Companies covered in this report are BASF SE,Advanced Chemical Technologies, Uniper SE, Fraunhofer GmbH, Enerkem Inc., Innogy SE, Nordic Green ApS, Vertimass LLC, Saudi Basic Industries Corporation, and Södra Skogsägarna
Jersey City, NJ, Aug. 07, 2023 (GLOBE NEWSWIRE) — The global green methanol market is estimated to reach over USD 6.58 billion by 2031, exhibiting a CAGR of 7.05% during the forecast period.
Green methanol has up to a 95% reduction in carbon dioxide emissions, an 80% reduction in nitrogen oxide emissions, and a 100% elimination of sulfur oxide and particulate matter emissions compared to traditional fuels. A low-carbon fuel known as “green methanol” can be produced using either biomass gasification or renewable electricity and captured carbon dioxide (CO2).
The market is rapidly expanding due to numerous significant factors, including increased attention on adopting safe and low-carbon emission activities, the automotive and aviation industries, and other significnt considerations. The growing demand for green methanol is also caused by the need for fuel-grade blending chemicals with fossil fuels and construction applications. Additionally, one of the major drivers of the market’s growth is the rising demand from industries like paint and coatings, pharmaceuticals, marine, and others.
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In addition, increased R&D spending, organizational activities, and government export and trade regulations drive the industry. Consumer preferences for adopting new technology to maximize profit fuel market expansion. It follows that the global green methanol market is anticipated to increase market share during the anticipated period.
Recent Developments:
In Feb 2023, A Memorandum of Understanding (MoU) was signed by Uniper and Greenko ZeroC Private Limited, allowing Uniper to engage in exclusive talks for the offtake of green ammonia from Phase 1 of Greenko ZeroC’s ammoniamanufacturing facility in Kakinada. According to the MoU, Greenko and Uniper seek to establish a supply, tenure, and price structure that is unique in the industry for a supply and purchase agreement for 250,000 tonnes of green ammonia annually (GASPA) based on the Heads of Terms.