Jersey City, NJ, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Renewable Methanol Market is estimated to reach over USD 6.34 billion by 2031, exhibiting a CAGR of 5.62% during the forecast period.
Renewable methanol, often known as bio-methanol, is a low-carbon chemical derived from renewable biomass or hydrogen and CO2 produced by renewable energy. When compared to traditional fuels, renewable methanol reduces CO2 emissions by 95%, nitrogen oxide (NO) emissions by up to 80%, and sulfur oxide (SO2) and particulate matter emissions altogether. Furthermore, high-octane fuel ethers used in the manufacturing of biodiesel, such as Methyl-tert-butyl-ether (MTBE), are expected to grow in response to increased demand from the vehicle and transportation end-use segments.
Furthermore, the rising need for formaldehyde manufacturing from methanol is likely to drive the renewable methanol market, with substantial applications in paints and coatings and construction. Significant funding from top financial institutions, as well as strategic partnerships and collaborations, focused on creating high-performance renewable methanol for industrial purposes, are supporting market revenue growth. Moreover, the substitution of renewable methanol for marine fuels, as well as rigorous government laws to minimize greenhouse gas emissions, have all contributed to market expansion.
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Recent Developments:
- In January 2023, Maersk Growth, Maersk's venture capital arm, announced funding for C1, a Berlin-based green fuel technology start-up. C1 created ultra-efficient catalysis to produce green methanol from waste biomass such as human or animal waste, agricultural, food, or municipal waste processing, or a combination of CO2 and hydrogen.
List of Prominent Players in the Renewable Methanol Market:
- Advanced Chemical Technologies, Inc.
- BASF SE
- Carbon Recycling International
- Enerkem
- Fraunhofer
- Innogy
- Sodra
- Advent Technologies
- OCI N.V.
- Nordic Green.
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 |
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Market Dynamics:
Drivers:
Growing demand for renewable methanol is expected to drive market demand during the projected period, owing to its applications in the chemical sector, such as acetic acid, formaldehyde, and polymers. The amount of biomethanol utilized to manufacture polyethylene and polypropylene has greatly grown. Biomethanol is also largely utilized as fuel in autos, ships, commercial boilers, and kitchen appliances. The fuel can be used as is, combined with petrol to generate biodiesel, or converted into methyl tert-butyl ether (MTBE) and dimethyl ether (DME).
Challenges:
The market's expansion is hampered by high installation costs and health concerns. Renewable methanol manufacturing necessitates the availability of either renewable energy sources or municipal garbage. When compared to traditional energy sources, the initial processing costs of such wastes need large investments. Furthermore, insufficient infrastructure and technical advancements result in low-quality products, resulting in ignition failure and corrosion of engine parts.
Regional Trends:
The Asia Pacific renewable methanol market is expected to report a notable market share in terms of revenue and is expected to develop at a high CAGR shortly. The rising transportation sector, which promotes demand for petrol-use products, boosts the region's economy. China is one of the most influential markets for renewable methanol in the Asia-Pacific region and globally.
The government is dealing with two significant modernization issues: air pollution and energy security, both of which are boosting demand for renewable methanol in the country. Since implementing the region's biofuel strategy in 2003, which established laws and duties to use 10% renewable energy in the region's transportation sector, Europe has been a significant market for renewable methanol.
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Segmentation of Renewable Methanol Market-
By Feedstock-
- Agricultural Waste
- Forestry Residues
- Municipal Solid Waste
- Others
By Application-
- Formaldehyde
- Gasoline
- Solvent
- Others
By End-User-
- Chemical
- Transportation
- Power Generation
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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