In-Depth Analysis of the Global Biomethanol Market: 2024-2030 Forecasts
MarkNtel Advisors has recently released an in-depth study on the Biomethanol Market, covering historical data, current market trends, marketing strategies, technological advancements, upcoming technologies, emerging opportunities, and technical advancements in the relevant industry.
How big is the Biomethanol Industry?
The Global Biomethanol Market size is projected to grow at a CAGR of around 26.45% during the forecast period, i.e., 2024-30.
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Who are the top players in the Biomethanol Market?
- Carbon Recycling International (CRI)
- Enerkem
- Sodra
- Veolia
- BASF
- Methanex Corporation
- Mitsubishi Chemicals
- IMC Enric Holdings Limited (CIMC ENRIC)
- OCI Global
- European Energy
- Proman
- Others
Global Biomethanol Market Segmentation:
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)
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Regional/ Countries Insight:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
What are the primary market drivers influencing the growth of Biomethanol Market?
Global Biomethanol Market 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.
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Gain a Competitive Edge with Market Research Report
- The Global Biomethanol Market Report by MarkNtel Advisors offers a detailed analysis of the market size, growth rate, competitive landscape, and key players, allowing businesses to gain a comprehensive understanding of market dynamics.
- Businesses can utilize the report to identify emerging opportunities and potential challenges in the market by highlighting current trends and providing future projections.
- The insights provided in the report enable companies to align their strategies based on market forecasts, ensuring they can stay ahead of the competition and make informed decisions.
- Apart from market trends and projections, the Global Biomethanol Market Report assists in assessing and mitigating risks associated with entering or operating in the market
- By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategic approaches to minimize risks and optimize their operations, enhancing their competitive edge in the market.
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