Market Size of Syngas Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 261.02 Million metric normal cubic meters per hour (mm nm³/h) |
| Market Volume (2029) | 448.82 Million metric normal cubic meters per hour (mm nm³/h) |
| CAGR (2024 - 2029) | 11.45 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Syngas Market Analysis
The Syngas Market size is estimated at 261.02 Million metric normal cubic meters per hour (mm nm³/h) in 2024, and is expected to reach 448.82 Million metric normal cubic meters per hour (mm nm³/h) by 2029, growing at a CAGR of 11.45% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. However, with the resumption of operations in major applications in 2021, the market is expected to recover significantly during the forecast period.
- The growing demand for syngas from the electricity and chemical industry, increasing environmental awareness and government regulations on renewable fuel use, and increasing hydrogen demand for fertilizers are expected to drive the growth of the market.
- Conversely, syngas production plant setup requires high capital investment and funding. This factor is expected to hinder the market's growth.
- The development of underground coal gasification technology is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption, holding a major share in the market.
