Global Renewable Methanol Market is expected to grow at a CAGR of 3.62% during the forecast period from 2019-2025

As per the report published by Fior Markets, 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 from 2018-2025.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.

"Renewable Methanol Market by Source (Municipal Waste, Industrial Waste, Biomass, Others), Application, End User, Regions",and Global Forecast 2018-2025.

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Major players in the global renewable methanol market areBioMCN, 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 reduce their carbon footprint and sustainably get rid of their waste materials the major chemical manufacturers are increasingly focusing on the 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.

Source segment is divided into municipal waste, industrial waste, biomass, and others. Owing to as 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 a 46.81% share of market revenue in 2017. 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. 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 a 39.42% share of the market in 2017.

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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.

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