Renewable Methanol Market Soars: Expected to Reach US$ 398.1 million by 2033

Renewable methanol is a sustainable alternative to traditional methanol produced from fossil fuels. It is synthesized from renewable sources like biomass, carbon dioxide, or hydrogen derived from clean energy technologies. This environmentally friendly fuel has a wide range of applications, from transportation to chemical production. It reduces greenhouse gas emissions and plays a crucial role in achieving a greener, more sustainable future.

According to forecasts, the renewable methanol market is expected to be US$ 210.1 million in 2023 and US$ 398.1 million by 2033.

As it is used in the chemical sector to make acetic acid, formaldehyde, and plastics, there is expected to be an increase in demand for renewable methanol throughout the projection period. To produce polyethylene and polypropylene, much more biomethanol is now being used. Moreover, the main applications of bioethanol are as fuel for industrial boilers, vehicles, ships, and kitchen appliances.

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The key reasons behind the market expansion include decreasing or eliminating CO2 emissions to prevent climate change drastically and the increased emphasis on limiting the average global temperature rise to no more than 1.5°C. This suggests that emissions throughout the economy are net zero by the middle of the century.

In some industries with few choices for carbon emission reduction, biomethanol has been more effective as a feedstock in the chemical industry or as a fuel for land or marine transportation.

Low petrol costs are also affecting the use of renewable methanol. Due to weak domestic and global demand, several EU, Brazil, and United States production facilities have cut their output. As a result of the decreased demand, renewable methanol stocks are predicted to rise across several markets, driving down prices and jeopardizing profitability.

Key Takeaways

- By 2033, the renewable methanol market in the United Kingdom is likely to expand, with a CAGR of 5.8%.
- In 2023, the United States is expected to develop the renewable methanol business with a share of 22.4%.
- The renewable methanol market grew considerably to US$ 201.1 million in 2022.
- The renewable methanol industry expanded at a CAGR of 6.8% from 2018 to 2022.
- By 2033, China's renewable methanol market is projected to have a CAGR of 6.9%.
- By 2033, India's renewable methanol industry is projected to expand with a CAGR of 7.3%.
- Japan's renewable methanol sector is likely to grow significantly, with a 10.2% share in 2023.
- Australia's renewable methanol is expected to develop with a share of 3.1% in 2023.
- Germany's renewable methanol business is expected to grow, with a share of 15.4% in 2023.
- In 2023, based on a primary source, the biomass feedstock segment is expected to dominate the market, with a share of 42%.
- In 2023, based on application, the formaldehyde segment is expected to dominate the market, with a share of 25%.

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Competitors' Successful Techniques and Recent Developments:

- At Anyang, Henan Province, China, production of the first CO2-to-methanol facility on a commercial scale began in October 2022.
- The state-of-the-art plant is the first in the world to generate methanol at this scale from waste carbon dioxide and hydrogen gasses.
- Methanol is a valuable fuel and chemical feedstock. The manufacturing method of the plant is based on Carbon Recycling International's Emissions-to-Liquids (ETL) technology.
- A contract for a 100,000 tonnes per year CO2 to methanol plant was signed on September 28, 2021, between the China-based petrochemicals firm Jiangsu Sailboat Petrochemicals Co. Ltd. and the Icelandic technology company Carbon Recycling International.
- Repsol, Enerkem, and Agbar constructed the first waste-to-chemicals facility in the Iberian Peninsula on April 27, 2021. Repsol, a Spanish multi-energy corporation, will join the Eco Planta project to build a waste-to-chemicals plant in Tarragona, Spain, alongside Enerkem, a technical leader located in Montreal, and Agbar, a world authority in water and waste management.

Key Players

Methanex Corporation
Carbon Recycling International
BioMCN
Enerkem
Chemrec Inc.
VarmlandsMethanol
Alberta Pacific
New Hope Energy
Trans World Energy
Proman
ENI
BASF SE
Apex Energy Teterow GmbH
Liquid wind
Veolia

Key Segments

By Primary Source :

Biomass
Municipal Waste
Industrial Waste
Others

By End Use Sector :

Formaldehyde
MTBE
Gasoline
Dimethyl Ethers
Solvents
Others

By Region :

North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East & Africa (MEA)

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This release was published on openPR.