Companies are becoming increasingly interested in green methanol as it is a zero-carbon emission fuel, and with growing investment in renewable energy and hydrogen economy, the e-methanol segment within the green methanol market is expected to grow significantly during the forecast period.
FREMONT, Calif., Oct. 21, 2022 /PRNewswire/ — BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Green Methanol Market – A Global and Regional Analysis.
According to this study, the market size of the global green methanol market was valued at $122.35 million in 2021 and is projected to reach $3.15 billion by 2031.
The following factors are responsible for the increase in demand for green methanol:
- Rising use of green methanol in the chemical industry
- Government activities toward low-carbon infrastructure
- Increasing demand for green methanol in renewable energy storage
The detailed study is a compilation of 158 market data tables and 23 figures spread through 239 pages.
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Analyst’s Take on the Market Projection
According to Sachin Singh, Lead Analyst, BIS Research, “Green methanol is steadily gaining traction as a clean alternative to marine fuel as it meets the stringent emission standards in emission control areas (ECAs) and the new global emission standard set by the International Maritime Organization (IMO) that came into effect in 2020.
In addition, various countries are mandating the use of gasoline-biofuel blends to reduce greenhouse gas (GHG) emissions. Green methanol has a high octane rating (RON of 109) and low knocking resistance, enabling engines to run at higher compression ratios for greater efficiency. As a result, its popularity as a gasoline additive is also increasing. It can be blended with gasoline in a variety of ratios ranging from 3% to pure methanol (e.g., M3, M15, M85, and M100).
Furthermore, green methanol demand for the production of aromatic compounds (BTX) and other chemicals is expected to rise during the forecast period.”
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Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are BASF SE, Carbon Recycling International (CRI), OCI N.V., A.P. Moller – Maersk, Södra, Enerkem, GIDARA Energy, Nordic Green ApS, WasteFuel, Glocal Green, Methanex Corporation, Mitsubishi Gas Chemical Company, Inc. (MCG), European Energy, Eni S.p.A., Liquid Wind AB, Synhelion SA, HIF Global, ABEL Energy Pty Ltd., and Southern Green Gas Limited.
Recent Developments in the Global Green Methanol Market
- In September 2022, Sanlorenzo, an Italian yacht builder, and Rolls-Royce announced their plans 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. The first yacht built under this partnership will be equipped with two MTU (a core brand of Rolls-Royce) methanol engines from Rolls-Royce and is expected to set sail in 2026.
- 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. European Energy will use this CO2 to produce e-methanol for A.P. Moller – Maersk as part of their previously signed agreement in March 2022.
- In March 2022, OCI N.V. signed a partnership with NortH2 to develop the first integrated large-scale green ammonia and green methanol value chain through green hydrogen supply by NortH2 to OCI N.V. plants in the Netherlands.
- In March 2022, Mitsubishi Gas Chemical Company, Inc. and JFE Engineering Corporation announced that they had succeeded in producing methanol from CO2 recovered from waste incineration exhaust gas using the carbon capture and utilization (CCU) process. The pilot plant was set up at Mitsubishi Gas Chemical Niigata Research Laboratory, and the companies announced that they would continue to collaborate to create a decarbonized society.
- In February 2022, Carbon Recycling International installed the largest CO2-to-methanol reactor in CRI’s Anyang project, Henan province, China. The installed reactor is designed on Carbon Recycling International’s emissions-to-liquid (ETL) process technology.
- In September 2021, A.P. Moller – Maersk invested in California-based WasteFuel to develop green bio-methanol in North America and Asia. Maersk’s investment will be used by WasteFuel to develop the infrastructure for bio-refineries, which will enable the company to utilize the most effective technologies available to produce sustainable fuels from unrecoverable waste.
Bio-Methanol to be the Dominant Segment Based on Methanol Type in the Green Methanol Market
The overall green methanol market largely includes two types of methanol, i.e., bio-methanol and e-methanol. The bio-methanol segment is the largest segment based on methanol type, and as per the study by BIS Research, this segment is expected to dominate the market during the forecast period 2022-2031.
Bio-methanol is produced from biological feedstock such as forest residue, municipal solid waste (MSW), biogas, and biomass. Bio-methanol production has been around for decades and does not require large investments, unlike e-methanol production, which requires large investments to set up green hydrogen and carbon capture plants.
The study, however, also suggests that e-methanol production is expected to grow at a faster rate than bio-methanol production during the forecast period, owing to the growing investment in green hydrogen, renewable energy, and power-to-x technology.
Want to learn more about the latest trends in the green methanol industry? Speak to our analysts
Exclusive DeepTechTM MAP Analysis for Green Methanol by BIS Research:
Carbon Capture Utilization and Storage Market
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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