Renewable Methanol Market size to see promising Growth | Projected at USD 5.3 Billion by 2027

The Allied Market Research report titled "Renewable Methanol Market by Feedstock (Agricultural Waste, Forestry Residues, Municipal Solid Waste, CO2 Emissions, and Others), Application (Formaldehyde, Dimethyl Ether & Methyl Tert-Butyl Ether (MTBE), Gasoline, Solvents, and Others), and End-User Industry (Chemicals, Transportation, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027," reveals key insights into the renewable methanol market. In 2019, the global market was valued at $3.3 billion, and it is projected to grow to $5.3 billion by 2027, with a compound annual growth rate (CAGR) of 5.8% from 2020 to 2027.

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Key Market Drivers and Opportunities:

The market's growth is driven by a rise in demand for sustainable energy sources, the easy availability of renewable methanol, and stringent government regulations encouraging cleaner fuel alternatives. Despite these drivers, the high installation cost remains a barrier to growth. However, the shift towards using renewable methanol as a replacement for marine fuels is anticipated to open new opportunities for market players.

Segment Analysis:

By Feedstock: In 2019, the municipal solid waste segment led the market, accounting for over one-third of the global share. However, the CO2 emissions segment is expected to grow at the fastest rate, with a CAGR of 8.3% during the forecast period, driven by stricter environmental regulations and greater adoption by industries looking to reduce emissions.

By End-User Industry: The transportation segment:
dominated the market in 2019, contributing around one-third of the total share, due to renewable methanol's favorable hydrogen-to-carbon ratio. Meanwhile, the power generation sector is projected to see the highest CAGR of 6.7%, driven by the rising demand for electricity and methanol's potential to replace oil as a power source.

Geographic Outlook:

North America: The region is expected to witness the highest growth, with a projected CAGR of 7.7% through 2027. This growth is largely attributed to the Renewable Fuel Standard (RFS) program aimed at reducing greenhouse gas emissions.

Asia-Pacific: Holding over 40% of the market share in 2018, Asia-Pacific remains the largest market for renewable methanol due to increasing collaborations and investments by major industry players.

Key Players in the Market

Prominent players in the renewable methanol market include:

- Advanced Chemical Technologies
- Carbon Recycling International (CRI)
- BASF SE
- Fraunhofer
- Enerkem
- Nordic Green
- Innogy
- Serenergy A/S
- OCI N.V.
- Sodra

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