Global Renewable Methanol Market Growth Sustained by Stringent Government Rules and Regulations

Inkwood Research estimates that the Global Renewable Methanol Market is evaluated to project a CAGR of 3.82% in terms of revenue and 2.55% in terms of volume during the forecasting years of 2022-2030.

"Browse 64 Market Data Tables and 44 Figures spread over 229 Pages, along with an in-depth TOC on the Global Renewable Methanol Market Forecast 2022-2030."

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Renewable methanol can be produced with the use of renewable energy and renewable feedstock. The growing need for renewable methanol is facilitated by the need to mitigate climate change through the elimination or reduction of CO2 emissions, in addition to maintaining the average global temperature increase to no more than 1.5°C.

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Strict Government Rules and Regulations to Augment Market Growth

Stringent government regulations on carbon dioxide as well as other greenhouse gas emissions are projected to fuel the global market growth for renewable methanol. As per a report by Renewables Now, Europe's carbon dioxide emission depreciated by 12%. On the other hand, renewable energy sources exceeded conventional energy sources, including fossil fuels and coal. Furthermore, the introduction of new renewable energy policies in the European Union (EU) Emissions Trading System is set to boost the market for renewable energy sources, subsequently bolstering the global renewable methanol market growth.

Gasoline to be the Fastest-Growing Application

While numerous regulations support the use of methanol for gasoline, a certain limit has been established for its production. The European fuel specification (EN228) and the European Fuel Quality Directive (2009/30/EC) permit a limit of up to 3 volume-% of methanol in gasoline. In addition, the European Union's 2050 energy strategy's primary objective is to minimize greenhouse gas emissions by up to 95%.

As a result, renewable methanol is likely to play a substantial role in terms of lessening greenhouse gas emissions. Furthermore, a key advantage of utilizing renewable methanol is its capability to reduce greenhouse gas emissions emerging from the transportation industry.

Europe set to Lead the Global Market by 2030

Europe is estimated to register significant growth during the forecast period on account of the proliferating wind and solar sector, subsequently augmenting the need for power generation. Renewable methanol is also expected to play a vital role in offering cleaner energy across the European continent. In addition, electricity generation in Germany, primarily from renewable energy sources, has increased, thus accelerating the use of renewable methanol. On the other hand, top players are also expanding their business in the region through the adoption of several strategies like partnerships and agreements with other leading players.

The degree of competition in the global renewable methanol market is expected to be moderately high during the forecasting period. Some of the major companies operating in the market include Innogy, BASF SE, Nordic Green, etc.

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