Chicago, July 30, 2024 (GLOBE NEWSWIRE) -- The Green Methanol Market is anticipated to expand from USD 1.9 billion in 2024 to USD 11.1 billion by 2030, registering a CAGR of 33.8% in terms of value, as per the recent study by MarketsandMarkets™. The rising emphasis on cutting greenhouse gas emissions and combating climate change is boosting demand for green methanol as a sustainable alternative to fossil fuel-derived methanol. Moreover, government policies aimed at encouraging the use of renewable energy and reducing greenhouse gas emissions are spurring investment and growth in the green methanol market.
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Based on feedstock, the green hydrogen is the fastest-growing feedstock segment for green methanol due to its potential to significantly cut carbon emissions. Produced using renewable energy sources like wind and solar, it offers a cleaner alternative to conventional hydrogen. Technological advancements are reducing electrolyzer costs, making green hydrogen more affordable. Government incentives and renewable energy policies are accelerating its adoption. Its versatility and easy integration into existing industrial processes also make it a preferred choice. As a result, green hydrogen is driving the growth of the green methanol market by providing a sustainable and cost-effective feedstock.
Based on application, the fuel segment is is expected to dominate the market during the forecast period. The use of green methanol as fuel is growing quickly because industries need cleaner energy options and governments are making stricter rules to protect the environment. Green methanol produces fewer emissions and can be used in shipping, transportation (mixed with gasoline or directly in engines) and generating power. It's popular because it works well with current infrastructure and helps industries lower their carbon footprint.
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Based on region, North America is poised to emerge as the fastest-growing market in the green methanol sector. This growth is propelled by rigorous environmental regulations, substantial investments in renewable energy infrastructure, and strong government support through incentives and policies. The region's commitment to sustainability, combined with the involvement of key industry leaders and continuous technological advancements, significantly boosts the demand for green methanol across diverse applications.
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