Green Methanol Global Market Report 2023: Increasing Use of Green Methanol in the Chemical Industry Fuels Growth
DUBLIN, March 27, 2023 /PRNewswire/ -- The "Green Methanol Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Feedstock (Agricultural Waste, Forestry Residues, Municipal Solid Waste, CO2 Emission, Others), By Type, By Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The global green methanol market is expected to grow at an impressive rate through 2028. Increased focus on implementing secure and low-carbon emission efforts, automobile & aviation areas, and other important factors are the many key drivers which expand the market quickly.
In addition, the demand for fuel-grade blending chemicals with fossil fuels as well as construction applications results in the growing requirement for green methanol. Compared to conventional fuels, green methanol cuts carbon dioxide emissions by up to 95%, reduces nitrogen oxide emissions by up to 80%, and eliminates sulfur oxide and particulate matter emissions.
Green methanol is a low-carbon fuel that can be made from either biomass gasification or renewable electricity and captured carbon dioxide (CO2). In November 2022, Irina Tsukerman, president of the strategic advisory firm Scarab Rising, said that the total world market for green methanol will grow from USD 122 million in 2021 to more than USD 3 billion by 2031.
Furthermore, the growing demand from paint & coatings, pharma, marine, and others are the crucial factors that propel the market's growth. Aside from that, government policies on export and trade, rising R&D spending, and organizational initiatives are what drive the market. Market growth is being fueled by consumer tendencies toward choosing new technologies to maximize profit. As a result, it is expected that the Global Green Methanol Market will gain market share throughout the anticipated period.
Advancements Related to Waste Feedstock
In the current scenario, industrial processes, households, construction sites, and agricultural and forests produce wastes that are not easy to dump and remove properly. This waste also creates pollution which results in the degradation of the environment. Either dumping or replacement is the better solution for this kind of problem. The dumping of all waste is not possible, so the second option plays a vital role. The best way to reduce the waste problem is to convert this waste into useful products. Green methanol is one of the best products which can be generated using this waste.
When we use biological waste which includes biomass and converting that biomass to methanol (bio-methanol) by cost-effective process and converting greenhouse gases emitted from the industry into e-methanol using carbon capturing and utilization process results in the reduction of the GHGs and solid waste. This also helps to make the environment healthy and along with that also generates revenue. Thus, there will be an increase in the demand for Green Methanol in the upcoming period, leading to the a in demand for green methanol worldwide.
Additionally, the growing demand from paint, pharma, automotive & aviation are the crucial factor responsible for market growth. Thus, the need for the global green methanol market is expected to rise in the forecast period.
Increasing Demand for Methanol-derived Green Chemicals
The growing green methanol market led to an increase in the production of methanol-derived green chemicals. These chemicals are used in different verticals such as transportation, construction, pharmaceutical, fertilizers, and so on. Methanol is used for the production of formaldehyde, which is used in paint and coating industries, Methyl-tert-butyl-ether helps in the production of biodiesel which helps to increase the use of biodiesel as an alternative fuel, and dimethyl ether is used as a chemical solvent. The production of such chemicals helps in reducing the emission of carbon footprints and results in a green environment.
Increasing Focus on Transportation Sector
Green methanol is used as a source of energy for the power plant. These energies are also used as a transportation fuel. Ammonia and Liquefied Natural gas (LNG) are sources of alternate fuel for the marine domain. It utilizes fossil fuel to produce power for a pure methanol-based drive system which reduces the emission of carbon particles in the environment, which help to control global warming of the earth. International Maritime Organization (IMO) has a lofty goal: to cut carbon emissions from international shipping by at least 40% by 2030 and 70% by 2050, compared to 2008 levels. As technology and application are emerging, there is a significant chance of an opportunity for the market player to acquire a considerable market share.
Recent Developments
In March 2022, OCI N.V. signed an agreement with NortH2 in the Netherlands to supply green methanol. With this Netherlands will become home to the first extensive, integrated green ammonia and green methanol value chain.
In the Anyang project in the Chinese province of Henan, Carbon Recycling International erected the biggest CO2-to-methanol reactor. Carbon Recycling International's emissions-to-liquid (ETL) process technology was used in the construction of the installed reactor, according to an announcement in February 2022.
Report Scope:
In this report, global green methanol market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Green Methanol Market, By Feedstock:
- Agricultural Waste
- Forestry Residues
- Municipal Solid Waste
- CO2 Emission
- Others
Green Methanol Market, By Type:
- Bio-Methanol
- E-Methanol
Green Methanol Market, By Application:
- Fuel Grade
- Chemical Feedstock
- Others
Green Methanol Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Europe
- Germany
- France
- United Kingdom
- Denmark
- Sweden
- Netherland
- Austria
- Rest of the World
- Brazil
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Global Green Methanol Market Outlook
5. North America Green Methanol Market Outlook
6. Europe Green Methanol Market Outlook
7. Asia-Pacific Green Methanol Market Outlook
8. Rest of the World Green Methanol Market Outlook
9. Market Dynamics
9.1. Drivers
9.1.1. Increasing Use of Green Methanol in the Chemical Industry
9.1.2. Rising Demand for Green Methanol in Renewable Energy Storage
9.1.3. Stringent environmental regulations to minimize the impact of carbon emission
9.2. Challenges
9.2.1. Limited Availability of Renewable Feedstock Sources for Bio-Methanol
9.2.2. High Production cost for E-Methanol
10. Market Trends & Developments
11. Global Green Methanol Market: SWOT Analysis
12. Porter's Five Forces Analysis
13. Competitive Landscape
14. Strategic Recommendations
A selection of companies mentioned in this report includes
- BASF SE
- Carbon Recycling International (CRI)
- Haldor Topsoe Holding A/S
- OCI N.V.
- A.P. Moller - Maersk A/S
- Sodra Skogsagarna
- Enerkem Inc
- Nordic Green ApS
- Methanex Corporation
- Mitsubishi Gas Chemical Company, Inc. (MCG)
- ABEL Energy Pty Ltd.
- Southern Green Gas Limited
- Liquid Wind AB
- Synhelion SA
- Eni S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/b1mgqs
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