Syngas is a fuel gas combination of carbon monoxide, carbon dioxide, hydrogen, and trace gases, and it is produced through the gasification of carbon-containing fuel such as coal when it is an exhibit to air, heat, and water in a closed space. According to BlueQuark Research & Consulting, the global Syngas market is expected to witness a significant growth rate during the forecasted period. Factors such as Methanol production is one of the most important industrial applications of syngas, and the increasing use of methanol and its derivatives in multiple end-user industries like automotive, construction, paints, etc., is one of the major fueling factors of the Syngas market in the forecasted period. Further, the increasing demand for electricity, fuels, and agricultural products is the root cause fueling up the global Syngas market in the forecasted market. Furthermore, the growing demand for hydrogen as a clean fuel in transportation is estimated to generate numerous opportunities for the worldwide Syngas market. However, some factors hindering the market growth include the high capital investments, and the time is essential to build the operational plant with the installation of hi-tech gasification techniques is very long. Some factors restrain the market growth, including the high capital investments and the time required to construct the operational plant with the installation of hi-tech gasification techniques is very long. The factors such as significant capital investment and considerable capital investment are also projected to hamper the market's overall growth.

Syngas is most utilized for electricity generation and the preparations of chemicals. Since syngas has over half of natural gas's energy density, they can be easily burnt and used as a fuel source. It is carbon-rich and is widely used to generate Synthetic Natural Gas (SNG), oxo-chemicals, dimethyl ether, hydrogen, and ammonia or methanol for industrial applications. It is also utilized to produce a variety of fertilizers, solvents, fuels, and synthetic materials.

The chemicals segment is estimated to lead the syngas market, owing to the increasing demand for green chemicals to synthesize and produce chemical intermediates. The chemical industry uses the most economical feedstocks to procure or create. Major economies of the world, like the US, China, India, and some African nations, use coal as the raw material for producing various chemicals, like methanol, hydrogen (H2), and carbon monoxide (CO). These are the building blocks for manufacturing a wide range of derivative substances. Syngas is the widely worn feedstock for the production of methanol. Methanol is manufactured from syngas in three stages. They are synthesis gas manufacture, methanol synthesis, and methanol purification. N-butanol is one of the chief oxo-alcohols manufactured from syngas and propane. N-butanol is utilized as an alternative to ethanol as bio-fuel apart from other uses in plastic production. Overall, the chemical industry was disrupted in 2020 due to a supply chain bottleneck and constant disruptions. In 2021, however, the industry was expected to grow due to strategic mergers and acquisitions, digitization of the industry, and the development in demand.

The Asia Pacific syngas and derivatives market is expected to witness tremendous growth opportunities due to the obtainability of coal and natural gas reserves. Rapid urbanization, infrastructure development, and discoveries in the oil & gas industry are significant factors contributing to expanding the Asia Pacific syngas and derivatives market. Natural gas reserves are derived from reservoirs that contain water, carbon dioxide, crude oils, and other substances. Asia-Pacific dominated the global market share, with increasing demand from the chemical industry, primarily from refineries. China is a hub for chemical processing, considering most chemicals are produced globally. With the surging global demand for various chemicals, the market for syngas from this sector is expected to rise significantly during the forecasted period. India is another largest oil consumer in the world. The demand for increasing refining capacity is primarily due to the growing demand for fuel. Replacement of LPG as a cooking fuel, increasing urbanization, and demand for infrastructure and consumer goods are some factors augmenting the need for fuel. Growing demand for syngas from the chemical sector is one of the key factors propelling the market growth. Furthermore, syngas is primarily worn to produce SNG used in Liquified Natural Gas (LNG) and Compressed Natural Gas (CNG) in the rail, marine, and road transport industries. It can also be utilized to fuel gas engines for power supply due to low energy costs, increased stability, and predictability. The factors expected to cushion the growth of the syngas - derivatives market in the forecast period are the rising concerns over environmental and urban waste and the high demand for chemical intermediaries in the manufacture of hygiene and sanitization and pharmaceutical products due to the outbreak of COVID-19, which will further carve the way for the growth of the market. However, the combined production of chemicals, fuels, and power and feedstock flexibility is additionally expected to cushion the development of the overall market. 

Some of the market's key players are Air Products and Chemicals Inc., The Linde Group, Air Liquide SA, Sasol Limited, Dakota Gasification Company, and John Wood Group PLC.

In August 2019, Air Products completed the acquisition of GE's Gasification Business and Technology. The gasification business acquired by Air Products includes GE's share of its 50/50 joint venture (JV) with China Shenhua Coal to Liquid and Chemical Company, Ltd., a subsidiary of China Energy Group, a world-class energy company. 

In September 2019, Air Products advanced its gasification growth strategy via a new syngas project with Debang Group in Jiangsu Province, China.

In May 2020, Linde plc started a new state-of-the-art syngas processing plant in Geismar, Louisiana. The new plant will produce carbon monoxide and hydrogen to a top global chemical company and other refining and chemical customers along with Linde's hydrogen pipeline network in Southern Louisiana, all under long-term supply agreements.

In March 2020, Haldor Topsoe A/S signed an agreement with Nacero Inc. (US) for basic engineering and license for a planned natural-gas-to-gasoline facility in Casa Grande, Arizona, with a capacity of 35,000 barrels-per-day of finished gasoline. The plant will use the company's proven TIGAS gas-to-gasoline technology to produce clean, high-value gasoline from low-cost natural gas. The natural gas-to-gasoline plant is valued at USD 3.0 billion.

Our Global Syngas Market report provides deep insight into the current and future state of the Syngas market across various regions. Also, the study comprehensively analyzes the syngas market by segmenting based on geography and by feedstock (Coal, Petroleum, Natural Gas, and Others (Pet Coke, Biomass, etc.)), by gasifier type (Fixed Bed Gasifier, Fluidized Bed Gasifier, Entrained Flow Gasifier, and Molten Media & Supercritical Gasifier), by manufacturing process (Steam Reforming, Auto-thermal Reforming, Partial Oxidation, Biomass Gasification, and Plasma Gasification) and by application (Petrochemical & Refining Process, Synthetic Fuels, Chemicals (Methanol, Ethanol and Acetic Acid), Fertilizers and Power Generation). The report examines the market drivers and restraints that influence growth in detail. The study also covers emerging market trends, developments, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape section with major companies' profiles, their market shares, and their projects.