The global green methanol market size was valued at USD 350.9 million in 2023. The industry is expected to expand from USD 526.2 million in 2024 to USD 16,021.8 million by 2032, exhibiting a CAGR of 53.3% over the study period.
Renewable methanol can lead to the expansion of methanol usage as a fuel and chemical raw material and aid transport and industrial sectors in their movement toward net carbon neutrality goals. Even 100% carbon-free products can be produced by deploying different sustainable feedstocks, including CO2, waste, hydrogen, and biomass. Thus, this promising situation has drawn the attention of companies and investors in the conventional methanol market.
Fortune Business Insights™ provides this information in its research report, titled “Green Methanol Market, 2024-2032”.
Segmentation:
Biomethanol Segment Dominated Due to Cheaper Raw Material Price
On the basis of type, the market for green methanol is bifurcated into e-methanol and biomethanol. The biomethanol segment held the largest market share in 2023. Different feedstock types, including biogas from landfills, municipal solid waste, sewage, and forestry and agricultural waste, are used for producing biomethanol. The ease of access and lower price of methanol produced from these materials than e-methanol is leading to the heightened biomethanol demand.
Many Capacity Expansion Plans In terms of Power to Methanol Route to Fuel Segment Growth
In terms of production route, the market is divided into biomethane reforming, waste to methanol, power to methanol, and biomass gasification. The power to methanol segment is anticipated to witness the largest green methanol market share by the end of 2025. Many capacity expansion plans on the basis of power to methanol route are impelling the segment expansion.
Huge Methanol Consumption for Chemical Production to Spur the Segment Expansion
With respect to end use, the market is categorized into fuel and chemical. The chemical segment captured the largest share in 2023. The extensive usage of methanol for the production of different chemicals is proliferating the segment growth.
From the regional perspective, the market is divided into Europe, North America, the Asia Pacific, and the rest of the world.
Key Market Trends
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Decarbonization of Shipping Industry: The International Maritime Organization (IMO) has set ambitious targets to reduce GHG emissions from ships. Green methanol is emerging as a cleaner alternative to conventional marine fuels, and major shipping companies are investing in green methanol-powered vessels.
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Increased Focus on Sustainable Fuels: With global efforts to transition to renewable energy sources, green methanol is being considered a key solution for sustainable transportation fuels, particularly for sectors that are difficult to electrify, such as long-haul shipping and aviation.
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Rising Investments in Hydrogen Economy: Green methanol can be produced from renewable hydrogen and captured CO2. As investments in green hydrogen technologies rise, the availability of low-carbon methanol will increase, further driving market growth.
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Technological Advancements in Carbon Capture: Advances in carbon capture and utilization (CCU) technologies are making the production of green methanol more cost-effective, enhancing its competitiveness in the broader methanol market.
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Report Coverage
The strategic measures implemented by top companies to outshine the competition have been mentioned in the report. Besides this, it comprehensively analyzes the key driving and restraining factors affecting the market growth. It further provides vital insights into the COVID-19 pandemic impact, the top trends, and significant industry developments.
Drivers and Restraints:
Moves Taken by the Government to Foster the Market Growth
Nations, including New Zealand, Italy, India, Egypt, and others, are assessing different methanol blends with gasoline for the introduction of fuel with a low carbon footprint without impacting performance. These initiatives by the government at the global level are poised to bolster the green methanol market growth.
However, the steep production cost may hamper the market growth.
Regional Insights:
Asia Pacific to Lead Due to Huge Capacity Expansion Plans
The Asia Pacific is slated to emerge as the largest consumer by 2025. This is on account of many capacity expansion plans in China, which are expected to help the region achieve the top position.
North America is the largest consumer across the globe owing to high product demand due to the strong presence of prominent biomethanol manufacturers.
Competitive Landscape:
Key Companies Emphasize Securing Contracts to Strengthen Their Position
ANDRITZ, Enerkem, Alberta-Pacific Forest Industries Inc, Avaada Group, and Cepsa are the major producers of the product. Companies are making aggressive investments in capacity expansion of green methanol projects to deploy the first mover advantage. Leading players are focusing on securing contracts to enhance their position.
Key Industry Development:
October 2023: thyssenkrupp Uhde announced that it had bagged a contract from ENOWA for the procurement, design, and supply of equipment for a new CO2-to-methanol and methanol-to-gasoline demonstration facility. This plant will utilize the innovative green methanol process of the company.
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List of Key Players Mentioned in the Report:
- Alberta-Pacific Forest Industries Inc (Canada)
- ANDRITZ (Austria)
- Avaada Group (India)
- Cepsa (Spain)
- Enerkem (Canada)
- Mitsui & Co., Ltd. (Japan)
- OCI Global (Netherlands)
- SunGas Renewables (U.S.)
- Thyssenkrupp Uhde GmbH (Germany)
- Veolia (France)
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