(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The "Green Methanol market by Type (Bio-based Methanol, E-methanol), Feedstock Type (Biomass-Based Methanol, CO2 Emission, Municipal Solid Waste), Application - Global Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Green Methanol Market size was estimated at USD 874.65 million in 2023 and expected to reach USD 1.12 billion in 2024, and is expected to grow at a CAGR of 30.92% to reach USD 5.76 billion by 2030.
This eco-friendly variant of methanol is manufactured through the catalytic conversion of renewable feedstocks such as biomass, agricultural waste, or carbon dioxide captured from industrial emissions. The production process of green methanol significantly reduces greenhouse gas emissions compared to traditional methanol production methods, which primarily rely on fossil fuels. As a result, green methanol plays a crucial role in the transition towards sustainable energy solutions and in reducing the carbon footprint associated with various industrial sectors. The growth of green methanol is fueled by a combination of governmental regulatory support, heightened environmental consciousness, and an increasing emphasis on energy security. However, higher production costs compared to conventional methanol, limited regional adoption, and scalability issues limit the adoption of green methanol. Nevertheless, focus on innovation remains crucial, with areas such as improving production processes, exploring new feedstocks, and enhancing logistic frameworks pivotal for overcoming current limitations and driving the green methanol market forward.
Regional Insights
The American green methanol market is driven by government policies supporting renewable energy, increasing the need for cleaner fuels, and significant investment in research and development. The Renewable Fuel Standard (RFS) and state-level incentives have been crucial in promoting green methanol as an alternative fuel. Countries in the Americas are focusing on reducing carbon emissions, which has led to the exploration of green methanol as a sustainable solution in transportation and industrial processes. Countries showcase a customer base that is highly aware of environmental issues, which drives the demand for green technologies and fuels.
Europe is evolving in adopting green methanol with its climate goals and comprehensive regulations. The EU's Green Deal and the Fit for 55 package aim to drastically reduce carbon emissions, making green methanol a key player in achieving these targets. European countries also have some of the most advanced green methanol technologies and projects, highlighting the region's commitment to innovation and sustainability.
In the Middle East, the focus on green methanol is part of a broader strategy to diversify energy sources and lower dependency on fossil fuels, with countries including Saudi Arabia investing in green hydrogen and methanol production. Africa, though still an emerging market for green methanol, shows potential due to its abundant biomass resources and increasing need for sustainable energy solutions.
The Asia-Pacific region is witnessing a significant surge in demand for green methanol, primarily driven by countries implementing stringent environmental regulations and rapidly transitioning to cleaner energy sources. Governments across Asia-Pacific have launched several initiatives to reduce carbon emissions, leading to increased investment in green methanol production and research. Countries within Asia-Pacific, with their vast agricultural sector, see biomass-based green methanol as a promising avenue to reduce their oil dependency and enhance energy security. The Asia-Pacific market is characterized by a high willingness to adopt new technologies, making it an attractive market for green methanol producers.
Market Dynamics
Market Drivers
Growing emphasis on environmental sustainability and renewable energy sources Application in transportation and energy storage Government initiatives to promote renewable fuels
Market Restraints
High cost of production of green methanol
Market Opportunities
Advancements in synthesis process of green methanol Rising investments in green hydrogen projects
Market Challenges
Concerns associated with storage and distribution of green methanol
Market Segmentation Analysis
Type: Burgeoning usage of bio-based methanol offering reduced environmental footprint Application: Evolving utilization of green methanol in power generation
Recent Developments
Maersk Signs Landmark Green Methanol Offtake Agreement with Goldwind
A.P. Moller-Maersk, a significant player in global trade, secured a green methanol offtake agreement with Goldwind, a clean energy developer based in China. This important accord, extending into the next decade, signifies Maersk's strategic step towards substantially diminishing its carbon emissions within this decade, thus supporting the ambitious target set by the Paris Agreement to limit global warming to 1.5 degrees Celsius. This agreement underscores Maersk's commitment to pioneering low-emission shipping solutions and guarantees the continuation of eco-friendly transportation services for its clientele in the latter part of this decade.
