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Global Methane Market to Grow at 2.1% during 2021 – 2029: Absolute Markets Insights

Published On 17 Dec 2021 08:22 AM


Methane Market: Introduction

Absolute Markets Insights delivers key insights on the global methane market. In terms of volume, the global methane market was sized at 3822.80 Billion Cubic Metres in 2020 and is estimated to expand at a CAGR of 2.1% during the forecast period, owing to prevalence of natural gas based equipment in end-use sectors. The global methane market is broadly affected by several factors, including rise in demand for natural gas in conjunction with economic recovery from the Covid-19 crisis.

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Methane Market: Dynamics

Methane is generally consumed in the form of natural gas. Its production can also be classified into unconventional and conventional as gas extraction is based on different geological formations i.e., coal bed methane, shale and tight gas. Apart from traditional product, advent of synthetic methane has gained popularity in the recent past. Growing need for natural gas alternatives along with reduction in CO2 emissions has increased the consumption of synthetic methane in 2020. However, high penetration of natural gas in gas fired power stations along with growing product demand from industrial sector has led to the growth of methane market.

Methane is widely used in power generation as the global demand for electricity rises. According to International Energy Agency (IEA), global electricity demand is likely to grow by 5% in 2021 and 4% in 2022, with more than half the demand being met by fossil fuels.  The majority of electricity demand is driven by global economic recovery, especially in China and India. Despite of economic uncertainty and headwinds, strong policy support associated with natural gas in these countries are likely to drive methane demand in Asia Pacific. In addition, ongoing reforms pertaining to the use of natural gas in energy mix is further projected to foster the methane market growth in the extended run.

High demand for methane in transport fuel has driven the production of natural gas in the past. However, growing demand for liquified natural gas (LNG) as fuel for road and river transport vehicles in Asia is further likely to drive the methane market demand over the years. Also, industrial sector has majorly contributed in increasing demand for methane with growing number of gas to chemical projects. Increasing demand for ammonia, methanol, urea, and ammonium nitrate among other chemicals has fostered the production of methane on large scale. According to IEA, India’s production of urea is projected to increase up to 30.1 Mtpa by 2025. In addition, growth in fertilizers industry especially in Bangladesh and Pakistan is projected to positively influence methane demand in industrial sector.

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From perspective of strategic development in decarbonizing ecosystem, industry participants in the methane market are focused on producing and supplying synthetic methane through industrial partnership. Carbon neutrality is one of the major factors augmenting such partnerships. For instance, in November 2021, Mitsubishi Corporation and Tokyo Gas Co. Ltd. announced their strategic partnership intended towards developing international synthetic methane supply chain. Similarly, in November 2021, Engie and CMA CGM Group partnered for producing and distributing decarbonized fuels i.e., synthetic methane which is targeted toward decarbonizing shipping sector. Increasing number of collaborations among industry participants emphasizing carbon neutrality is further driving the demand for synthetic methane and is subsequently driving methane market growth.

Methane Market: Prominent Regions/Countries

The global methane market is expected to expand significantly during the forecast period, owing to the increasing demand for power generation in conjunction with rebound post crisis. Asia Pacific led the methane gas market in 2020. The growth in this region can be attributed to strong reliance on fossil fuel-based electricity generation along with high demand for electricity from end-use sector in India and China. Electricity demand growth in China and India accounted for 4% and 10% during 2019-2020. In addition, after relaxation of Covid-19 restrictions, high product demand from automotive and industrial sector in these countries spurred the market growth. Apart from Asia Pacific, high growth in demand of natural gas was witnessed in natural gas producing regions. For instance, methane market was majorly driven in North America, Middle East and North Africa with increasing power requirements and high transition of coal to natural gas switching in 2020.

Methane Market: Key Players

Major players operating in the global methane market are Black Diamond Energy, Inc., bp p.l.c., Chevron Corporation, China National Petroleum Corporation, Dakota Gasification Company, ENGIE, Exxon Mobil Corporation, Gazprom, IGas Energy plc, Korea Gas Corporation, LUKOIL, Mitsubishi Corporation, Oil and Natural Gas Corporation Ltd., PETRONAS, ROSNEFT, Royal Dutch Shell plc, Santos Ltd., Saudi Arabian Oil Co., and Tokyo Gas Co., Ltd. amongst other market participants.

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Global Methane Market: Segmentation

Methane Market, by Type

  • Natural
  • Synthetic

Methane Market, by Form

  • Gas
  • Liquid

Methane Market, by Application

  • Power Generation
  • Fuel
  • Chemical Synthesis
  • Heating
  • Food Processing
  • Others

Methane Market, by End-Use Sector

  • Industrial
  • Residential
  • Commercial
  • Transportation
  • Utilities
  • Others

Methane Market, by Region

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

Our 402+ Pages Report titled, Methane Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021 - 2029”, will include extensive information on the following pointers:

  • Global market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) and volume (Billion Cubic Metres) by segments/sub-segments
  • Split of the market revenue (US$ Million) and Volume (Billion Cubic Metres) into all the relevant segments & sub-segments across all major regions/countries.
  • Years Considered (2015 – 2029)
    • Historic Years: 2015 - 2019
    • Base Year: 2020
    • Forecast Years: 2021 – 2029
  • Market determinants and Influencing Factors
  • Market Dynamics (Drivers, Restraints, Opportunities and Trends)
  • Analysis on Impact of Covid-19: Global Methane Market
  • Macro-Economic and Micro-Economic Indicators
  • Porter’s Five Forces Analysis
  • Regulatory Landscape
  • PESTEL Analysis
  • Competitive Benchmarking: Global Presence and Growth Strategies
    • Mergers and Acquisitions
    • Product Launches
    • Investments Trends
    • R&D Initiatives
  • Market Share Analysis, 2020
  • Detailed profiles of major market participants operating in the market, encompassing information pertaining to Company Details, Company Overview, Product Offerings, Key Developments, Financial Analysis, SWOT Analysis and Business Strategies

*The reports can be provided in different languages including Korean, Japanese, German, Arabic, Russian, French, Spanish, Chinese and other languages.*

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Press Release Provided By: Absolute Markets Insights