The Global Renewable Methanol Market to Garner $3788.52 Million by the year 2028

A report by Triton Market Research states that the global renewable methanol market was valued at $3040.36 million in 2020, will showcase 3.16% of CAGR by 2028.

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

Also known as biomethanol, renewable methanol is a fuel obtained from CO2 and hydrogen generated from renewable electricity.

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Triton's report on the global renewable methanol market depicts that this industry is likely to expand at a CAGR of 3.16% (by revenue), and gain $3788.52 million by 2028, in the forecasted duration from 2021 to 2028. Further, it is expected to exhibit a CAGR of 2.08% (by volume) during this period, and account for 6763.50 kilotons by 2028.
In recent years, there has been a shift towards the adoption of renewable and sustainable energy sources. This is expected to support the market growth. Also, harnessing excess solar and wind is expected to raise the demand for renewable methanol. On the flip side, the high cost incurred for setting up renewable methanol production machinery acts as a growth restraining factor for this market.

The market for renewable methanol is primarily classified into feedstock, application, and end-user. On the basis of feedstock, it is segmented into forestry residue; municipal solid waste; agricultural waste; CO2 emission; and others. Whereas, on the basis of application, it is classified into formaldehyde; solvent; DME and MTBE; and others. Lastly, based on end-user, the market consists of chemical; transportation; power generation; and others.

The Asia-Pacific region is the leading market for renewable methanol across the globe, and accounts for the largest share. The presence of progressive nations like Japan and China in this region is helping the market growth, as they witness a huge demand for the fuel. Also, Japan consumes renewable energy on a large scale. The national government has realized the potential of renewable fuel generation. In addition, methanol is also widely used in China, and is being considered for usage as a transportation fuel. These factors indicate that the renewable methanol market in the region is on a growth path.

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

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Question & Answer: Renewable Methanol Market

Question 1: What factor is expected to support the renewable methanol market growth?

Answer: In recent years, there has been a shift towards the adoption of renewable and sustainable energy sources. This is expected to support the market growth. Also, harnessing excess solar and wind is expected to raise the demand for renewable methanol.

Question 2: What factor acts as a growth restraining factor for the renewable methanol market?

Answer: The high cost incurred for setting up renewable methanol production machinery acts as a growth restraining factor for this market.

Question 3: Which is the leading market for renewable methanol?

Answer: The Asia-Pacific region is the leading market for renewable methanol across the globe, and accounts for the largest share. The presence of progressive nations like Japan and China in this region is helping the market growth, as they witness a huge demand for the fuel. Also, Japan consumes renewable energy on a large scale. The national government has realized the potential of renewable fuel generation. In addition, methanol is also widely used in China, and is being considered for usage as a transportation fuel. These factors indicate that the renewable methanol market in the region is on a growth path.

Question 4: Which are the eminent companies operating in the renewable methanol market?

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

Related Report:

Global Energy Harvesting Market
https://www.tritonmarketresearch.com/reports/global-energy-harvesting-market

The energy harvesting market is predicted to grow with a CAGR of 10.15% in the projected years 2020-2028. It is expected to accumulate $9.45 billion in revenue by the year 2028.

A large portion of the infrastructure required the efficient functioning of smart cities needs sensors and several other intercommunication devices that act as members of a network. In the coming years, the adoption of energy harvesting systems is estimated to rise, as many devices would require to be self-powered, and laying out a separate source of energy for each device may not be feasible. Also, there has been a growth in IoT implementation for building automation. This factor is majorly contributing to market growth. The global automation industry is witnessing rapid growth. The Internet of Things is providing numerous benefits to the industry, and hence, the implementation of IOT for building automation can be witnessed on a large scale.

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