KBR Launches New Technology for Green Methanol Production
KBR, Inc. expanded its suite of clean technology solutions with the launch of PureM, a cutting-edge green methanol technology. This innovative approach enhances the cleanliness of downstream production processes for fuels and high-value chemicals, integral to producing sustainable coatings, adhesives, and various materials crucial for achieving a net-zero future. By employing bio-derived or captured carbon dioxide combined with green hydrogen, PureM stands as a transformative solution, aligning with KBR's robust portfolio of clean ammonia and hydrogen technologies. This development underscores KBR's commitment to advancing technologies that facilitate a sustainable industry transition.
SunGas Announces First USD 2 Billion Green Methanol Factory in Maersk Partnership
SunGas Renewables, a player in the gasification systems industry, unveiled its ambitious plans to spearhead the construction of a cutting-edge green methanol production plant in the heart of Louisiana, USA. This strategic move is set to revolutionize the maritime sector by supplying A.P. Moller-Maersk with nearly 400,000 metric tonnes of green methanol annually, aiding in the transition of its container ships to methanol-powered engines. The initiative by Beaver Lake Renewable Energy (BLRE), a newly established entity under SunGas Renewables, marks a significant step forward in reducing carbon footprints and promoting sustainable shipping solutions.
Key Company Profiles
The leading players in the Green Methanol market, which are profiled in this report, include:
Alberta-Pacific Forest Industries Mitsui Uniper Saudi Basic Industries Sodra Skogsagarna ekonomisk forening BASF Topsoe Sungas Renewables Methanex Repsol Mitsubishi Chemical Group Vertimass Elyse Energy Avaada Energy Envision Group OCI Global Nordic Green ApS ABEL Energy Sumitomo Chemical Co. Carbon Sink Proman Carbon Recycling International KBR Clariant WasteFuel Global Enerkem Kapsom Green Energy Technology Johnson Matthey Advanced Chemical Technologies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 186 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $1.12 Billion |
| Forecasted Market Value (USD) by 2030 | $5.76 Billion |
| Compound Annual Growth Rate | 30.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Growing emphasis on environmental sustainability and renewable energy sources
5.1.1.2. Application in transportation and energy storage
5.1.1.3. Government initiatives to promote renewable fuels
5.1.2. Restraints
5.1.2.1. High cost of production of green methanol
5.1.3. Opportunities
5.1.3.1. Advancements in synthesis process of green methanol
5.1.3.2. Rising investments in green hydrogen projects
5.1.4. Challenges
5.1.4.1. Concerns associated with storage and distribution of green methanol
5.2. Market Segmentation Analysis
5.2.1. Type: Burgeoning usage of bio-based methanol offering reduced environmental footprint
5.2.2. Application: Evolving utilization of green methanol in power generation
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis
6. Green Methanol Market, by Type
6.1. Introduction
6.2. Bio-based Methanol
6.3. E-methanol
7. Green Methanol Market, by Feedstock Type
7.1. Introduction
7.2. Biomass-Based Methanol
7.3. CO2 Emission
7.4. Municipal Solid Waste
8. Green Methanol Market, by Application
8.1. Introduction
8.2. Chemical Feedstock
8.3. Power Generation
8.4. Shipping Fuel
8.5. Transportation Fuel
9. Americas Green Methanol Market
10. Asia-Pacific Green Methanol Market
11. Europe, Middle East & Africa Green Methanol Market
12. Competitive Landscape
12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
12.3.1. Maersk Signs Landmark Green Methanol Offtake Agreement with Goldwind
12.3.2. KBR Launches New Technology for Green Methanol Production
12.3.3. SunGas Announces First USD 2 Billion Green Methanol Factory in Maersk Partnership
12.4. Strategy Analysis & Recommendation
13. Competitive Portfolio
13.1. Key Company Profiles
13.2. Key Product Portfolio
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Global Green Methanol Market
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