The Green Methanol Market is expected to grow from USD 1.97 billion in 2024 to USD 18.45 billion by 2035, at a CAGR of 35.8% over the forecast period, according to the latest study by MIR The increasing focus on reducing greenhouse gas emissions and addressing climate change is driving demand for green methanol as a sustainable substitute for fossil fuel-based methanol. In addition, policies by governments to promote the utilization of renewable energy and decrease greenhouse gas emissions are driving growth and investment in the green methanol industry.
Growing Demand for Green Methanol as Clean Energy Storage Solution
In the quest for a sustainable future, renewable energy sources have become an essential part of the world’s energy mix. Yet, tapping the full potential of renewables such as solar and wind energy currently has limitations, such as intermittent power generation and the necessity for effective energy storage systems. Green methanol has now become a promising solution to overcome these limitations, transforming renewable energy storage and aiding in the decarbonization of energy systems.
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| Quantitative Units | Revenue in USD Million, Volume in Thousand Tonnes, and CAGR for 2020-2024 and 2025-2035 |
| Report coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Feedstock
Type Application |
| Regional scope | Europe, North America, Asia Pacific, Rest of the World |
| Country scope | Germany, Denmark, Netherlands, Sweden, France, United Kingdom, Austria, United States, Canada, Mexico, China, India, Japan, Australia, South Korea, Chile, Brazil, South Africa |
| Key companies profiled | OCI N.V., Methanex Corporation, Enerkem Inc., Carbon Recycling International, Södra Skogsägarna, 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, SunGas Renewables Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Segmented By Feedstock (CO2 Emissions, Municipal Solid Waste, Agricultural Waste, Forestry Residues, and Others),
By Type (E-Methanol, Bio Methanol),
By Application (Fuel Grade, Chemical Feedstock, and Others)
By feedstock, the green hydrogen is the most rapidly growing feedstock segment for green methanol because it has the potential to drastically reduce carbon emissions. Made from renewable energy sources such as wind and solar, it is a cleaner substitute for traditional hydrogen. The cost of electrolyzers is being brought down by technological advancements, and green hydrogen is becoming more affordable. Government policies and incentives and renewable energy policies are driving its adoption. Its ease of adoption in current industrial processes and versatility further render it a choice of preference. Consequently, green hydrogen is leading the market for green methanol through its ability to offer a cost-efficient and sustainable feedstock.
By application, the fuel segment is poised to lead the market throughout the forecast period. Green methanol is increasingly being used as fuel because industries require cleaner energy sources and governments are implementing tighter regulations to ensure environmental protection. Green methanol emits fewer pollutants and can be utilized in shipping, transportation (blended with gasoline or in engines directly) and power generation. It’s in demand since it is compatible with existing infrastructure and assists industries in reducing their carbon footprint.
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Region-wise, North America is likely to be the fastest-growing market for the green methanol industry. The growth is driven by stringent environmental laws, huge investments in renewable energy infrastructure, and robust government backing through policies and incentives. The sustainability drive in the region, coupled with the participation of major industry players and ongoing technological developments, contributes immensely to the demand for green methanol across various applications.
Over the last few years, concerns regarding climate change and sustainability of the environment have created increasing demand for cleaner and greener solutions in all sectors. The chemical industry, one of the world’s largest producers of greenhouse gas emissions, is also searching hard for more sustainable options to serve the purpose of chemicals without compromising the environment. Of all the promising solutions, green methanol is at the forefront in reshaping the chemical industry.
For example, in 2022, Green Umia project approximates to realize a reduction of 58,000 tonnes of CO2 in its first 10 years of activity, due to the manufacture of 2,900 tonnes per annum of renewable methanol, to be utilized by Foresa itself for incorporation into a broad range of industries.
Additionally, traditional methanol manufacturing is dependent largely on fossil resources like natural gas, coal, and petroleum, which are depletable. On the other hand, green methanol may be manufactured using a variety of renewable feedstocks like agricultural residues, forest residues, municipal solid waste, and even carbon dioxide from industrial capture. It puts less pressure on fossil fuel deposits and assist in waste management and pollution control. Besides, green methanol serves as a feedstock for the manufacture of different chemical products. The chemical products find applications in various verticals such as transportation, construction, pharmaceutical, fertilizers and others. The production of formaldehyde utilized by paint and coating industries, Methyl-tert-butyl-ether assists in the manufacture of biodiesel which is utilized to increase the utilization of biodiesel as alternative fuel, dimethyl ether serves as chemical solvent. The manufacture of these chemicals assists in decreasing the emission of carbon footprints and leads to a green environment.
