According to a recent research report published by MarkNtel Advisors, the Global Green Methanol Market is set to register around 4.9% CAGR during 2022-27. The shift of the chemical, shipping, & automotive industries from conventional fuels to renewable sources, owing to increasing environmental concerns with alarming levels of carbon emissions, is the main driving force of the Green Methanol Market. Besides, strict regulations for the shipping industry to reduce sulfur levels in the fuels they utilize are also supporting the industry's growth.
Shipping companies are adopting sulfur-less fuel alternatives like green methanol to abide by these norms & subsequently contribute to a greener future. Enterprises operating in the maritime industry across European are already using methanol as a fuel to comply with the targets set by the European Union to mitigate climate change and become carbon-neutral.
Moreover, the automotive & aviation sectors are increasingly adopting renewable energy sources like biofuels, i.e., stimulating the production of green methanol. On the other hand, fuel-cell manufacturers are actively working on producing hydrogen & methanol fuel cells in line with their plans to switch to green methanol. Since methanol is an excellent hydrogen carrier, methanol-based fuel cells can aid in the efficient production of clean electricity to power fuel cell vehicles, which, in turn, would further boost the market in the future.
Some Important Aspects Associated with the Green Methanol Industry:
Green Methanol Market in Europe to grow at a Considerable Pace through 2027
With strict targets set by the EU (European Union) for using low-carbon fuels to reduce the impact of GHG emissions and mitigate climate change, Europe is very likely to acquire a stronghold in the green methanol market globally during 2022-27.
While the UK has already been using blends of bio-methanol since 2018, Germany is witnessing a burgeoning demand for renewable methanol to fulfill the evolving requirements for formaldehyde for making car panels, plywood boards, & laminated floors. The growing need for green methanol attributes to the rising prices of natural gas across the country.
Furthermore, Vulcanol, renewable methanol produced by CRI, is being utilized largely in Iceland, and Bio-Methanol produced by BioMCN is a popular fuel additive used in the Netherlands. Hence, the increasing environmental sustainability in these countries owing to the above-cited aspects projects a lucrative prospect for the Europe Green Methanol Industry through 2027.
Competitive Landscape
The key companies in the Global Green Methanol Market include Advanced Chemical Technologies, BASF SE, BioMCN, Carbon Recycling International, Enerkem, European Energy, Nordic Green, NREL, SABIC (Saudi Basic Industries Corporation), Södra Skogsägarna, and Vertimass, among others.
Key Questions Answered in the Research Report
Market Segmentation