Biomethanol Market �CTrends Demand, Growth & Competition Analysis by 2030

Posted by Akio Komatsu on August 20th, 2024

According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Biomethanol Market - Industry Trends and Forecast to 2030 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.

Global Biomethanol Market Analysis and Size

The Global Biomethanol Market size is estimated to grow at a CAGR of around 26.45% during the forecast period, i.e., 2024-30.

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Some of the major players operating in the Biomethanol Market are Carbon Recycling International (CRI), Enerkem, Sodra, Veolia, BASF, Methanex Corporation, Mitsubishi Chemicals, IMC Enric Holdings Limited (CIMC ENRIC), OCI Global, European Energy, Proman, Others.

Biomethanol Market Growth Driver:

Growing Adoption of Biomethanol in the Marine Industry – The marine industry is increasingly under pressure to lower its carbon footprint, most of which comes from the use of fossil fuels to run ocean transportation. According to the United Nations Conference on Trade and Development (UNCTAD) in 2022, the maritime sector presently accounts for about 2.8% of all global greenhouse gas (GHG) emissions, mainly due to its rapid growth, its dependence on carbon-intensive bunkers, and the sheer size of its business (more than 80% of the world merchandise trade by volume is transported by sea). As a result, governments across the globe are implementing regulations and policies for the marine industry to reduce carbon emissions.  For instance:

• In 2023, the International Maritime Organization has set new indicative checkpoints for international shipping to reach net-zero GHG emissions for 2030 (by at least 20%, striving for 30%) and 2040 (by at least 70%, striving for 80%).  

This has led shipping companies to reduce their carbon emissions from their routine business operations. As a result, several marine companies, like Maersk, Evergreen, Cosco Shipping, etc., are setting targets to reduce emissions in the upcoming years. In addition to after-treatment systems, which allow the continued use of heavy fuel oils, the shipping industry has been looking into alternative fuels, among which renewable methanol is a primary alternative.

Biomethanol is considered one of the most significant alternative fuels for the marine industry. As a result, shipping companies like Maersk and Cosco Shipping Holdings are increasingly collaborating with and investing in biomethanol companies like European Energy, WasteFuel, Orstred, etc. to boost production and aim to increase their fleet's future. These growing collaborations, combined with rising regulations, would foster market growth in the upcoming years.

Market Segment and Geographical Analysis

By Feedstock

• Agriculture Waste- Market Size & Forecast 2019-2030, (Kilo Tons)
• Municipal Waste- Market Size & Forecast 2019-2030, (Kilo Tons)
• Forestry- Market Size & Forecast 2019-2030, (Kilo Tons)
• Black Liquor- Market Size & Forecast 2019-2030, (Kilo Tons)
• Others (Industrial waste, marine biomass, etc.)- Market Size & Forecast 2019-2030, (Kilo Tons)

By Production Technology

• Gasification- Market Size & Forecast 2019-2030, (Kilo Tons)
• Reformer (Anaerobic Fermentation)- Market Size & Forecast 2019-2030, (Kilo Tons)
• Others (Syngas Fermentation, Pulping cycle in pulp mills, etc.)- Market Size & Forecast 2019-2030, (Kilo Tons)

By Application

• Transportation (Biodiesel Blend, Fuel additive)- Market Size & Forecast 2019-2030, (Kilo Tons)
• Power Generation- Market Size & Forecast 2019-2030, (Kilo Tons)
• Chemical & Solvents- Market Size & Forecast 2019-2030, (Kilo Tons)
• Others (building materials, plastics, etc.)- Market Size & Forecast 2019-2030, (Kilo Tons)

By End User

• Marine- Market Size & Forecast 2019-2030, (Kilo Tons)
• Power Utilities- Market Size & Forecast 2019-2030, (Kilo Tons)
• Agriculture- Market Size & Forecast 2019-2030, (Kilo Tons)
• Others (electronics, cosmetics, etc.)- Market Size & Forecast 2019-2030, (Kilo Tons)

By Region

• North America
• Latin America
• Europe
• Asia-Pacific
• Rest of the World

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