Author: Vikas Kumar
14 January 2023
Green methanol is a low-carbon fuel that can be made from either biomass gasification or renewable electricity and captured carbon dioxide. Also, it is utilized as a fuel for transportation or as a sustainable energy storage medium for power produced by renewable sources. The need for alternative energy sources and fuels is growing due to the ongoing climate crisis, and green methanol is becoming increasingly popular due to its potential to help scale up environmentally friendly methanol technology and promote a sustainable future.
The Green Methanol Market is expected to grow at a steady rate of around 39% owing to the growing demand for green methanol from the shipping industry as a clean and sustainable fuel source. Major companies in the market offer green methanol for power generation applications with technologically advanced features. For instance, in September 2022, Sanlorenzo and Rolls-Royce announced to develop and build a large luxury yacht equipped with a methanol-powered engine propulsion system that would be running on carbon-neutral green methanol.
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Based on feedstock, the market is segmented into agricultural waste, forestry residues, municipal solid waste, CO2 emission, and others. The CO2 emission category is to witness higher CAGR during the forecast period because it is simpler and more readily available than with other feedstocks. Additionally, it helps industries in profit-making and adhering to environmental rules on the decrease of carbon dioxide emissions. Furthermore, the initiatives taken by the government are aiding the growth of the CO2 emission market. For instance, In August 2022, European Energy signed an agreement with Anaergia for the supply of up to 60,000 metric tons per year of liquefied biogenic carbon dioxide (CO2) for a period of the next ten years. Where European Energy use this CO2 to produce e-methanol for A.P. Moller – Maersk as part of their previously signed agreement in March 2022.
On the basis of application, the market is categorized into formaldehyde, methyl-tert-butyl-ether, gasoline, solvent, and others. Among these, formaldehyde to hold a significant share of the market in 2020. This is mainly due to the advantages formaldehyde offers as compared to its counterparts. Formaldehyde has been witnessing higher adoption as most glues for plywood, chipboard, or particleboard, furniture production, and the building industry are made with formaldehyde-based resins. In addition, the demand for formaldehyde is rising as the building sector expands in both developed and emerging nations which is driving the growth of the market.
Based on end-user, the green methanol market has been classified into chemical, transportation, power generation, and others. The transportation category is to witness the highest adoption of green methanol during the forecast period. This is mainly due to the rising emphasis on the decarbonization of the marine industry. Additionally, it is also used as a fuel for vehicles and as a means of storing renewable energy. It is projected that the demand for green methanol from the transportation sector will increase because of the rising price and decreasing supply of conventional fuels like gasoline and diesel during the forecasted period.
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For a better understanding of the market adoption of the green methanol industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly because green methanol is in higher demand in developing economies like China, India, Japan, and South Korea because of the rapidly expanding methanol consumption by the construction, automotive, and chemical industries. In addition, the government taking initiatives to increase the use of renewable fuel sources is driving the demand in the market. Furthermore, various market players across the globe are investing in green methanol R&D for the use of various end-user industries. For instance, Geely Holding Group and Jilin Zixin Pharmaceutical Co. Ltd are generating green methanol in their respective production facilities to support sustainable E-Fuels.
Some of the major players operating in the market include BASF SE, Enerkem, Methanex Corporation, Carbon Recycling International, Southern Green Gas, OCI N.V., A.P. Møller – Mærsk A/S, Nordic Green Aps, Södra Skogsägarna, and Advanced Chemical Technologies Inc.
Global Green Methanol Market Segmentation
Market Insight, by Feedstock
• Agricultural Waste
• Forestry Residues• Municipal Solid Waste• CO2 Emission• Others
Market Insight, by Application
• Formaldehyde
• Methyl-tert-butyl-ether• Gasoline• Solvent• Others
Market Insight, by End-User
Market Insight, by Region
Top Company Profiles
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