The Global Renewable Methanol Market Size is valued at USD 222.24 million in 2023 and is predicted to reach USD 3,211.23 million by the year 2031 at a 39.71% CAGR during the forecast period for 2024-2031.
Renewable methanol is second-generation methanol made from renewable energy sources such as biomass and industrial waste. It is a critical input in the production of biodiesel, which is used as a chemical feedstock or blended into automobile fuels. Renewable methanol is made in the same way as conventional methanol, but instead of carbon monoxide, carbon dioxide is used. It has a high octane rating due to the high hydrogen-to-carbon ratio and aids in reducing greenhouse gas emissions.
The global renewable methanol market expansion is driven by a rise in carbon dioxide emissions coupled with severe environmental laws to lessen the impact of carbon dioxide. This aspect is predicted to stimulate demand for renewable methanol, which will be used in transportation and industry.
However, the ongoing COVID-19 epidemic has hampered methanol market growth by disrupting construction activities and halting the expansion or new building of facilities and factories. In addition, industries like construction, paints and coatings, electronics, and packaging have experienced unexpected disruptions in operating efficiencies and value chains as a result of the closure of national and international borders for travel and commerce.
Competitive Landscape:
Some Of The Renewable Methanol Market Players Rre:
- Advanced Chemical Technologies, Inc.
- BASF SE
- Carbon Recycling International (CRI)
- OCI N.V.
- Eni S.p.A.
- P. Moller – Maersk
- Methanex Corporation
- Mitsubishi Gas Chemical Company, Inc. (MCG)
- European Energy
- Södra
- Enerkem
- VärmlandsMetanol AB
- Liquid Wind AB
- GIDARA Energy
- Nordic Green ApS
- Synhelion SA
- HIF Global
- WasteFuel
- Glocal GreenGlocal Green
- ABEL Energy Pty Ltd.
- Southern Green Gas Limited
- Other Market players
Market Segmentation:
The renewable methanol market is segmented based on application, methanol type and end user. The application segment includes fuel, chemical feedstock (Methanol-to-Olefins (MTO), Formaldehyde, Methyl Tert-Butyl Ether (MTBE), Dimethyl Ether (DME)) and other applications like Acetic acid, Antifreeze and Solvent. The methanol type segment comprises bio-methanol (Forestry and Agricultural Waste, Biogas/Biomass, Municipal Solid Waste (MSW), Others (Sewage and by-products)) and e-methanol. The end-user segment includes transportation/mobility, chemical industry, power generation, and other end-use industry.
Based On Methanol Type, The Bio-Methanol Segment Is A Major Contributor to The Market.
The biomethanol segment is leading in the renewable methanol market due to its established presence, lower production costs, and its ability to offer a sustainable alternative to traditional marine fuels. With increasing pressure to reduce carbon emissions in the maritime sector, biomethanol, derived from biological feedstocks like forest residue, municipal solid waste (MSW), biogas, and biomass, presents an attractive solution.
The Power Generation Segment Witnessed Growth at a Rapid Rate
The leading segment in the this market by end-use industry is Power Generation. This segment is projected to grow due to the increasing concentration on decarbonizing the energy sector. Renewable methanol can be used as a clean energy source for power generation, reducing greenhouse gas emissions by up to 80%. Additionally, it can be utilized in fuel cells to generate electricity efficiently and cleanly, making it an attractive option for industries looking to transition to renewable energy sources.
In The Region, The Asia Pacific Renewable Methanol Market Holds A Significant Revenue Share
The Asia Pacific Renewable Methanol Market dominated with the highest market share in terms of revenue owing to the increased demand for sustainable industry-grade polymers and solvents; market players in the region are investing heavily in renewable methanol. Renewable fuels are also in high need in the country's automobile and construction industries. This is because of strict government rules aimed at reducing carbon emissions from industrial equipment and vehicles. Other main reasons contributing to the country's market revenue growth include an increase in chemical industry participants, widespread availability of low-cost labor, and significant investment in the aerospace industry. In Europe, the renewable methanol industry accounted for the second-largest revenue share. The rapid adoption of greener technology and a growing emphasis on reducing carbon footprints across end-use industries in many countries around the region are underway.
Renewable Methanol Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 222.24 Mn |
|
Revenue Forecast in 2031 |
USD 3,211.23 Mn |
|
Growth rate CAGR |
CAGR of 39.71% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments Covered |
By Application, By Methanol Type, By End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; South Korea; Southeast Asia |
|
Competitive Landscape |
Advanced Chemical Technologies, Inc., BASF SE, Carbon Recycling International (CRI), OCI N.V., Eni S.p.A., A.P. Moller – Maersk, Methanex Corporation, Mitsubishi Gas Chemical Company, Inc. (MCG), European Energy, Södra, Enerkem, VärmlandsMetanol AB, Liquid Wind AB, GIDARA Energy, Nordic Green ApS, Synhelion SA, HIF Global, WasteFuel, Glocal GreenGlocal Green, ABEL Energy Pty Ltd., Southern Green Gas Limited |
|
Customization scope |
Free customization report with the procurement of the report, modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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