Dublin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The "India Methanol Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
India Methanol Market achieved a total market volume of 330.08 thousand Metric Tonnes in 2024 and is anticipated to reach 434.68 thousand Metric Tonnes by 2030, with a CAGR of 4.73% during forecast period.
The India methanol market is poised for significant growth in the projected period until 2030. This growth is attributed to the government's efforts to promote methanol as a transportation fuel, which includes initiatives such as setting up methanol fuel stations and retrofitting existing vehicles to run on methanol. Additionally, ongoing research and development aim to manufacture methanol-powered vehicles and engines optimized for efficient combustion.
Beyond transportation, methanol holds substantial potential for industrial and power generation applications. It can serve as a feedstock for producing chemicals, plastics, and pharmaceuticals, thus reducing reliance on imported raw materials. Methanol can also be utilized in fuel cells for electricity generation, offering an alternative to traditional fossil fuel-based power generation methods.
According to NITI Aayog, the methanol economy is expected to create approximately five million jobs through methanol production, application, and distribution services. Moreover, blending 20% di-methyl ether (DME), a methanol derivative, in LPG could result in annual savings of USD 724.63 crore. Although India traditionally relied on methanol imports to meet domestic demand, the country is now prioritizing self-sufficiency and reducing import dependency. Government initiatives and policies have been introduced to incentivize domestic methanol production and attract investments in the sector.
With India's growing population and expanding economy, there is an increasing demand for energy, necessitating exploration of alternative energy sources like methanol. Its versatility allows it to be used as a vehicle fuel, cooking alternative to LPG, power generation source, and industrial feedstock. The clean-burning nature and lower carbon emissions of methanol compared to conventional fuels make it an appealing option for achieving sustainability objectives.
The chemical industry stands as a significant consumer of methanol, utilizing it as a foundational component for various products such as plastics, paints, and solvents. India's expanding chemical sector presents ample opportunities for methanol utilization. By advocating methanol as a substitute for traditional feedstocks, the nation can reduce its reliance on fossil fuels and transition towards a more sustainable chemical manufacturing landscape.
India's methanol market is on the cusp of substantial growth, driven by government initiatives, technological advancements, and increasing awareness of its benefits across various sectors. As the country continues to prioritize sustainability and energy security, methanol emerges as a key player in shaping the future of India's energy and chemical industries.
Growing Support for the Methanol Economy
The Methanol Economy initiative is projected to generate around 5 million jobs and save Rs 6000 crore annually by blending 20% DME (Di-methyl Ether) in LPG. Regulatory bodies like the Bureau of Indian Standards have endorsed methanol blending standards, facilitating its adoption in various sectors, including transportation and cooking.
Assam Petrochemicals' pioneering methanol cooking fuel program, launched in October 2018, exemplifies the shift towards cleaner and more cost-effective cooking mediums. Moreover, plans for establishing methanol production plants, DME plants, and natural gas-based methanol production facilities underscore India's commitment to fostering a sustainable energy ecosystem.
Innovations such as Thermax's methanol-based reformer and Kirloskar Oil Engines' methanol-powered generator sets showcase the industry's strides towards embracing methanol as a viable energy source. Additionally, research and development initiatives by organizations like BHEL, Thermax, and IIT Delhi aim to develop indigenous technologies for methanol production from coal and biomass, further bolstering India's methanol ecosystem.
Shift Towards Renewable Methanol
A significant trend shaping the growth trajectory of the India Methanol Market is the shift towards renewable methanol. With increasing environmental concerns and a growing emphasis on sustainability, renewable methanol has emerged as a key focus area for industry. Unlike conventional methanol production methods, which rely on fossil fuels such as natural gas and coal, renewable methanol is produced from renewable feedstocks such as biomass, municipal waste, or carbon dioxide (CO2) captured from industrial emissions.
One of the primary drivers behind the shift towards renewable methanol is its potential to significantly reduce greenhouse gas emissions. By utilizing carbon-neutral or even carbon-negative feedstocks, renewable methanol production processes can help mitigate the environmental impact associated with traditional methanol production. This aligns with India's commitment to reducing its carbon footprint and meeting its climate change goals outlined in international agreements such as the Paris Agreement.
To capitalize on the opportunities presented by renewable methanol, industry stakeholders are investing in research and development, pilot projects, and commercial-scale production facilities. Government support in the form of incentives, subsidies, and policy frameworks is also crucial in driving the adoption of renewable methanol technologies and fostering a conducive business environment. The shift towards renewable methanol represents a significant trend that is expected to drive the growth of the India Methanol Market in the coming years. By embracing sustainable production practices and leveraging renewable feedstocks, the industry can contribute to India's energy security, environmental sustainability, and economic development goals.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 84 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value in 2024 | 330.08 Thousand Metric Tonnes |
| Forecasted Market Value by 2030 | 434.68 Thousand Metric Tonnes |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | India |
Report Scope:
Key Market Players
- Gujarat Narmada Valley Fertilizers and Chemicals Limited
- Deepak Fertilizers and Petrochemical Corporation
- Rashtriya Chemicals and Fertilizers
- Assam Petrochemicals Limited
- Bharat Heavy Electricals Limited
India Methanol Market, By End-Use:
- Formaldehyde
- MTO/MTP
- MTBE
- Acetic Acid
- Gasoline Blending
- Others
India Methanol Market, By Distribution Channel:
- Direct Sales
- Indirect Sales
India Methanol Market, By Region:
- North
- South
- West
- East
For more information about this report visit https://www.researchandmarkets.com/r/henwl3
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