Growing applications in transport fuel are anticipated to open up the new avenue for Renewable Methanol Market

Renewable Methanol Market


The Renewable Methanol Market is estimated to be valued at US$ 212.35 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Renewable methanol is methanol produced from biomass, municipal solid waste, or carbon dioxide using renewable energy sources. It is a key alternative fuel that can replace petroleum-derived transportation fuels and help reduce greenhouse gas emissions. Renewable methanol can be used directly as a fuel or blended with gasoline and diesel. It can also be converted to olefins and aromatics for the production of plastics, fibers and other chemical products.

Market Dynamics:

Stricter regulations mandating reduction in carbon emissions: Stringent emission norms by regulatory bodies like the European Union to curb greenhouse gas emissions from transportation are driving demand for low-carbon renewable fuels like renewable methanol. This is expected to boost the renewable methanol market over the forecast period.
Growing demand from the transportation fuel sector: Methanol can be directly used as a transportation fuel or blended with gasoline and diesel. It is safer and more economical to transport and distribute than hydrogen. The growing need to replace conventional fossil fuels with cleaner alternatives in the transportation sector is estimated to propel the demand for renewable methanol.

Segment Analysis:

Renewable Methanol Market is segmented based on the feedstock into plant biomass, municipal solid waste, carbon dioxide and others. The plant biomass segment dominates the market as it is abundantly available and can be used directly or through gasification as a feedstock for the production of renewable methanol.

PEST Analysis:

Political: Governments across various countries are promoting and setting targets for renewable energy to reduce dependence on fossil fuels. They are implementing favorable policies and providing subsidies to drive the adoption of renewable methanol.

Economic: The fluctuating prices of crude oil increases the demand for alternatives like renewable methanol. Additionally, the projects based on renewable methanol are eligible for carbon credits which enhances their economic viability.

Social: Rising environmental concerns among public regarding greenhouse gas emissions is increasing the demand for cleaner fuel alternatives. Renewable methanol production from biomass waste supports waste management and rural employment.

Technological: Advancements in gasification and synthesis technologies have enhanced methanol yield from biomass. Emerging technologies like power-to-methanol using renewable electricity are promising to commercialize renewable methanol production on a large scale.

Key Takeaways:

The Global Renewable Methanol Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing deployment of renewable methanol as a marine fuel and demand from chemical industry for non-petroleum based methanol. The market size for 2023 is estimated to be US$ 212.35 Mn.

Regional analysis: North America dominates the global renewable methanol market owing to favorable government policies promoting renewable fuels adoption in the US and Canada. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to a high potential of availability of biomass feedstock and increasing demand from transportation sector in China and India.

Key players analysis: Key players operating in the renewable methanol market are Methanex Corporation, Carbon Recycling International, BioMCN, Enerkem, Chemrec Inc., and Varmlands Methanol. Methanex Corporation is the largest producer of renewable methanol using catalytic technology for commercial production.

Read More:

https://www.marketwebjournal.com/renewable-methanol-market-size-and-share/

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