Global green methanol market
Dublin, October 31, 2022 (GLOBE NEWSWIRE) — The report “Green Methanol Market – A Global and Regional Analysis: Focus on End-Use Industry, Application, Methanol Type and Region – Analysis and Forecast, 2022-2031” has been added to The Offer.
The global Green Methanol Market is expected to grow from USD 122.35 million in 2021 to USD 3,149.05 million by 2031, growing at a CAGR of 39.63% during the forecast period 2022-2031.
Green methanol or renewable methanol is produced from a variety of sources such as biomass, including forestry and agricultural waste, byproducts, biogas, wastewater, municipal solid waste, black liquor from the pulp and paper industry, carbon dioxide and green hydrogen produced using renewable electricity. Methanol produced from biomass is called biomethanol and the methanol produced from CO2, green hydrogen and renewable electricity is called e-methanol.
Market life cycle phase
Green methanol has been around for years, with companies such as CRI, OCI NV and Chemrec AB among the first players on the market. Carbon Recycling International (CRI) built the first e-methanol demonstration plant of its kind in Iceland in 2010-11 and was the first company to start commercial production of e-methanol under the brand name Vulcanol in 2012. OCI NV’s subsidiary BioMCN was the first company to enter biomethanol production, with the first project starting in the Netherlands in 2010 with a capacity of 200 kt/year.
Since then, the market has grown significantly. The demand is increasing day by day due to stringent CO2 emission regulations in the shipping industry and increasing emphasis on biofuels by governments. The shipping industry, biofuels and government support are further expected to drive the market growth during the forecast period.
Industrial impacts
The growth of the green methanol market is closely linked to the shipping industry’s increasing demand for green methanol as a clean and sustainable fuel source. The shipping industry’s increasing demand for green methanol has led to a growing number of green methanol project announcements around the world. In addition, more and more shipping and logistics companies have announced the decision to add methanol-powered vessels to their portfolio. For example, in September 2022, the chairmen of China Merchants and COSCO Shipping Bulk announced that methanol as the primary fuel source for their vessels would be the focus of their research in the future.
Market segmentation
Segmentation 1: by end-use industry
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Transport/Mobility
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Chemical industry
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Power generation
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Other end-use industries
Segmentation 2: by application
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fuel
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Chemical raw materials
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Other application
Segmentation 3: by methanol type
Segmentation 4: by region
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North America – USA, Canada and Mexico
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Europe – Germany, Denmark, Sweden, Netherlands and rest of Europe
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China
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United Kingdom
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Asia Pacific and Japan – Japan, India, South Korea, Australia and rest of Asia Pacific and Japan
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Rest of the world – South America, Middle East and Africa
Demand – drivers and constraints
The demand drivers for the green methanol market are:
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Increasing use of green methanol in the chemical industry
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Government activities for low-carbon infrastructure
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Increasing demand for green methanol for storing renewable energy
The market is also likely to face constraints due to the following challenges:
Key market players and competitive overview
The profiled companies were selected based on input from leading experts and an analysis of company coverage, product portfolio and market penetration.
Green Methanol Market, Revenue Share (by Methanol Type), 2021
Biomethanol is the largest segment in the market and had a market share of around 98.27% in 2021, while e-methanol had a share of around 1.73%.
Some prominent names in this market are:
Company type 1: Biomethanol producers
Company type 2: e-methanol producers
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OCI NV
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AP Moller – Maersk
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Methanex Corporation
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Mitsubishi Gas Chemical Company, Inc. (MCG)
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European Energy
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Carbon Recycling International (CRI)
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Eni SpA
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Liquid Wind AB
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Synhelion SA
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HIF Global
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ABEL Energy Pty Ltd.
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Southern Green Gas Limited
Main topics covered:
1 Market
2 Application
3 Product
4 Region
5 Markets – Competitive benchmarking and company profiles
6 Research methodology
Companies mentioned
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BASF SE
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Carbon Recycling International (CRI)
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OCI NV
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Eni SpA
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AP Moller – Maersk
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Methanex Corporation
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Mitsubishi Gas Chemical Company, Inc. (MCG)
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European Energy
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South
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Energy
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VarmlandsMetanol AB
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Liquid Wind AB
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GIDARA Energy
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Nordic Green ApS
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Synhelion SA
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HIF Global
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WasteFuel
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Glocal Green
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ABEL Energy Pty Ltd.
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Southern Green Gas Limited
For more information about this report visit https://www.researchandmarkets.com/r/nh25kc
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