The Global Renewable Methanol Market set to Gain $4001.38 Million by the year 2028

A Triton Market Research report speculates the global renewable methanol market, which garnered $3107.16 million in 2019, to grow with a CAGR of 2.85% by 2028.

A recent study by Triton Market Research titled ‘Global Renewable Methanol Market,’ covers the Global Analysis and Forecast for 2019-2028 by Feedstock (Forestry Residue; Agricultural Waste; CO2 Emission; Municipal Solid Waste; Others), by Application (DME and MTBE; Formaldehyde; Solvent; Gasoline; Others), by End-user (Power Generation; Transportation; Chemical; Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Rest of World).

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Triton’s report on the global renewable methanol market shows that this industry would expand at 2.85% (revenue) of CAGR over the forecasting period of 2019-2028, generating a revenue of $4001.38 million by the year 2028. Also, it is expected to grow at a CAGR of 2.05% (volume) in the same period, amounting to $6933.40 kilotons by the year 2028.

Renewable methanol is an ultra-low carbon chemical. It is produced from sustainable biomass.

The fact that renewable methanol can be produced from a variety of sources makes it widely applicable for different types of industrial activities. Also, low production costs make renewable methanol superior to conventional fuel. These factors are propelling the growth of the studied market.

The Environmental Protection Agency (EPA) has stated that the inhalation of methanol can negatively impact one’s health in the short-term and even long-term. Short-term exposure to methanol can cause acid in the blood, which may result in neurological damage, headaches & dizziness, nausea & vomiting, seizures, etc. Whereas, long-term exposure to the fuel can cause insomnia, loss of consciousness, blurred vision or blindness, brain & nervous system damage, birth defects, and even lead to coma or death. Thus, such health concerns associated with the usage methanol of methanol are hindering the progress of the market.

The market for renewable methanol is mainly divided into feedstock, application, and end-user. Based on feedstock, it is segmented into forestry residue; agricultural waste; CO2 emission; municipal solid waste; and others. And based on application, it is divided into DME and MTBE; formaldehyde; solvent; gasoline; and others. According to end-user, it includes power generation; transportation; chemical; and others.

The Asia-Pacific is the largest market for renewable methanol globally, and holds the highest share. There is a growing demand for the adoption of the fuel in Australia. Further, bioenergy has immense scope to expand as a source of energy in the country. Biodiesel blends, especially B5 and B20, are becoming increasingly available at service stations across all states in Australia.

Moreover, the national government is contributing significantly towards the development of renewable methanol by innovation and active R&D. For instance, the ‘UWA Methanol from Syngas Research & Development’ project is looking to develop an innovative, miniaturized process technology to synthesize renewable methanol from biomass pyrolysis syngas. Also, Bell Bay Renewable Methanol Project proposes to generate renewable methanol from renewable hydrogen. All these factors are aiding the regional market growth.

OCI NV, Carbon Recycling International (CRI), Atlantic Methanol, BASF SE, Advanced Chemical Technologies, Nordic Green, Innogy, Sodra, Serenergy A/S, Enerkem, Southern Chemical Corporation, Methanex Corporation, Fraunhofer, Methanol Holdings (Trinidad) Ltd, and Gujarat Narmada Valley Fertilizers & Chemicals Ltd are the well-known players in this industry.

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Question & Answer: Renewable Methanol Market

Question 1: What factors are propelling the growth of the renewable methanol market?

Answer: The fact that renewable methanol can be produced from a variety of sources makes it widely applicable for different types of industrial activities. Also, low production costs make renewable methanol superior to conventional fuel. These factors are propelling the growth of the studied market.

Question 2: What factors are hindering the progress of the renewable methanol market?

Answer: The Environmental Protection Agency (EPA) has stated that the inhalation of methanol can negatively impact one’s health in the short-term and even long-term. Short-term exposure to methanol can cause acid in the blood, which may result in neurological damage, headaches & dizziness, nausea & vomiting, seizures, etc. Whereas, long-term exposure to the fuel can cause insomnia, loss of consciousness, blurred vision or blindness, brain & nervous system damage, birth defects, and even lead to coma or death. Thus, such health concerns associated with the usage methanol of methanol are hindering the progress of the market.

Question 3: How is the Asia-Pacific region influencing the growth of the renewable methanol market?

Answer: The Asia-Pacific is the largest market for renewable methanol globally, and holds the highest share. There is a growing demand for the adoption of the fuel in Australia. Further, bioenergy has immense scope to expand as a source of energy in the country. Biodiesel blends, especially B5 and B20, are becoming increasingly available at service stations across all states in Australia.

Moreover, the national government is contributing significantly towards the development of renewable methanol by innovation and active R&D. For instance, the ‘UWA Methanol from Syngas Research & Development’ project is looking to develop an innovative, miniaturized process technology to synthesize renewable methanol from biomass pyrolysis syngas. Also, Bell Bay Renewable Methanol Project proposes to generate renewable methanol from renewable hydrogen. All these factors are aiding the regional market growth.

Question 4: Which are the well-known players in the renewable methanol industry?

Answer: OCI NV, Carbon Recycling International (CRI), Atlantic Methanol, BASF SE, Advanced Chemical Technologies, Nordic Green, Innogy, Sodra, Serenergy A/S, Enerkem, Southern Chemical Corporation, Methanex Corporation, Fraunhofer, Methanol Holdings (Trinidad) Ltd, and Gujarat Narmada Valley Fertilizers & Chemicals Ltd are the well-known players in this industry.

Related Report:

Global Waste-to-Energy (WtE) Market
The global market for waste-to-energy (WtE) is predicted to rise with a CAGR of 6.09% in the forecast years of 2019-2027, reaping a revenue of $53.75 billion by 2027.

The rapid rate of industrialization and urbanization have contributed vastly to the growing generation of municipal waste. According to the World Bank’s estimates, the amount of garbage present today is expected to rise threefold by the year 2100. Countries with high economic growth and urbanization/ industrialization rates tend to generate more quantities of municipal solid waste as compared to the smaller economies.

Until some years ago, governments were dependent on landfilling or incineration for the purpose of waste management. However, in the last few years, there has been a growing demand for sustainable energy. This has directed the industry towards the development of waste-to-energy technologies. This factor is aiding the growth of the studied market.

Further, at its current stage, the WtE industry is pursuing a wide range of large-scale, commercial installation projects. These are located primarily in North America, Europe, and the APAC, in countries like the United States, the United Kingdom, and China. Also, India, Canada, and various EU member states are not far behind, and are investing substantially in the development of new WtE technologies. These growing investments for waste-to-energy projects are driving the growth of the market studied.

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