Jersey City, NJ, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global green methanol market is estimated to reach over USD 6.58 billion by 2031, exhibiting a CAGR of 7.05% during the forecast period.
Green methanol has up to a 95% reduction in carbon dioxide emissions, an 80% reduction in nitrogen oxide emissions, and a 100% elimination of sulfur oxide and particulate matter emissions compared to traditional fuels. A low-carbon fuel known as "green methanol" can be produced using either biomass gasification or renewable electricity and captured carbon dioxide (CO2).
The market is rapidly expanding due to numerous significant factors, including increased attention on adopting safe and low-carbon emission activities, the automotive and aviation industries, and other significant considerations. The growing demand for green methanol is also caused by the need for fuel-grade blending chemicals with fossil fuels and construction applications. Additionally, one of the major drivers of the market's growth is the rising demand from industries like paint and coatings, pharmaceuticals, marine, and others.
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In addition, increased R&D spending, organizational activities, and government export and trade regulations drive the industry. Consumer preferences for adopting new technology to maximize profit fuel market expansion. It follows that the global green methanol market is anticipated to increase market share during the anticipated period.
Recent Developments:
- In Feb 2023, A Memorandum of Understanding (MoU) was signed by Uniper and Greenko ZeroC Private Limited, allowing Uniper to engage in exclusive talks for the offtake of green ammonia from Phase 1 of Greenko ZeroC's ammonia manufacturing facility in Kakinada. According to the MoU, Greenko and Uniper seek to establish a supply, tenure, and price structure that is unique in the industry for a supply and purchase agreement for 250,000 tonnes of green ammonia annually (GASPA) based on the Heads of Terms.
- In June 2022, Following the completion of the technical verification of the gasification of forest wastes for the manufacture of renewable methanol for shipping, Cortus Energy has engaged in a term sheet with the Norwegian firm Glocal Green AS. The Norwegian shipping sector believes that renewable methanol is the best method to phase out fossil fuels and safeguard the industry's future.
- In June 2019, BASF has designed a technology for manufacturing methanol that, if implemented, may remove carbon dioxide (CO2) emissions from the process, from the creation of syngas to the production of pure methanol. 70% of the chemical industry's greenhouse gas (GHG) emissions are caused by the production of the most fundamental compounds. Under its Carbon Management Program, BASF is researching innovative solutions to minimise GHG emissions from these activities.
List of Prominent Players in the Green methanol Market:
- A.P. Moller – Maersk
- ABEL Energy Pty Ltd.
- Advanced Chemical Technologies
- BASF SE
- Carbon Recycling International (CRI)
- Enerkem Inc.
- European Energy, Eni S.p.A.
- Fraunhofer GmbH
- GIDARA Energ
- Glocal Green
- HIF Global
- Innogy SE
- Liquid Wind AB
- Methanex Corporation
- Mitsubishi Gas Chemical Company, Inc. (MCG)
- Nordic Green ApS
- OCI N.V.
- Saudi Basic Industries Corporation
- Sodra Skogasagarma
- Southern Green Gas Limited.
- Synhelion SA
- Uniper SE
- Vertimass LLC
- WasteFuel
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Green Methanol Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 3.61 billion |
| Revenue forecast in 2031 | USD 6.58 billion |
| Growth rate CAGR | CAGR of 7.05% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments covered | Feedstock, Application, End-use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers-
The need for green methanol as a clean and sustainable fuel source from the maritime industry is one of the key factors driving the growth of the green methanol market. The marine industry's need for green methanol has increased the number of green methanol project announcements worldwide. Many logistical and maritime shipping firms have also stated their plans to add methanol-powered ships to their fleets. For instance, in September 2022, the chairpersons of China Merchants and COSCO Shipping Bulk declared that methanol would be a key focus of their future research as a primary fuel source for their ships.
Challenges:
The Environmental Protection Agency (EPA) claims that breathing in methanol can have several short- and long-term effects. Short-term exposure to methanol can result in blood acid production, which can harm the nervous system and result in mortality, nausea, vomiting, migraines, disorientation, seizures, and other problems. On the other hand, prolonged exposure to methanol can result in coma, death, unconsciousness, sleeplessness, blurred or blind vision, brain and nervous system damage, and birth problems. Strict limits on the manufacturing and use of methanol are anticipated in response to such harmful effects on human health.
Regional Trends:
The Asia Pacific green methanol market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The region's economy is significantly influenced by the expanding transportation industry, which increases demand for the product for gasoline applications. China is one of the most significant markets for renewable methanol globally and in the Asia Pacific region.
The country's two main modernizing issues—air pollution and energy security—are the main drivers of the need for renewable methanol in the nation. Besides, the North American region had a substantial share of the market. The market for green methanol in the region is being significantly influenced by technical advancements made to absorb carbon dioxide generated by companies and use it in the production of green methanol.
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Segmentation of Green methanol Market-
By Feedstock
- Agriculture Waste
- Forestry Residues
- Municipal Solid Waste
- CO2 Emission
- Others
By Application
- Formaldehyde
- Methyl-tert-butyl-ether
- Gasoline
- Solvent
- Others
By End-use
- Chemical
- Transportaion
- Power Generation
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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