Global Renewable Methanol Market

Global Renewable Methanol Market Size, Share, Growth Analysis, By Feedstock(Agricultural Waste, Forestry Residues), By End user(Industry, Chemicals) - Industry Forecast 2024-2031


Report ID: SQMIG15C2062 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 67 | Figures: 65

Global Renewable Methanol Market News

  • In January 2024, Maritime Strategies International (MSI) predicts that there will be more popularity for renewable ammonia contrasted with renewable methanol in fueling the low-carbon economy. This shift mirrors the rising role of elective powers in decreasing fossil fuel byproducts.

     

  • In December 2023, Masdar and Hy24 consented to cooperate to investigate potential open doors in green hydrogen production. They will focus on transforming sustainable power into green hydrogen through a cycle called electrolysis. This partnership will likewise investigate delivering other green energy derivatives like ammonia, methanol, aviation fuel, and liquid hydrogen. They intend to focus on different regions all around the world, including Europe, the Americas, Asia Pacific, and the Middle East and North Africa (MENA). 

     

  • In December 2023, Mitsubishi Gas Chemical Company, the City of Yokohama, and Maersk AS signed a Memorandum of Understanding (MOU). This partnership expects to advance the use of green methanol at the Port of Yokohama, determined to decrease fossil fuel byproducts from international marine transportation. The collaboration lines up with Japan's International Container Strategic Port and Harbour Policies and supports the Port of Yokohama's objective of accomplishing carbon neutrality.

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Global Renewable Methanol Market size was valued at USD 196.8 million in 2022 and is poised to grow from USD 212.35 million in 2023 to USD 390.14 million by 2031, growing at a CAGR of 7.9% in the forecast period (2024- 2031).

The Global renewable methanol market’s competitive landscape is characterized by a dynamic interplay of established players and emerging entrants vying to capitalize on the growing demand for sustainable fuels. Leading companies such as Carbon Recycling International, Enerkem are leveraging technological advancements to enhance production efficiency and lower carbon footprints. Collaborations, strategic partnerships, and investments in research and development are shaping the industry, while evolving government policies and rising environmental awareness create both opportunities and challenges. As the global transition towards cleaner energy intensifies, competitive strategies centered on innovation, scalability, and environmental stewardship will define the success of companies in this burgeoning market. 'BASF SE - Germany', 'Carbon Recycling International - Iceland', 'Enerkem - Canada', 'Fraunhofer - Germany', 'Innogy - Germany', 'Nordic Green - Norway', 'OCI N.V. - Netherlands', 'Sodra - Sweden', 'Uniper SE - Germany', 'Vertimass LLC - United States'

Growing global concerns over climate change and air quality have led to increased demand for renewable and low-carbon fuel options. Renewable methanol, which can be produced from various feedstocks like biomass, CO2, and renewable hydrogen, offers a cleaner alternative to traditional fossil fuels. Additionally, many governments have introduced or strengthened regulations and incentives to promote the use of renewable fuels, creating a favorable market environment for renewable methanol.

Growing Interest in Carbon-Neutral Fuels: The renewable methanol market has been experiencing increased interest due to the global push for decarbonization and the transition to more sustainable energy sources. Methanol, when produced from renewable sources such as biomass, carbon capture and utilization (CCU), or renewable hydrogen, can be considered a carbon-neutral fuel. This characteristic has led to a rise in demand for renewable methanol, particularly in industries looking to reduce their carbon footprint, such as transportation and power generation. Governments and organizations seeking to meet climate targets have been exploring renewable methanol as a way to achieve cleaner energy solutions.

The global renewable methanol market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Europe has been a dominant region in the renewable methanol market due to its strong commitment to decarbonization and the transition to cleaner energy sources. Several European countries have implemented ambitious renewable energy and emissions reduction targets, which have driven the demand for renewable methanol as a sustainable fuel and feedstock for various industries. European nations are investing in renewable energy projects, and policies such as the Renewable Energy Directive (RED) have further propelled the adoption of renewable fuels like methanol.

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Global Renewable Methanol Market

Product ID: SQMIG15C2062

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