Global Renewable Methanol Market Evaluated to Grow at $4296.33 Million by 2028

A recent study by Triton Market Research titled 'Global Renewable Methanol Market' by End-user (Transportation, Power Generation, Chemical, Other End-users), Feedstock (Agricultural Waste, Forestry Residues, CO2 Emissions, Municipal Solid Waste, Other Feedstocks), Application (Solvents, DME & MTBE, Formaldehyde, Gasoline, Other Applications), and Geography (Latin America, North America Asia-Pacific, Europe, Middle East and Africa).

Renewable methanol is a liquid produced from renewable energy and is used largely as a substitute for heavy fuel oils. It helps reduce greenhouse gas emissions.

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Triton's report estimates that the global renewable methanol market is set to register growth at a CAGR of 4.11% during the forecast period of 2022-2028. It is further assessed to display revenue worth $4296.33 million by 2028. In terms of volume, the market is likely to advance at a CAGR of 2.32%.
Renewable methanol is produced using different resources, making it applicable for various industrial activities. It is generally manufactured conventionally through municipal and agricultural waste. Another conventional way of producing sustainable methanol is through carbon dioxide emissions from industrial activities accompanied by renewable energy sources such as wind or solar. Besides, the production and raw materials costs are significantly low, making renewable methanol a preferable fuel. Therefore, these factors are driving the market's growth.

On the other hand, producing renewable methanol requires either municipal waste or renewable energy. The processing cost of such waste demands high investment, which hampers the market's growth. Besides, poor technology and infrastructure development result in low-quality products, leading to ignition failure and corrosion of engine parts, thus negatively impacting the renewable methanol market's growth.

The renewable methanol market is categorized into end-user, feedstock, and application. Based on the end-user, it is segmented into transportation, power generation, chemical, and other end-users. The feedstock segment includes agricultural waste, forestry residues, Co2 emissions, municipal solid waste, and other feedstocks. Lastly, the application segment is divided into solvents, DME & MTBE, formaldehyde, gasoline, and other application.

Geographically, the Asia-Pacific dominates the renewable methanol market and is likely to continue its stronghold by 2028. This growth can be attributed to the growing application of methanol as a transportation fuel across various countries. For instance, the Chinese government has signed an agreement with Enerkem to build 100 advanced biofuels facilities by 2025. Also, the leading providers of methanol technology, such as Geely Holdings, are partnering with other players to promote renewable methanol production.

Hence, such factors play a crucial role in driving the market's growth in the Asia-Pacific region.
The prominent companies in the renewable methanol market are SODRA, Methanex Corporation, Advanced Chemical Technologies, OCI NV, Methanol Holdings (Trinidad) Ltd, Enerkem, Innogy, Carbon Recycling International, Southern Chemical Corporation, Atlantic Methanol, Nordic Green, Gujarat Narmada Valley Fertilizers & Chemicals Limited, BASF SE, Fraunhofer, and Serenergy SV.

Question & Answer: Renewable Methanol Market

Question 1: What factors are driving the renewable methanol market's growth?

Answer: Renewable methanol is produced using different resources, making it applicable for various industrial activities. It is generally manufactured conventionally through municipal and agricultural waste. Another conventional way of producing sustainable methanol is through carbon dioxide emissions from industrial activities accompanied by renewable energy sources such as wind or solar. Besides, the production and raw materials costs are significantly low, making renewable methanol a preferable fuel. Therefore, these factors are driving the market's growth.

Question 2: What factors are negatively impacting the renewable methanol market's growth?

Answer: On the other hand, producing renewable methanol requires either municipal waste or renewable energy. The processing cost of such waste demands high investment, which hampers the market's growth. Besides, poor technology and infrastructure development result in low-quality products, leading to ignition failure and corrosion of engine parts, thus negatively impacting the renewable methanol market's growth.

Question 3: Which region dominates the renewable methanol market?

Answer: Geographically, the Asia-Pacific dominates the renewable methanol market and is likely to continue its stronghold by 2028. This growth can be attributed to the growing application of methanol as a transportation fuel across various countries. For instance, the Chinese government has signed an agreement with Enerkem to build 100 advanced biofuels facilities by 2025. Also, the leading providers of methanol technology, such as Geely Holdings, are partnering with other players to promote renewable methanol production.
Hence, such factors play a crucial role in driving the market's growth in the Asia-Pacific region.

Question 4: What are the prominent companies in the global renewable methanol market?

Answer: The prominent companies in the renewable methanol market are SODRA, Methanex Corporation, Advanced Chemical Technologies, OCI NV, Methanol Holdings (Trinidad) Ltd, Enerkem, Innogy, Carbon Recycling International (CRI), Southern Chemical Corporation, Atlantic Methanol, Nordic Green, Gujarat Narmada Valley Fertilizers & Chemicals Limited, BASF SE, Fraunhofer, and Serenergy SV.

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Related Report

Global Methanol Market

The global methanol market is anticipated to grow in value during 2019-2027 at a CAGR of 5.42%. It is likely to gain $56151 million by 2027.

Methanol is a volatile, toxic, colorless, and flammable liquid processed using a mixture of hydrogen and carbon monoxide, also known as syngas. The natural gas used in producing methanol is increasingly replaced by coal.

The market is driven by multiple factors, such as the rising acceptance of methanol-to-olefins technology, the need for conventional transportation fuels, and the government's promotion of methanol as an alternative fuel.

Furthermore, the increasing usage of methanol in the automotive industry is anticipated to create opportunities for the methanol market.

However, a lack of raw materials required to produce bio-based products such as starch, cellulose, and oil hinders the market's growth.

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