands.
Many drivers are contributing to the growth of the Global Syngas market, the most important of which is the flexibility in feedstock used in the production of syngas. Syngas can be produced from various sources such as coal, petroleum, gas, petcoke, and biomass. This flexibility in feedstock has contributed to the growth of the market.
Further, one of the major challenges in the market is the high investment cost. Developers of syngas production technology need to invest heavily in R&D for the introduction of a differentiated and cost-effective technology. This has led to increased investment costs for licensees of such technology.
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