New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global green methanol market is predicted to garner $12,478.5 million in revenue and rise at a fascinating CAGR of 37.8% over the estimated period from 2022 to 2031.
As per our analysts, the growing environmental concerns across various nations have increased the demand for green methanol as it is produced from a variety of renewable sources such as biomass, waste, and renewable electricity, which is expected to propel the growth of the green methanol market over the estimated period. Besides, the increasing demand for electric vehicles among individuals across the globe is predicted to foster the growth of the market during the analysis period. Moreover, the increasing demand for clean energy sources to replace traditional fossil fuels in various industries is predicted to create massive growth opportunities for the market over the estimated timeframe. However, the high production costs of green methanol may hinder the growth of the market in the coming period.
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Segments of the Green Methanol Market
The report has divided the market into segments based on type, feedstock, application, end-use industry, and region.
Type: E-Methanol Sub-Segment to be Most Productive
The e-methanol sub-segment is predicted to have the fastest growth over the estimated timeframe. The increasing demand for renewable & sustainable fuels to reduce carbon emissions in the transportation sector is expected to bolster the growth of the market sub-segment over the analysis period.
Feedstock: Carbon Dioxide Sub-Segment to be Most Profitable
The growing popularity of converting carbon dioxide to methanol through the process called CO2 hydrogenation to reduce global warming issues is expected to augment the growth of the green methanol market sub-segment during the forecast period.
Application: Chemical Uses Sub-Segment to be Most Gainful
The chemical uses sub-segment is expected to rise at the highest CAGR over the analysis timeframe. This is mainly due to the rising demand for sustainable chemicals across several industries such as plastics, paints, and many more. In addition, the growing popularity of green methanol as an alternative to traditional chemical uses to reduce notable environmental impacts is expected to fuel the growth of the market sub-segment over the forecast period.
End-Use Industry: Automotive Sub-Segment to be Most Beneficial
The automotive sub-segment held the largest market share in 2021. This is mainly due to the increasing demand for alternative fuel sources to fight against rapidly changing climatic conditions. Moreover, green methanol can be blended with gasoline to reduce greenhouse gas emissions and improve fuel efficiency which is predicted to amplify the growth of the market over the forecast period.
Region: Asia-Pacific Market to Have Extensive Growth Opportunities
The Asia-Pacific region of the green methanol market is expected to experience the fastest growth over the analysis timeframe. This is mainly due to the increasing need for renewable energy sources across the region. Furthermore, the increasing production of renewable energy sources such as biomass in the region which can be used to manufacture green methanol is predicted to drive the regional growth of the market during the estimated period.
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Covid-19 Impact on the Green Methanol Market
The outbreak of the Covid-19 pandemic has caused negative impacts across various industries, including the green methanol market. The disrupted global supply chains have delayed the construction of new green methanol plants and affected the maintenance of existing plants. Moreover, the restriction on global travel & transportation has decreased the demand for fuels during the pandemic period. Additionally, the rapid shift of governments’ priorities toward healthcare & emergency response led to a reduction in funding & support for renewable energy projects. All these factors have declined the market growth throughout the crisis.
Key Players of the Green Methanol Market
The major players of the market include
- Innogy
- Fraunhofer
- Nordic Green
- Enerkem
- OCI N.V.
- Carbon Recycling International
- Uniper SE
- Methanex Corporation
- Vertimass LLC
- BASF SE
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
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For instance, in November 2022, Maersk, a global leader in container shipping and ports announced its partnership with Carbon Sink LLC, a renowned company converting waste CO2 to sustainable fuels and chemicals. With this partnership, the companies aimed to develop green methanol production facilities across the United States.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Green Methanol Market:
- Green Methanol: The Key to Energy Transition
- Growing Environmental Concerns Across Many Nations Globally to Propel the Growth of the Global Green Methanol Market by 2031
