The Global
Syngas Market is expected to grow at a CAGR of 10.8% during the forecast period 2024-2030 and is expected to reach USD 127.8 billion by 2030. The report covers the largest syngas manufacturing companies, highlighting their essential role in meeting the increasing demand for syngas from the chemical industry to boost market growth. These companies are enhancing their production capabilities and investing in innovative technologies to provide high-quality syngas efficiently. By adapting to market trends and focusing on sustainable practices, they are well-positioned to serve the expanding needs of the chemical sector and drive overall industry advancements.
The competitive landscape of the syngas market is characterized by various leading manufacturing companies that are actively seeking to expand their market presence. The largest Syngas manufacturing companies include Air Products and Chemicals Inc., McDermott International, Genesis Energy, Synthesis Energy Systems, SunGas Renewables, Siemens AG, Air Liquide S.A., Linde plc, BASF SE, and Others which dominate through advanced technology and significant research and development expenditures. Market competition overview indicates a growing trend towards innovation and technology adoption. The SWOT analysis of competitors shows that well-established firms benefit from strong financial resources and brand recognition, but they face challenges from new entrants utilizing advanced technologies. Competitive benchmarking among major players highlights differences in strategies such as pricing and product differentiation which are crucial for maintaining a competitive position. This competitive dynamic also reflects ongoing mergers and acquisitions (M&A) as companies seek to consolidate their market position.
Air Products and Chemicals, Inc. is a prominent player in the global industrial gases market, with a strong emphasis on syngas production and technology. The company employs several strategic initiatives to enhance its market position and sustainability efforts. Air Products focuses heavily on research and development to advance its syngas technologies. The company has pioneered several advanced processes including its proprietary gasification technology, which converts a variety of feedstocks into syngas. Air Products focuses heavily on research and development to advance its syngas technologies. The company has pioneered several advanced processes including its proprietary gasification technology which converts a variety of feedstocks into syngas. For instance, In Nov 2018, Air Products announced it had signed an agreement to acquire General Electric Company’s (GE) gasification business. This transaction will allow Air Products to expand its synthesis gas (syngas) solutions product offerings and its presence in build, owning, and operating gasification projects around the world. Air Products is dedicated to reducing its carbon footprint and promoting sustainable practices. Key initiatives include developing hydrogen production from syngas with integrated carbon capture and storage (CCS) technologies. The company is also exploring the use of renewable energy sources in its processes. In April 2021, Air Products secured a second supply contract with Bharat Petroleum Corporation Limited (BPCL) at Kochi, supplying syngas to the Propylene Derivatives Petrochemical Project. Thus, through its strategic focus on innovation, sustainability, partnerships, and capacity expansion, Air Products continues to strengthen its leadership in the syngas industry.
Air Liquide is a French multinational company that provides industrial gases and services to a variety of industries including healthcare, engineering, and chemical manufacturing. It is the second-largest supplier of industrial gases by revenue. Air Liquide invests heavily in research and development to enhance its syngas production processes. The company focuses on developing new technologies such as advanced gasification techniques which improve efficiency and reduce emissions. The company actively seeks partnerships with industry players, research institutions, and governments to foster innovation and expand its syngas capabilities. Mergers and acquisitions are also a key strategy of Air Liquide to expand its market reach. For instance, In Aug 2010, Air Liquide acquired its Oberhausen syngas plant in Germany, which has a production capacity of 83,000 Nm³ per hour. The plant is used for producing oxo-intermediates and oxo-derivatives used in coatings, lubricants, cosmetics, and pharmaceuticals. Air Liquide is also building a fourth unit with a production capacity of 2,400 tonnes per day.
Air Liquide is committed to achieving carbon neutrality by 2050. The company has set interim targets, aiming to reduce its greenhouse gas emissions by 30% by 2025. In March 2022, Air Liquide unveiled ADVANCE, its 2025 strategic plan, prioritizing Sustainable Development and combining financial and extra-financial performance. The resilient business model and technological know-how position the company for growth and societal challenges.
Mitsubishi Heavy Industries, Ltd. is a global industrial group that offers a range of products and services including gas turbines, biomass gasification, and other technologies. The company has developed various technologies for biomass gasification and syngas purification to help reduce greenhouse gas emissions and improve energy security. MHI emphasizes research and development to advance its syngas technologies including gasification and syngas purification processes. Additionally, to capitalize on the growing global demand for syngas, MHI is expanding its operational footprint, particularly in Asia and the Americas. The company has initiated several large-scale projects including gasification plants to meet the needs of various industries. For instance, In April 2011, Mitsubishi Heavy Industries Compressor Corporation shipped Ammonia synthetic gas compressors and steam turbine parts for India's fertilizer plant, aiming to increase capacity from 1,890 tons per day. MHI actively engages in strategic partnerships to enhance its syngas capabilities. Collaborations with other industry leaders and academic institutions facilitate the development of innovative technologies and expand market reach.
Recent Developments in the Syngas Industry:
• In June 2024, McDermott was awarded an Early Contractor Involvement (ECI) agreement by Abraxas Power Corporation for the Exploits Valley Renewable Energy Corporation project in Central Newfoundland. The project, Canada's first commercial green hydrogen and ammonia production facility, will include a 530-turbine wind farm and 150 MW solar PV. The agreement demonstrates McDermott's industry-leading delivery and installation expertise.
• In March 2023, Osaka Gas Co., Ltd. (Osaka Gas) and Mitsubishi Heavy Industries, Ltd. (MHI) agreed to conduct a feasibility study on a project to develop a CO2 value chain for CCUS (Carbon Capture, Utilization, and Storage), including transporting CO2 captured in Japan to overseas, utilizing it to produce e-methane, synthetic gas produced through methanation, and storing it underground.