The Global Renewable Methanol Market to Reap $3788.52 Million by 2028

A Triton Market Research report has forecasted the global renewable methanol market, which amounted to $3040.36 million in 2020, to surge with a CAGR of 3.16% by 2028.

A recent study by Triton Market Research titled ‘Global Renewable Methanol Market,’ covers the Global Analysis and Forecast for 2021-2028 by Application (DME and MTBE; Gasoline; Solvent; Formaldehyde; Others), by Feedstock (Forestry Residue; CO2 Emission; Agricultural Waste; Municipal Solid Waste; Others), by End-user (Transportation; Power Generation; Chemical; Others), and by Geographical Region (Europe, Asia-Pacific, North America, Rest of World).

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Triton’s global renewable methanol market report puts forth that this industry is likely to expand at 3.16% of CAGR in terms of revenue over the forecasting duration from 2021 to 2028, gaining a revenue of $3788.52 million by 2028. Also, it is anticipated to grow with a CAGR of 2.08% in terms of volume in this period, accounting for 6763.50 kilotons by 2028.

Renewable methanol is a chemical with low carbon content. It is obtained from sustainable biomass.

As renewable methanol can be obtained from numerous sources, it has found applications in a variety of industrial activities. Moreover, the cost required for producing this fuel is low, which makes it a better alternative to conventional fuel. These properties of the fuel have raised its demand, thereby driving the growth of the market studied.

However, according to the Environmental Protection Agency (EPA), inhaling methanol can affect one’s health negatively in the short term as well as long term. Some of these include neurological damage, seizures, headaches, dizziness, nausea, and vomiting, as well as brain & nervous system damage, blurred vision, blindness, or even death. These health concerns associated with methanol are hampering the market growth.

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

The Asia-Pacific market for renewable methanol is the largest in the world, and accounts for the highest share. Australia has observed a rising demand for renewable methanol over the past few years. Also, there immense scope in the country for bioenergy to expand as an energy source. Biodiesel blends, B5 and B20 in particular, are now readily available at service stations in all states. Furthermore, the government of the country is taking efforts to develop renewable methanol by means of innovation and active research and development. These factors are channeling the growth of the renewable methanol market.

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

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Question & Answer: Renewable Methanol Market

Question 1: What factors are driving the growth of the market studied?

Answer: As renewable methanol can be obtained from numerous sources, it has found applications in a variety of industrial activities. Moreover, the cost required for producing this fuel is low, which makes it a better alternative to conventional fuel. These properties of the fuel have raised its demand, thereby driving the growth of the market studied.

Question 2: What factors are hampering the renewable methanol market growth?

Answer: According to the Environmental Protection Agency (EPA), inhaling methanol can affect one’s health negatively in the short term as well as long term. Some of these include neurological damage, seizures, headaches, dizziness, nausea, and vomiting, as well as brain & nervous system damage, blurred vision, blindness, or even death. These health concerns associated with methanol are hampering the market growth.

Question 3: How is the Asia-Pacific influencing the renewable methanol market outlook?

Answer: The Asia-Pacific market for renewable methanol is the largest in the world, and accounts for the highest share. Australia has observed a rising demand for renewable methanol over the past few years. Also, there immense scope in the country for bioenergy to expand as an energy source. Biodiesel blends, B5 and B20 in particular, are now readily available at service stations in all states. Furthermore, the government of the country is taking efforts to develop renewable methanol by means of innovation and active research and development. These factors are channeling the growth of the renewable methanol market.

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

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

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