Global Renewable Methanol Market to Exhibit 4.11% CAGR by 2028

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

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Triton Market Research's report states that the global renewable methanol market is expected to surge at 4.11% of CAGR during the forecasted years 2022-2028. In terms of volume, the market is estimated to advance at 2.32% CAGR.

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To eradicate the impact of global warming and greenhouse emission, renewable methanol is substantially used across all sectors of the economy. Renewable methanol is produced using renewable feedstock and energy. In this regard, government regulations and the availability of renewable methanol contribute to reducing CO2 and greenhouse gas emissions, thus propelling the global market's growth.

However, the high initial investment and processing expenses of installing renewable methanol production units pose a great threat to the studied market's growth.

The Asia-Pacific holds the largest market for renewable methanol. The growing use of methanol as a transportation fuel in countries like China boosts the demand for renewable methanol. Besides, major players are collaborating to accelerate the awareness of renewable methanol production, thereby augmenting the market's growth process. For instance, China entered into an agreement with Enerkem to build 100 advanced biofuels facilities by 2035.

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

The degree of competitive rivalry in the market is high and complex. The presence of the top 8 players, namely Innogy, Advanced Chemical Technologies, BASF SE, Serenergy SV, Methanex Corporation, Nordic Green, Southern Chemical Corporation, and Atlantic Methanol, occupies 40% of the share in terms of revenue. The competitors offer innovations through price, product features, technology, etc., attracting buyers' interest. As a result, companies are focusing on joint ventures to expand globally. Additionally, owing to the higher proportion of customers compared to the manufacturers, the bargaining power of the buyers is considerably low.

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