InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Specialty Fertilizers Market Size, Share & Trends Analysis Report By Feedstock (Agriculture Waste, Forestry Residues, Municipal Solid Waste, CO2 Emission), Application (Formaldehyde, Methyl-Tert-Butyl-Ether, Gasoline, Solvent), And End-Use (Chemical, Transportation, Power Generation )- Market Outlook And Industry Analysis 2031″
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.
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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 significant 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. 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.
List of Prominent Players in the Green methanol Market:
Market Dynamics:
Drivers-
The need for green methanol as a clean and sustainable fuel source from the maritime industry is one of the key factors driving the growth of the green methanol market. The marine industry’s need for green methanol has increased the number of green methanol project announcements worldwide. Many logistical and maritime shipping firms have also stated their plans to add methanol-powered ships to their fleets. For instance, in September 2022, the chairpersons of China Merchants and COSCO Shipping Bulk declared that methanol would be a key focus of their future research as a primary fuel source for their ships.
Challenges:
The Environmental Protection Agency (EPA) claims that breathing in methanol can have several short- and long-term effects. Short-term exposure to methanol can result in blood acid production, which can harm the nervous system and result in mortality, nausea, vomiting, migraines, disorientation, seizures, and other problems. On the other hand, prolonged exposure to methanol can result in coma, death, unconsciousness, sleeplessness, blurred or blind vision, brain and nervous system damage, and birth problems. Strict limits on the manufacturing and use of methanol are anticipated in response to such harmful effects on human health.
Regional Trends:
The Asia Pacific green methanol market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The region’s economy is significantly influenced by the expanding transportation industry, which increases demand for the product for gasoline applications. China is one of the most significant markets for renewable methanol globally and in the Asia Pacific region. The country’s two main modernizing issues—air pollution and energy security—are the main drivers of the need for renewable methanol in the nation. Besides, the North American region had a substantial share of the market. The market for green methanol in the region is being significantly influenced by technical advancements made to absorb carbon dioxide generated by companies and use it in the production of green methanol.
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Recent Developments:
Segmentation of Green methanol Market-
By Feedstock
By Application
By End-use
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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