The Global Renewable Methanol Market to Surge at 3.16% of CAGR by 2028

Triton Market Research presents the Global Renewable Methanol Market report segmented by Feedstock (CO2 Emission; Forestry Residue; Agricultural Waste; Municipal Solid Waste; Others), by End-user (Chemical; Power Generation; Transportation; Others), by Application (Formaldehyde; DME and MTBE; Solvent; Gasoline; Others), by Geographical Region (Europe, North America, the Asia-Pacific, Rest of World), discussing Market Summary, Industry Outlook, Key Insights, Market Definition, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Impact of COVID-19 on Renewable Methanol Market, Drivers, Restraints, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).
Triton Market Research, in its report, has forecasted that the Global Renewable Methanol Market is likely to evolve at a compound annual growth rate of 3.16% (revenue) and 2.08% (volume) during the forecasted period from 2021-2028.

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The demand for marine fuels has grown in the last couple of years, thanks to the rise in fleet numbers and shipping goods. This growing demand has led to heavy fuel oils being substituted with renewable methanol, as the latter has great potential in helping reduce greenhouse gas emissions. It is expected that this adoption of renewable methanol in place of traditional fuel will offer lucrative opportunities for the global market to grow.
On the flip side though, a large number of solar photovoltaic (PV) applications have come into foray recently. These applications include solar roadways, space-based solar power plants, and hybrid power plants. The growing preference for PV applications is creating major hurdles in the market growth path.

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Geographically, the North American market is expected to showcase the fastest rate of growth globally, over the forecasting duration. In the United States, renewable energy is being increasingly harnessed for generating power, which is fueling the growth in this market. Moreover, Canada has formulated a policy called Clean Fuel Standard, as part of its efforts to reduce GHG emissions, and the regulations for this are underway. It is expected that the implementation of such policies will reinforce the research efforts being put in for developing and producing renewable methanol. In addition, several companies have developed technologies in the last few years to decrease the carbon intensity of methanol. All these factors are aiding the growth of the market studied.
Methanol Holdings (Trinidad) Ltd, BASF SE, Atlantic Methanol, Advanced Chemical Technologies, Sodra, Carbon Recycling International (CRI), Innogy, Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Nordic Green, Enerkem, Methanex Corporation, Southern Chemical Corporation, OCI NV, Fraunhofer, and Serenergy A/S are some of the notable companies operating in this market.
The renewable methanol industry is showing impressive growth. However, at present, the bigger, established names, dominate it. This has significantly reduced the likelihood of new players entering this market. Another factor limiting the entry of new players is the high initial costs required for R&D purposes, in order to gain a foothold in the industry. Most of the smaller companies are therefore considering strategic expansion, such as collaborations, to remain relevant. This trend is expected to stay for long. Also, many new companies are starting up in India and China, and these markets are attracting increased investments.

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