New York, NY, June 01, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Renewable Methanol Market Share, Size, Trends, Industry Analysis Report, By Feedstock (CO2 Emissions, Agricultural Waste, Municipal Solid Waste, Forestry Residues); By Application; By End-use; By Region; Segment Forecast, 2023-2032” in its research database.
“As per the latest research analysis, the global renewable methanol market size/demand will be valued at roughly USD 660.50 Million in 2022, and its revenue is projected to reach about USD 48,850.56 Million By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 53.8% between 2023 and 2032.”
What is Renewable Methanol? How Big is Renewable Methanol Market Size & Demand?
- Overview
Renewable methanol, usually known as bio-methanol, is an ultra-low carbon chemical obtained from sustainable biomass or carbon dioxide and hydrogen from renewable electricity. Methanol is a fluid chemical used in daily items, including paints, plastics, fuels, and cosmetics. Synthesis gas, a mixture of hydrogen, carbon dioxide, and carbon monoxide, creates liquid methanol.
As methanol is a liquid, it may be transported, stored, and incorporated into the existing infrastructure without requiring significant additional investments. In several applications, methanol can be employed as an energy carrier. Also, using methanol as an e-fuel offers a chance to decarbonize many industries, which can significantly lower global CO2 emissions, resulting in developing the demand for the renewable methanol market.
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Some of the Top Market Players Are:
- Advanced Chemical Technologies
- Advent Technologies A/S
- BASF SE
- Blue Fuel Energy Corporation
- Carbon Recycling International
- Enerkem
- Methanex Corporation
- Methanol Holdings (Trinidad) Limited (Proman AG)
- Nordic Green Aps
- OCI N.V. Södra Skogsägarna
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Prominent Growth Driving Factors
- Increasing Demand for Renewable Fuels: The rising demand for renewable fuels is one of the major aspects of renewable methanol market growth. There is rising interest in alternative fuels that can aid in lowering carbon emissions due to worries about climate change and the requirement to minimize greenhouse gas emissions. An appealing substitute for traditional fossil fuels, renewable methanol is a clean-burning fuel that may be made from sustainable biomass or carbon dioxide capture.
- Technology Advancements: Technology advances are also driving the market for renewable methanol. The cost-effectiveness of producing renewable methanol from sustainable biomass or collected carbon dioxide is increasing due to technological advancements. As a result, production costs are falling, and renewable methanol is becoming a more competitive substitute for traditional methanol.
- Government Regulations: Government rules are a significant influence in boosting the market for renewable methanol. Many nations are implementing laws and rules to encourage using renewable fuels and lower greenhouse gas emissions.
Top Findings of Report:
- Renewable methanol is a favorable option to traditional methanol that can reduce greenhouse gas emissions, offer a cleaner choice to fossil fuels, and help develop a more sustainable economy.
- The renewable methanol market segmentation is based on application, feedstock, end-use, and region.
- Asia Pacific is expected to grow faster during the foreseen period.
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Top Trends Influencing the Market
- Different Production Procedures: Methanol made from renewable sources can be made using a variety of techniques. As a feedstock, biomass, such as agricultural waste or wood chips, can be used in one way to gasify and create syngas, a mixture of carbon monoxide and hydrogen. Then, the syngas can be transformed into methanol via methanol synthesis.
- Benefits of Renewable Methanol: The use of renewable methanol has many advantages over traditional methanol. It is created using renewable resources, which lowers greenhouse gas emissions and helps slow down climate change. In addition, it serves as a greener substitute for fossil fuels in internal combustion engines and fuel cells.
Segmental Analysis
- CO2 Emissions is the Fastest Growing Feedstock in the Market
With the help of recent technical advances, carbon dioxide (CO2) can now be captured from the environment and industrial exhaust streams. For example, huge amounts of CO2 are produced by firms, including cement and steel mills, distilleries, and power plants that might be used to make methanol. Several businesses already use this technology, such as Carbon Recycling International, which produces 4,000 metric tonnes of renewable methanol yearly by reacting 5,600 metric tonnes of renewable hydrogen. Thyssenkrupp is also interested in the production of sustainable methanol utilizing waste CO2.
- The Formaldehyde Sector Holds the Highest Market Share
Due to the variety of uses for formaldehyde, the most commercially relevant aldehyde, methanol, is frequently employed in its production. Methanal (CH2O) is another name for formaldehyde. It is used in many industries, including automotive, consumer products, construction, and healthcare.
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Renewable Methanol Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 48,850.56 Million |
| Market size value in 2023 | USD 1,014.53 Million |
| Expected CAGR Growth | 53.8% from 2023-2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Advanced Chemical Technologies, Advent Technologies A/S, BASF SE, Blue Fuel Energy Corporation, Carbon Recycling International, Enerkem, Methanex Corporation, Methanol Holdings (Trinidad) Limited (Proman AG), Nordic Green Aps, OCI N.V., and Södra Skogsägarna. |
| Segments Covered | By Feedstock, By Application, By End-use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
Asia Pacific: The rising usage of methanol as a transportation fuel in China will increase the renewable methanol market size. Moreover, the Asia-Pacific area quickly embraces renewable methanol due to abundant renewable resources, including landfill gas, biomass, and industrial emissions. Market growth prospects are anticipated due to investments in the area. International methanol companies also set up manufacturing facilities to facilitate local methanol production.
Browse the Detail Report “Renewable Methanol Market Share, Size, Trends, Industry Analysis Report, By Feedstock (CO2 Emissions, Agricultural Waste, Municipal Solid Waste, Forestry Residues); By Application; By End-use; By Region; Segment Forecast, 2023-2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/renewable-methanol-market
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Recent Developments
- The second manufacturing plant for BioMCN, a Dutch producer of renewable methanol, was just finished in the Netherlands and had a 50-kiloton annual output capacity. Carbon Clean Solutions is building a renewable methanol factory in California, the US, that will employ carbon capture technology to turn CO2 emissions from a crude gas power plant into renewable methanol.
The Report Answers Questions Such as
- How big is the renewable methanol industry?
- Who are the top players in the market?
- Which segment accounts for the largest renewable methanol market share?
- What are the most significant challenges the market could face in the future?
- What growth strategies are the players considering to stay in the market?
Renewable Methanol Market based on Feedstock, By Application, By End-Use, and By Region :
By Feedstock Outlook
- CO2 Emissions
- Agricultural Waste
- Municipal Solid Waste
- Forestry Residues
By Application Outlook
- Formaldehyde
- Gasoline
- Dimethyl Ether (DME) & Methyl Tert-Butyl ETHER (MTBE)
- Solvents
- Other Applications
By End-Use Outlook
- Chemical
- Transportation
- Power Generation
- Other End-Users
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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