DUBLIN--(BUSINESS WIRE)--Nov 7, 2022--
The "Green Methanol Market - A Global and Regional Analysis: Focus on End-Use Industry, Application, Methanol Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global green methanol market is projected to reach $3,149.05 million by 2031 from $122.35 million in 2021, 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 biomasses, including forestry and agricultural waste, byproducts, biogas, sewage, municipal solid waste (MSW), black liquor from the pulp and paper industry, carbon dioxide, and green hydrogen produced with renewable electricity. Methanol produced from biomass is called bio-methanol, and the one produced from CO2, green hydrogen, and renewable electricity is known as e-methanol.
Market Lifecycle Stage
Green methanol has been around for years now, with companies such as CRI, OCI N.V., and Chemrec AB being some of the earliest players in the market. Carbon Recycling International (CRI) set up a first-of-its-kind e-methanol demonstration plant in 2010-11 in Iceland and became the first company to start commercial production of e-methanol in 2012 under the brand name Vulcanol. OCI N.V.'s subsidiary BioMCN was the first company to enter bio-methanol production, with the first project starting in 2010 in the Netherlands with a capacity of 200 KT/year.
Since then, the market has grown significantly, with demand increasing every day owing to strict carbon-emission regulations in the maritime industry and growing emphasis on biofuels from the governments. The maritime industry, biofuels, and support from the government are expected to further drive the growth of the market during the forecast period.
Industrial Impact
The growth of the green methanol market is closely tied to the growing demand for green methanol from the maritime industry as a clean and sustainable fuel source. Growing demand for green methanol from the maritime industry has led to a growing number of project announcements for green methanol around the globe. Additionally, a growing number of maritime shipping and logistic companies have announced the decision to include methanol-powered ships in their portfolio. For instance, in September 2022, the chairmen of China Merchants and COSCO Shipping Bulk announced that methanol as a primary source of fuel for their ships would be at the forefront of their research in the future.
Market Segmentation
Segmentation 1: by End-Use Industry
Segmentation 2: by Application
Segmentation 3: by Methanol Type
Segmentation 4: by Region
Demand - Drivers and Limitations
The following are the demand drivers for the green methanol market:
The market is expected to face some limitations as well due to the following challenges:
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Green Methanol Market, Revenue Share (by Methanol Type), 2021
Bio-methanol is the largest segment in the market, accounting for around 98.27% market share in 2021, while e-methanol contributed around 1.73% share.
Some prominent names established in this market are:
Company Type 1: Bio-Methanol Producers
Company Type 2: e-Methanol Producers
Key Topics Covered:
1 Market
2 Application
3 Product
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
Companies Mentioned
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/07/2022 07:19 AM/DISC: 11/07/2022 07:19 AM
http://www.businesswire.com/news/home/20221107005637/en