The Global Renewable Methanol Market Size is valued at 3.93 billion in 2022 and is predicted to reach 6.34 billion by the year 2031 at a 5.62% CAGR during the forecast period for 2023-2031.
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 are:
- Advanced Chemical Technologies, Inc.
- BASF SE
- Carbon Recycling International
- Enerkem
- Fraunhofer
- Innogy
- Sodra
- Advent Technologies
- OCI N.V.
- Nordic Green
Market Segmentation:
The Renewable Methanol Market is segmented on the basis of feedstock, application, and end-user. The Feedstock segment includes agricultural waste, forestry residues, municipal solid waste, and others. The application segment comprises formaldehyde, gasoline, solvent, and others. The end-user segment includes chemicals, transportation, power generation, and others.
Based On Feedstock, The Agricultural Waste Segment Is Accounted As A Major Contributor To The Renewable Methanol Market
The agricultural waste category is expected to hold a significant share of the global renewable methanol market in 2022. The rapid adoption of renewable methanol to generate more sustainable products is a primary element driving sales growth in the segment. Because it emits far less air emissions than methanol derived from fossil fuels, formaldehyde is a more sustainable product. Strategic alliances and collaborations targeted at increasing current industrial capabilities, as well as considerable investments in biomethane fuel projects, are primary drivers of revenue growth in the segment.
The Chemical Segment Witnessed Growth At A Rapid Rate
The chemical segment is anticipated to grow at a rapid rate in the global renewable methanol market. The chemical industry's rapid digitization and integration with various value chains aid in considerably managing and translating available resources into desired goods. This is a primary component driving the segment's revenue growth. Other significant drivers driving market revenue growth include rapid technical revolutions and an increased emphasis on 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 2022 |
USD 3.93 Bn |
|
Revenue forecast in 2031 |
USD 6.34 Bn |
|
Growth rate CAGR |
CAGR of 5.62 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Offerings, Applications And End Users |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Advanced Chemical Technologies, Inc., BASF SE, Carbon Recycling International, Enerkem, Fraunhofer, Innogy, Sodra, Advent Technologies, OCI N.V., and Nordic Green. |
|
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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