June 26, 2018
WELLESLEY, Mass., June 26, 2018 – Despite market restraints of increasing oil prices and rising trade protectionism, rapid growth is forecast for the syngas chemicals market with significant growth potential in emerging countries, according to a new report from BCC Research.
In 2017, the global market for syngas chemicals was valued at $46.6 billion, and is expected to reach $72.4 billion by 2022, reflecting a compound annual growth rate (CAGR) of 9.1%, as indicated in the recently published report Syngas Chemicals: Global Markets to 2022.
Rising disposable income in developing economies, escalating vehicle sales, growing construction activity in emerging markets and increasing implementation of technological processes are aiding the syngas chemicals market growth.
“With the rise in disposable incomes around the report, spending on industries using syngas chemicals such as automobiles, housing, textiles and others has increased,” the report notes. “For instance, according to a report by JATO Dynamics, global automotive industry grew by 2.4% in 2017 with 2.05 million units more than in 2016. In 2017, total production of cars and commercial vehicles in China was 29 million and in India it was 4.7 million.”
IoT Technology Increasing Productivity in Syngas Chemical Manufacturing
With decreasing profit margins and increasing pressure to reduce costs, syngas chemicals manufacturers are using IoT technology to improve plant productivity and reduce supply chain delays. Sensors attached to the equipment monitor quality and performance, and continuously transmit data to a computer for viewing by operating personnel. For instance, Altizon provides IoT solutions for companies in the chemical manufacturing industry that offer predictive maintenance and help reduce supply chain risks.
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Syngas Chemicals: Global Markets to 2022( CHM103A )
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