Global Renewable Methanol Market Anticipated to Reap $4296.33 Million in Revenue by 2028

June 27 20:28 2022
Global Renewable Methanol Market Anticipated to Reap $4296.33 Million in Revenue by 2028
Renewable Methanol Market
According to Triton’s report, the global renewable methanol market, which attained $3352.96 million in 2021, is expected to register progress at 4.11% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Renewable Methanol Market’ includes the Global Analysis and Forecasts by Feedstock (CO2 Emissions, Forestry Residues, Agricultural Waste, Municipal Solid Waste, Other Feedstocks), Application (Gasoline, DME & MTBE, Solvents, Formaldehyde, Other Applications), End-user (Power Generation, Chemical, Transportation, Other End-users), and Geography (Europe, Latin America, Asia-Pacific, Middle East and Africa, North America). 

Renewable methanol is largely used in the marine sector. It helps mitigate climate change and greenhouse gas emissions by replacing coal and other fossil fuels with renewable energy sources. 

 

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According to Triton’s Market Research, the global renewable methanol market is expected to witness growth at a CAGR of 4.11% in revenue and 2.32% in volume over the forecasted years 2022-2028. It is anticipated to attain revenue worth $4296.33 million by 2028. 

The support from the government regulations and policies on greenhouse gas emissions is augmenting the growth of the renewable methanol market. According to Renewables Now, as a result of these regulations, Europe showcased a reduction in carbon dioxide emissions by 12%, whereas renewable energy sources substituted conventional energy sources such as fossil fuel and coal. Additionally, the implementation of new energy policies in EU Emissions Trading Systems is expected to boost the studied market’s development.

The emission of renewable methanol occurs from the burning of trash or plastics, gasoline, and diesel engines. According to the Environmental Protection Agency, breathing methanol can have a short-term and long-term impact resulting in death, nausea and vomiting, headaches and dizziness, neurological damage, seizures, the acid in the blood, insomnia, coma or death, loss of consciousness, damage to the brain or nervous system, and others. Moreover, the toxicity present in the methanol can contaminate agricultural products. Such impacts restrict its production and usage, which impedes the market’s growth. 

The renewable methanol market is segmented into feedstock, end-user, and application. Based on feedstock, it is divided into Co2 emissions, forestry residues, agricultural waste, municipal solid waste, and other feedstocks. The end-user comprises power generation, chemical, transportation, and other end-users. On the other hand, the application is categorized in gasoline, DME & MTBE, solvents, formaldehyde, and other applications. 

Globally, the Asia-Pacific hosts the largest renewable methanol market. Top players such as Carbon Recycling International contribute immensely to the market’s overall growth. For instance, the company uses 5600 metric tons of carbon dioxide annually to synthesize 4000 metric tons of renewable methanol. Additionally, the developments by the leading providers of methanol are expected to fuel the demand for renewable methanol, thereby fueling the market’s growth. 

Advanced Chemical Technologies, Enerkem, BASF SE, Carbon Recycling International, Innogy, Fraunhofer, OCI NV, Nordic Green, SODRA, Serenergy SV, Methanex Corporation, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Methanol Holdings (Trinidad) Ltd, Atlantic Methanol, and Southern Chemical Corporation are companies listed in the renewable methanol market. 

 

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Question & Answer: Renewable Methanol Market

Question 1: What factors are boosting the renewable methanol market’s development?

Answer: The support from the government regulations and policies on greenhouse gas emissions is augmenting the growth of the renewable methanol market. According to Renewables Now, as a result of these regulations, Europe showcased a reduction in carbon dioxide emissions by 12%, whereas renewable energy sources substituted conventional energy sources such as fossil fuel and coal. Additionally, the implementation of new energy policies in EU Emissions Trading Systems is expected to boost the studied market’s development.

Question 2: What factors impede the renewable methanol market’s growth?

Answer: The emission of renewable methanol occurs from the burning of trash or plastics, gasoline, and diesel engines. According to the Environmental Protection Agency, breathing methanol can have a short-term and long-term impact resulting in death, nausea and vomiting, headaches and dizziness, neurological damage, seizures, the acid in the blood, insomnia, coma or death, loss of consciousness, damage to the brain or nervous system, and others. Moreover, the toxicity present in the methanol can contaminate agricultural products. Such impacts restrict its production and usage, which impedes the market’s growth. 

Question 3: Which region hosts the largest renewable methanol market?

Answer: Globally, the Asia-Pacific hosts the largest renewable methanol market. Top players such as Carbon Recycling International contribute immensely to the market’s overall growth. For instance, the company uses 5600 metric tons of carbon dioxide annually to synthesize 4000 metric tons of renewable methanol. Additionally, the developments by the leading providers of methanol are expected to fuel the demand for renewable methanol, thereby fueling the market’s growth. 

Question 4: What companies are listed in the global renewable methanol market?

Answer: Advanced Chemical Technologies, Enerkem, BASF SE, Carbon Recycling International, Innogy, Fraunhofer, OCI NV, Nordic Green, SODRA, Serenergy SV, Methanex Corporation, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Methanol Holdings (Trinidad) Ltd, Atlantic Methanol, and Southern Chemical Corporation are companies listed in the renewable methanol market. 

 

Related Report

Global Methanol Market 

The global methanol market is likely to surge at a CAGR of 5.42% between the forecast years 2019 to 2027 and generate $56151 million by 2027.

Methanol is a polar liquid at room temperature used as a fuel, antifreeze, solvent, and denaturant for ethanol. Also, this chemical is used to produce biodiesel through a transesterification reaction. 

Methanol, also known as wood alcohol, replaces conventional transportation fuels such as petrol and diesel owing to the similar physical and chemical properties as conventional fuels. It provides safety, unlike gasoline, maximizes energy security, and has a low production cost than other alternative fuels. Moreover, many countries employ it as a transportation fuel. Therefore, these factors are anticipated to augment the market’s growth.

On the other hand, the scarcity of raw materials to produce bio-based products and the use of fuel-grade ethanol or bio ethanol instead of methanol has largely impacted the market’s growth. Nevertheless, the market is presented with profitable opportunities such as the growing methanol application as a marine fuel and the development in technology for biorefining.

 

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