New Jersey, NJ, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Worldwide focus on reducing the carbon dioxide emissions along with strict environmental regulations to decrease the impact of greenhouse effect are fuelling the demand for the renewable methanol. The global renewable methanol market is expected to grow from USD 172.63 Million in 2017 to USD 229.36 Million by 2025, at a CAGR of 3.62% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Renewable methanol is produced from sustainable raw materials such as industrial and municipal waste, biomass and carbon dioxide. Same as conventional methanol, it can be used as a feedstock in chemicals or as a fuel in transportation. It has high octane rating owing to high hydrogen to carbon ratio which helps in curbing greenhouse effects on the environment. The global rise in carbon dioxide levels along with strict environmental regulations to reduce the greenhouse effect has fuelled the demand for renewable methanol with application in the transportation and industrial sectors. Furthermore, the conversion of agricultural and industrial wastes into renewable methanol is also expected to drive the market growth over the forecast period.
Although, the factors such as rising demand for alternative and eco-friendly sources of energy as well as increasing adoption of renewable methanol by various end user industries are the factors that are driving the global renewable methanol market, the lack of infrastructural setup and high production cost of renewable methanol are some of the factors that are expected to hamper the market growth. Nevertheless, increasing investment on the research and development activities as well as rising emphasis on curbing the carbon-di-oxide emissions is anticipated to create new opportunities for the market growth in the upcoming years.
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Key players operating in the global renewable methanol market are BioMCN, Carbon Recycling International Inc., Blue Fuel Energy, Chemrec AB, Varmsland Methanol, Methanex Corporation, Enerkemand, BASF SE, Petronas, Mitsubishi Chemicals, Statoil, and among others. In order to enhance their market position in the global renewable methanol market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Europe region is at the forefront of converting waste into the renewable methanol. For instance, Enerkem in 2018, announced that it is working with AkzoNobel Speciality Chemicals, and industrial gases group Air Liquide to develop a plant that will convert 350,000 tonnes of waste, including plastics, into 270 million litres of ‘green’ methanol, each year.
- In order to reduce their carbon footprint and sustainably get rid of their waste materials, major chemical manufacturers are increasingly focusing on using the renewable methanol. For instance, BASF SE in 2018, announced that it has started the production of methanol based on renewable raw materials according to the biomass balance approach. Named EU-REDcert-methanol, the product is made from second-generation raw feedstock and uses waste as well as residual materials. BASF claims that as a result of the methanol production, the final product reduces the emissions of greenhouse gases by at least 50% compared with conventionally produced methanol.
Biomass segment had a market value of USD 80.81 million in 2017.
Source segment is divided into municipal waste, industrial waste, biomass, and others. Owing to abundant availability biomass in the form of agricultural wastes as well as the global emphasis on sustainably dealing with the agricultural waste, the biomass segment led the global renewable methanol market with USD 80.81 million revenue in 2017.
MTBE segment is anticipated to grow at a CAGR of 5.73% in 2018-2025.
Application segment is categorized into formaldehyde, MTBE, gasoline, dimethyl ether, solvents, and others. On account of its application value in the in the production of biodiesel, and rising acceptance of biodiesel as an alternative environmentally friendly fuel for the automobiles, the methyl- tert- butyl- ether (MTBE) segment is projected to grow at the fastest CAGR of 5.73% over the forecast period. Due to its wide-ranging use in the paints & coatings and construction industry, the Formaldehyde application segment accounted for a robust market share in 2017.
Transportation segment had a market value of USD 68.04 million in 2017.
End user is segmented into chemicals, transportation, power generation, and others. On the basis of factors such as growing utilization of renewable methanol in the production of biodiesel as well as worldwide focus on reducing the vehicle-borne carbon-di-oxide emissions, led transportation segment to dominate the global renewable methanol market with USD 68.04 million in 2017.
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Regional Segment Analysis of the Renewable Methanol Market Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the renewable methanol with a 37.93% share of market revenue in 2017. Growing investment on the research and development activities, the presence of well-developed end user industry as well as plentiful availability biomass source are some of the factors that led North America region to emerge as the dominant region in the global renewable methanol market in 2017. Asia Pacific region is anticipated to grow at an increased CAGR of 5.92% over the forecast period. Increase in the government initiatives for the adoption of the alternative renewable fuel sources as well as rapid development of the end user industries were some of the reasons fuelling this increased growth rate.
About the report:
The global Renewable Methanol Market market is analysed on the basis of value (USD Million), volume (Units), consumption (Units), imports (Units) and exports (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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