Syngas chemicals are primarily produced from synthesis gas, a gaseous mixture of hydrogen and carbon monoxide. The prime compound obtained from catalytic reaction of syngas is methanol. Methanol is further utilized to produce other industrially important chemicals such as formaldehyde, and acetyls.
Syngas Chemicals Market Size
The global syngas chemicals market was valued at $46.6 billion in 2017. Asia-Pacific was the largest geographic region in the syngas chemicals market in 2017, accounting for $17.3 billion or 37.2% share in the market. The USA was the largest country in the market in 2017, accounting for $8.7 billion or 18.7% share in the market.
Syngas Chemicals Market Trend
Coal gasification as feedstock is being widely used to increase petrochemicals production in general and specifically syngas. Petrochemical companies in China developed coal-based liquid fuels as a raw material to reduce its dependence on imported oil. The Chinese government is also encouraging petrochemical companies to use coal as feedstock to reduce oil and gas imports. Chinese and Indian companies should adopt coal gasification technologies to reduce dependence on imported oil and gas.
Syngas Chemicals Market Segmentation
The syngas chemicals market is segmented into Methanol, Acetyls, Formaldehyde & Resins, and Methyl Tertiary-Butyl Ether (MTBE).
Methanol market mainly comprises of production and sale of methanol from syngas. Methanol is catalytically produced from syngas mixture (CO + H2). It is a key ingredient in the production of various industrially significant chemicals, including formaldehyde, acetic anhydride, laboratory solvent, etc.
Acetyls market primarily includes manufacture and sale of acetic acid, acetic anhydride and other acetyls. Acetic acid is produced primarily by catalytic carbonylation (addition of carbon monoxide) of methanol, methyl acetate is a byproduct of the reaction.
Formaldehyde & Resins market primarily comprises of establishments manufacturing and selling formaldehyde and resins produced by polymerizing formaldehyde with various chemicals. Formaldehyde is mainly produced industrially by oxidation of methanol using a catalyst. Phenol formaldehyde is a renowned resin used in making Bakelite.
Methyl Tertiary-Butyl Ether market comprises of manufacturing and sale of methyl tertiary-butyl ether (MTBE). MTBE is produced by reacting methanol with isobutylene and is a major gasoline (petrol) anti-knocking additive.
The major players in the global syngas chemicals market are Celanese Corporation, LyondellBasell Industries Holdings BV, China National Petroleum Corporation, East-man Chemical Company, and Methanex Corporation.
The countries covered in the global syngas chemicals market are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.