Green Methanol Market Boosted by Increasing Demand for Low-Emission Fuels in Maritime, Aviation, and Industrial Sectors

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Specialty Fertilizers Market Size, Share & Trends Analysis Report By Feedstock (Agriculture Waste, Forestry Residues, Municipal Solid Waste, CO2 Emission), Application (Formaldehyde, Methyl-Tert-Butyl-Ether, Gasoline, Solvent), And End-Use (Chemical, Transportation, Power Generation )- Market Outlook And Industry Analysis 2034"

The global green methanol market is estimated to reach over USD 42.3 Billion by the year 2034, exhibiting a CAGR of 33.5% during the forecast period.

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Green methanol offers significant environmental benefits, including up to a 95% reduction in carbon dioxide emissions, an 80% decrease in nitrogen oxide emissions, and the complete elimination of sulfur oxide and particulate matter emissions when compared to traditional fuels. Produced using renewable electricity, biomass gasification, and captured carbon dioxide (CO2), green methanol is a low-carbon fuel that is gaining rapid market traction. Several key factors are driving this growth, including the increasing focus on adopting low-carbon emission technologies across various industries, particularly in the automotive and aviation sectors.

The rising demand for green methanol is also fueled by its use as a fuel-grade blending agent with fossil fuels, as well as its applications in construction and industrial sectors. Additionally, growing demand from industries such as paints and coatings, pharmaceuticals, and marine is further contributing to market expansion. Increased research and development investments, organizational initiatives, and favorable government policies regarding export and trade also support the growth of the green methanol market. As consumers increasingly embrace new technologies to optimize profitability, the global green methanol market is expected to capture a larger market share during the forecast period.

List of Prominent Players in the Green methanol Market:
• A.P. Moller - Maersk
• ABEL Energy Pty Ltd.
• Advanced Chemical Technologies
• BASF SE
• Carbon Recycling International (CRI)
• Enerkem Inc.
• European Energy, Eni S.p.A.
• Fraunhofer GmbH
• GIDARA Energ
• Glocal Green
• HIF Global
• Innogy SE
• Liquid Wind AB
• Methanex Corporation
• Mitsubishi Gas Chemical Company, Inc. (MCG)
• Nordic Green ApS
• OCI N.V.
• Saudi Basic Industries Corporation
• Sodra Skogasagarma
• Southern Green Gas Limited.
• Synhelion SA
• Uniper SE
• Vertimass LLC
• WasteFuel

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Market Dynamics:
Drivers:
The increasing demand for green methanol as a sustainable and clean fuel source from the maritime industry is a key driver of market growth. This demand has led to a rise in green methanol project announcements globally. Numerous logistics and shipping companies have expressed intentions to incorporate methanol-powered vessels into their fleets. For example, in September 2022, the leaders of China Merchants and COSCO Shipping Bulk announced that methanol would be a primary focus of their future research as a fuel source for their ships.

Challenges:
The Environmental Protection Agency (EPA) highlights that exposure to methanol can lead to a range of short-term and long-term health effects. Short-term exposure may cause blood acidification, which can damage the nervous system and result in symptoms such as nausea, vomiting, dizziness, seizures, and potentially fatal outcomes. Prolonged exposure may lead to more severe health consequences, including coma, death, vision impairment, neurological damage, and birth defects. These potential health risks are expected to result in stricter regulations governing the production and use of methanol.

Regional Trends:
The Asia-Pacific green methanol market is anticipated to capture a significant revenue share and grow at a strong compound annual growth rate (CAGR) in the near future. The region's expanding transportation industry, which drives demand for green methanol in fuel applications, plays a key role in this growth. China, in particular, is a major market for renewable methanol, both within the Asia-Pacific region and globally. The country's primary concerns-air pollution and energy security-are significant factors fueling the demand for renewable methanol. Additionally, North America holds a considerable market share, driven by advancements in technologies that capture carbon dioxide from industrial processes and convert it into green methanol.

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Recent Developments:
• In Feb 2023, A Memorandum of Understanding (MoU) was signed by Uniper and Greenko ZeroC Private Limited, allowing Uniper to engage in exclusive talks for the offtake of green ammonia from Phase 1 of Greenko ZeroC's ammonia manufacturing facility in Kakinada. According to the MoU, Greenko and Uniper seek to establish a supply, tenure, and price structure that is unique in the industry for a supply and purchase agreement for 250,000 tonnes of green ammonia annually (GASPA) based on the Heads of Terms.
• In June 2022, Following the completion of the technical verification of the gasification of forest wastes for the manufacture of renewable methanol for shipping, Cortus Energy has engaged in a term sheet with the Norwegian firm Glocal Green AS. The Norwegian shipping sector believes that renewable methanol is the best method to phase out fossil fuels and safeguard the industry's future.
• In June 2019, BASF has designed a technology for manufacturing methanol that, if implemented, may remove carbon dioxide (CO2) emissions from the process, from the creation of syngas to the production of pure methanol. 70% of the chemical industry's greenhouse gas (GHG) emissions are caused by the production of the most fundamental compounds. Under its Carbon Management Program, BASF is researching innovative solutions to minimise GHG emissions from these activities.

Segmentation of Green methanol Market-
By Feedstock
• Agriculture Waste
• Forestry Residues
• Municipal Solid Waste
• CO2 Emission
• Others
By Application
• Formaldehyde
• Methyl-tert-butyl-ether
• Gasoline
• Solvent
• Others
By End-use
• Chemical
• Transportaion
• Power Generation
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.