Gasification Market to Reach $836.6 Billion, Globally, by 2032 at 5.7% CAGR: Allied Market Research

The emergence of chemical manufacturing facilities across the world is anticipated to drive the growth of the global gasification market during the forecast period from 2023 to 2032. The Asia-Pacific region is projected to grow at a tremendous CAGR by 2032.

PORTLAND, Ore., June 30, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Gasification Market by Type (Fixed Bed, Fluidized Bed, Entrained Flow), by Feedstock (Coal, Petroleum, Gas, Petcoke, Biomass, Waste), by Feed Type (Dry, Slurry), by Gasifier Medium (Air, Oxygen, Vapor), by Application (Electricity, Chemicals, Fertilizers, Liquid Fuels, Synthetic Natural Gas (SNG), Hydrogen): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global gasification market generated $472.2 billion in 2022, and is anticipated to generate $836.6 billion by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.

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Prime Determinants of Growth

Over the years, there has been an emergence of numerous chemical factories around the world. As a result, there is an increase in demand for gasification technology which is predicted to be one of the important factors driving the growth of the global gasification market in the forecast timeframe. However, the high installation costs related to the deployment of gasification systems may hamper the gasification market growth in the coming period. On the contrary, the rising power demand across the globe has increased the adoption of gasification technologies which is expected to offer growth opportunities for expansion of the gasification market in the 2023-2032 forecast period.

Report Coverage & Details:

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global gasification market. The manufacturing industries were shut down during the pandemic which affected the demand for gasification technologies, thus reducing the growth rate of the market.
• Also, the overall global energy demand reduced during the pandemic which brought down the growth rate of the gasification market.
• The gasification market is, however, projected to show steady growth in the future due to the increasing pace of industrialization and expansion of the coal industry.

Gasifier Medium: Air Sub-segment Projected to be Highly Dominant During the Forecast Period

The air sub-segment accounted for the highest gasification market share in 2022 and is expected to continue to maintain its dominance in terms of market share during the forecast period. Air gasification is economically attractive for large-scale industrial plants and offers flexibility in terms of the types of feedstocks that can be used. As a result, there is a huge demand for air gasification which is predicted to boost the sub-segment's growth by 2032.

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Application: Chemicals Sub-segment to be Flourish Immensely by 2032

The chemicals sub-segment generated the highest market share in 2022 and is predicted to continue to hold the majority of the market share by 2032. Gasification is an ideal technique for chemical production as it enables the utilization of low-value feedstocks, including biomass and waste materials, which reduces dependence on fossil fuels. This utility of gasification in chemical manufacturing is predicted to boost the sub-segment's growth by 2032.

Type: Fixed Bed Sub-segment Projected to Gather Huge Market Revenue During the Forecast Period

The fixed bed sub-segment accounted for the highest gasification market share in 2022 and is expected to generate significant revenue during the forecast period. Fixed bed gasifiers provide flexibility to industries to choose the most suitable feedstock based on availability, cost, and environmental considerations which is predicted to boost the sub-segment's growth by 2032.

Feedstock: Coal Sub-segment to Grow Rapidly by 2032

The coal sub-segment generated the highest market share in 2022 and is predicted to grow at a high CAGR by 2032. Coal is an affordable feedstock compared to other alternatives, such as natural gas or biomass and is an attractive option for gasification, especially in regions where coal is abundant. This advantage of coal is predicted to boost the sub-segment's growth by 2032.

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Feed Type: Dry Sub-segment Projected to One of the Most Profitable During the Forecast Period

The dry sub-segment accounted for the highest gasification market share in 2022 and is expected to grow at a significant CAGR of 5.9% during the forecast period. Dry feed gasification technologies enable efficient conversion of feedstock into syngas, which can be further processed for various applications, such as power generation, chemical production, and fuel synthesis which is predicted to boost the sub-segment's growth by 2032.

Region: Asia-Pacific Market to be the Most Dominant by 2032

The Asia-Pacific region accounted for the highest share in the global gasification market in 2022 and is expected to rise at the highest CAGR of 6.2% during the forecast period. The rapid industrialization and increasing energy demand in various countries of this region are expected to be the two main growth drivers of the market in Asia-Pacific region by 2032.

Leading Players in the Gasification Market:

• Royal Dutch Shell
• SEDIN Engineering Company Limited
• KBR
• Air Liquide
• Siemens
• Thyssenkrupp AG
• General Electric
• CB&I
• Synthesis Energy Systems Inc.
• Mitsubishi Heavy Industries

The report provides a detailed analysis of the key players of the global gasification market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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