The global Green Methanol market size is projected to grow from USD 1.9 billion in 2024 to USD 11.1 billion by 2030, at a CAGR of 33.8% during the forecast period. Green methanol, also known as renewable methanol, is an ultra-low carbon chemical produced through sustainable processes. Green methanol can be categorized into two main types: bio-methanol and e-methanol, which are determined by the green feedstocks employed.
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Companies such as OCI N.V.
(Netherlands), Carbon Recycling
International Inc. (Iceland), Methanex Corporation (Canada), Proman
(Switzerland) and Södra (Sweden) fall under the winners’ category. These are leading players in the Green
Methanol market globally. These players have adopted the strategies of
acquisitions, expansions, partnerships, and investments to increase their
market shares.
OCI - OCI is one of the leading global producers and distributors of nitrogen products, providing sustainable solutions for agricultural and industrial customers around the world. It operates through the nitrogen, and methanol business segments. Operating across four continents, the company produces approximately 16.1 million metric tons per year of nitrogen fertilizers, methanol, diesel exhaust fluid, melamine, and other nitrogen products.
Carbon Recycling International Inc. - Carbon Recycling International Inc. stands out as a global leader in converting carbon dioxide into methanol. Their production capacity surpasses 200,000 tonnes of sustainable methanol per year. This achievement makes them the world's first company to achieve commercial-scale production of methanol from carbon dioxide, a significant milestone in tackling climate change. Their innovative technology offers a game-changing solution by transforming carbon dioxide into a valuable resource, promoting sustainability.
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The commercially successful projects of the company are reducing carbon emissions worldwide. This contributes to the rapidly growing market for renewable methanol, projected to reach a staggering 400 million tonnes annually by 2050. The company is not only pioneering CO2 conversion technology, but also actively enabling the development of an entirely new sustainable fuel industry.
Methanex Corporation - Methanex Corporation produces methanol, which is used in the manufacturing of a range of consumer and industrial products, such as building materials, paints, foams, resins, clothing and textiles, pharmaceutical products, and medical equipment. Its wholly-owned subsidiary, Waterfront Shipping Co. Ltd., operates the methanol ocean tanker fleet. The company supplies methanol to petrochemical producers and distributors through its marketing offices in North America (Vancouver and Dallas), Europe (Brussels), Asia Pacific (Hong Kong, Shanghai, Tokyo, Beijing, and Seoul), Latin America (Santiago), and the Middle East (Dubai, UAE).
Methanex Corporation’s operations consist of a single operating segment for the production and sale of methanol. Since 2020, its site at Geismar, US, and its offices in Dallas and Brussels have been certified with the International Sustainability & Carbon Certification (ISCC) to produce and sell bioethanol. It has a vast geographical presence across Asia, Europe, South America, and North America.
Proman - Proman is a leading producer of methanol and is committed to developing sustainable methanol and ammonia as cleaner alternatives to fossil fuels. The company is actively involved in the production and transportation of methanol. Proman was formed by the merging of two companies, IPSL and Proman AG (Trinidad and Tobago).
Proman's product portfolio consists of various products, such as methanol, ammonia, melamine, UAN solutions, and more. It has a vast global presence in countries across Europe, the Middle East & Africa, and North America.
Södra - Södra began producing bio-methanol at its Mönsterås pulp mill, marking a significant step toward a more sustainable future. Its bio-methanol sales demonstrate a resource-efficient approach, extracting more value from the raw materials used in its processes.
Södra has pioneered commercial scale biomethanol production from forest biomass at its Mönsterås facility, producing 6.3 million liters annually. The sustainable process reduces emissions and is ISCC certified. Partnering with ANDRITZ, Södra overcame technical challenges and plans to expand its commercial applications. It has vast geographical presence in Europe, North America, Asia Pacific and South America.
Recent
Development in Green Methanol Market Industry
· In May 2024, Carbon Recycling Interntional builds first-of-its-kind renewable energy plant for eco-friendly hydrogen-methanol production using ETL technology with Jiangsu Dafu supplying smart power and Guangdong Hydro Power leveraging their clean energy experience.
· In May 2024, SunGas Renewables Inc patnered with C2X LLC to accelerate green methanol production in North America through technology, investment, and facility development.
· In March 2024, ABEL Energy selects thyssenkrupp nucera, a global electrolysis leader, as their preferred supplier for 260MW electrolyzers in their Tasmanian green hydrogen project.
Key Questions Addressed by the Green Methanol Market Industry Report
What is driving the green methanol market?
The global shift towards cleaner energy sources and the imperative to reduce carbon emissions are primary drivers in the green methanol market.
· Which region is projected to show the highest CAGR in the green methanol market during the forecast period?
o North America is expected to exhibit the highest CAGR during the forecast period.
· What is the primary source of green methanol?
o Biomass is a major source of green methanol due to its abundant and renewable nature. Processes like gasification and pyrolysis can convert biomass into methanol, offering a sustainable alternative to fossil fuels. The versatility and environmental benefits of biomass drive its role in green methanol production, supporting the shift towards cleaner energy sources.
· Who are the major players in the green methanol market?
o Key market players include OCI (Netherlands), Carbon Recycling International Inc. (Iceland), Methanex Corporation (Canada), Proman (Switzerland) and Södra (Sweden)
· What is the expected compound annual growth rate (CAGR) for the green methanol market in terms of value from 2024 to 2030?
o The market is anticipated to achieve a CAGR of 33.8% from 2024 to 2030.
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