Syngas Market Size, Share & Trends

The syngas market size reached US$ 52.8 Bn in 2023. Looking forward, Reports and Insights expects the market to reach US$ 106.4 Bn by 2032, exhibiting a growth rate (CAGR) of 8.1% during 2024-2032.

Syngas, short for synthesis gas, is versatile and valuable product in the energy and chemical industries. It is primarily mixture of carbon monoxide (CO) and hydrogen (H2) gases and is produced from various feedstocks, including natural gas, coal, and biomass. Syngas offers wide range of applications, including the production of chemicals, fuels, and electricity. In the market, various solutions are available for syngas production, each with its advantages and use cases. Steam Methane Reforming (SMR) and gasification are common methods used to generate syngas from natural gas and coal, respectively. These solutions play crucial role in the transition to cleaner energy sources, offering opportunities for carbon capture and utilization, as well as sustainable chemical production. Syngas represents key resource in the pursuit of greener and more efficient energy and chemical processes.