Increasing Demand for Chemicals is Proliferating the Green Methanol Market

 

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.

𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=31043

According to UnivDatos Market Insights (UMI)’ research report “Global Green Methanol Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing demand for green methanol in the chemical industry coupled with the high adoption of green methanol in the transportation industry. For instance, WasteFuel, a California-based developer of bio-refineries focused on converting municipal solid waste into low-carbon fuels launched the WasteFuel Methanol Module, a new technology that will significantly accelerate the use of organic waste to produce green methanol.

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.

𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=31043

Based on the 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 the 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.

APAC to witness extensive growth

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.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the green methanol market are 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” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.     

Market Segmentation:

1.      By Feedstock (Agricultural Waste, Forestry Residues, Municipal Solid Waste, CO2 Emission, and Others)

2.      By Application (Formaldehyde, Methyl-Tert-Butyl-Ether, Gasoline, Solvent, and Others)

3.      By End-User (Chemical, Transportation, Power Generation, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (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.)

Key questions answered in the study:

1.      What are the current and future trends of the global green methanol industry?

2.      How the industry has been evolving in terms of feedstock, application, and end-user?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global green methanol industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global green methanol suppliers across various region and countries?