Global Renewable Methanol Market to Project Substantial Growth on Account of Stringent Government Regulations

According to the estimations put forth by Inkwood Research, the Global Renewable Methanol Market is predicted to record a CAGR of 3.16% in terms of revenue and 2.08% in terms of volume during the forecasting years of 2021-2028.

"Browse 62 Market Data Tables and 46 Figures spread over 146 Pages, along with an in-depth TOC on the Global Renewable Methanol Market Forecast 2021-2028."

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Renewable methanol is produced from sustainable raw materials, such as biomass, municipal and industrial waste, and carbon dioxide. Same as conventional methanol, renewable methanol can also be utilized as a fuel in transportation and feedstock in chemicals.

Government Rules and Regulations to Fuel Market Growth
Stringent government regulations regarding greenhouse gas and carbon dioxide emissions are expected to propel the global renewable methanol market growth. As per the report by Renewables Now, Europe's overall carbon dioxide emission declined by 12%, whereas renewable energy sources exceeded conventional energy sources, including fossil fuel and coal. Moreover, novel renewable energy policies in EU Emissions Trading System are projected to drive the market demand, thereby bolstering the market growth.
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Municipal Solid Waste is the Dominating Feedstock in terms of Revenue
Municipal Solid Waste (MSW) is largely utilized in the production of renewable methanol. Approximately 1.3 billion metric tons of MSW are produced across the world annually, and this number is estimated to increase to 2.2 billion metric tons by 2025. Through the use of MSW to produce renewable methanol, unrecyclable garbage can be utilized in an effective way. As a result, the pressure on landfill sites would be substantially relieved.
Managing large volumes of waste poses challenges for municipalities and governments. It is estimated that nearly two-thirds of MSW are either incinerated or dumped in landfills. This leads to environmental challenges, capable of being overcome by the use of MSW to produce sustainable chemicals, including renewable methanol

North America to be the Fastest-Growing Region in terms of Volume and Revenue
The rising implementation of renewable fuel standard (RFS) program for minimizing the impact of greenhouse gas emissions is anticipated to contribute toward the market growth across North America. These programs also play a vital role in reducing the reliance on biofuel. Numerous other approaches to reduce greenhouse gas emissions in the region include the current development of a Clean Fuel Standard by the Canadian government as well as the California Low Carbon Fuel Standard (LCFS).
The global renewable market is highly fragmented, with the leading eight enterprises garnering around 40% of the revenue share. The firms compete based on product features and offerings, price, and technology via numerous competitive strategies, predominantly through joint ventures. Hence, the overall degree of competition within the market is moderately high.
Major companies operating in the market are Enerkem, BASF SE, Carbon Recycling International, Advanced Chemical Technologies Inc, etc.

Related Reports:
GLOBAL METHANOL MARKET
GLOBAL WASTE TO ENERGY MARKET
GLOBAL ELECTRIC VEHICLE POLYMER MARKET
GLOBAL ELECTRIC VEHICLE MARKET

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