DUBLIN, Nov. 2, 2023 /PRNewswire/ — The “Green Methanol Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
The global green methanol market is set to experience substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 12.82%, reaching an estimated value of approximately $387.92 million by 2028.
This surge is primarily attributed to the rising awareness of global warming and the growing demand for eco-friendly fuel alternatives. Notably, in 2021, global carbon dioxide emissions from fossil fuels and industry reached a staggering 33.67 billion metric tonnes.
Sustainable Green Methanol: Fueling the Future
Green methanol emerges as a sustainable solution with versatile applications, serving as a clean fuel source, a feedstock for various chemical industries, and a renewable energy storage solution. What sets green methanol apart is its scalability and ease of transportation, making it an attractive choice for energy storage across both small and large-scale applications. This scalability facilitates the integration of renewable energy sources into multiple sectors.
Transforming the Chemical Sector
The chemical industry, a significant contributor to greenhouse gas emissions, is turning to green methanol as a game-changer. Unlike conventional methanol production, which emits substantial carbon dioxide, green methanol is produced using renewable energy sources and sustainable feedstocks. Key sources of green methanol include biomass, captured CO2, and waste gases from industrial processes. This shift drastically reduces the carbon footprint of the chemical industry, making green methanol a sustainable feedstock alternative.
Meeting Renewable Energy Storage Demands
Green methanol’s adaptability positions it as an optimal solution for renewable energy storage. Renewable energy sources like solar and wind often generate excess energy when demand is low. Green methanol, through a process known as Power-to-Methanol (PtM), allows surplus renewable energy to be converted into green methanol. This stored green methanol can be efficiently utilized when needed, serving as an effective means of storing renewable energy.
Regulatory Compliance Driving Adoption
Stringent environmental regulations aimed at reducing carbon emissions are propelling the adoption of green methanol. With its low-carbon properties, green methanol aligns perfectly with industries seeking to meet emissions reduction targets. It not only reduces carbon emissions but also recycles CO2 from the atmosphere or industrial emissions, closing the carbon loop and contributing to a greener environment.
OCI N.V., Methanex Corporation, Enerkem Inc., Carbon Recycling International, Sodra Skogsagarna, BASF SE, Topsoe A/S, Liquid Wind AB, Eni S.p.A., ABEL Energy Pty Ltd., Thyssenkrupp AG, Nordic Green ApS, Mitsubishi Gas Chemical Co Inc, Southern Green Gas Limited, and SunGas Renewables Inc. are some of the key players of global green methanol market.
In this report, the global green methanol market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Green Methanol Market, by Feedstock
- CO2 Emissions
- Municipal Solid Waste
- Agricultural Waste
- Forestry Residues
Green Methanol Market, by Type
- Bio Methanol
Green Methanol Market, by Application
- Fuel Grade
- Chemical Feedstock
Green Methanol Market, by Region
- North America
- Rest of the World
For more information about this report visit https://www.researchandmarkets.com/r/rkvvnq
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