Renewable Methanol Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Renewable Methanol Market grew at a CAGR of 5.2% between 2017-2021 and is estimated to be US$ 2,874.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.6 % and is expected to reach a valuation of US$ 4,957.5 Mn by 2032 end.
The increase in carbon dioxide emissions and strict environmental restrictions to lessen the effects of carbon dioxide are fueling the growth of the worldwide renewable methanol market. This element is anticipated to increase demand for renewable methanol, which finds use in the industrial and transportation sectors. Additionally, it is expected that producing renewable methanol from agricultural and industrial waste would give the industry chances for future expansion.
GROWING DEMAND FROM THE CHEMICAL INDUSTRY
Renewable methanol is an integral element in the chemical industry, which is implemented as a feedstock in large quantities to produce several chemicals. The chemical industry is expanding globally with increasing production, which will stimulate the market’s growth in the forecast period.
Expansion in the chemical industry will augment higher uses of renewable methanol in the production of various chemicals, ultimately contributing to the growth of market prospects.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
The production of renewable methanol involves a high cost which has been a challenge in the market for many years and might affect the market’s growth in the forecast period. The expensive nature of the production process restricts the scaling up of renewable methanol.
THE RISE IN THE AUTOMOBILE SECTOR WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
As the automotive industry is witnessing unprecedented growth in the upcoming years, there is an immense demand for renewable methanol, which can be used as a fuel. The market is projected to grow over the forecast period in line with the growing implementation of renewable methanol as a fuel in various vehicles to meet growing energy demands across transportation sectors.
The COVID-19 pandemic hurt the renewable methanol market. Supply chain disruption and raw material procurement were the major challenges faced by the market during the pandemic. Market players had to modify their working strategies to maintain a stable business operation amid the pandemic. As per the April 2020 report by OCI N.V., the demand for methanol got hindered due to the slowdown of industrial activity.
The stagnant growth in automotive, chemical, and power generation further restricted the market’s growth during the pandemic. According to Forrester Consulting Inc., consumer demand for alternative fuels is expected to grow significantly from 2020 through 2021, with Biofuel 4.0 set to comprise five percent of worldwide transportation fuels by 2024.
Market Segments Covered in Report
By Primary Source:
By End Use Sector:
By Region and Country:
Why is Biomass Feedstock to Produce Next Generation Fuelling Solutions projected to ensure the most revenue during the forecast period?
At 42.0% of the market, Biomass Feedstock had the greatest revenue share. Biomass feedstocks are the most preferred feedstocks to produce renewable methanol across the globe. Low treatment cost and pre-treatment methods are some factors that provide biomass an edge over its alternatives. Production of methanol using biomass feedstocks solves two of the major environmental concerns: treatment of waste and reduction of vehicle emissions, owing to which various environment protection agencies, regulatory bodies, and regional governments provide multiple benefits and aid in the set-up of production lines and production of renewable methanol.
Why is the Formaldehyde segment expected to expand the fastest during the forecast period?
A wide spectrum of vital chemicals across the globe. About 29.0% of the renewable methanol produced worldwide is consumed in formaldehyde (HCHO) manufacturing. Chemical synthesis of formaldehyde also finds its applications in various industries, including paints and coatings, food, medicine, disinfection, and numerous others. Due to such immense use of chemicals in some rapidly growing industries, formaldehyde manufacturers are anticipated to create ample opportunities for methanol manufacturers over the upcoming assessment period of 2022-2032.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The renewable methanol market is focused on the key needs of China, India, and Japan. The rising demand for sustainable products and government initiatives stimulate market expansion. Key manufacturers are engaged in developing production capacity to cater to the growing demand for natural gas-derived methanol. Rising competition among key players is expected to reduce prices in this market.
Some of the key developments that have taken place in the Renewable Methanol Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Primary Source, End-Use Sector, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.6%.
The growing concern for sustainable living and the decline in carbon emissions has boosted the demand for renewable energy resources among all segments of nations. The global renewable methanol market is anticipated to witness a surge in demand over the next decade.
Major global Renewable Methanol Market players are ENI, BASF SE, Apex Energy Teterow GmbH, Methanex Corporation, VarmlandsMethanol, Alberta Pacific, Carbon Recycling International, BioMCN, Enerkem, Chemrec Inc., New Hope Energy, Trans World Energy, Proman, Liquid wind, Veolia and others.
Market growth is constrained by the high capital investment needed to deploy Renewable Methanol systems.
The North America region is expected to account for the largest market revenue share in the Global Renewable Methanol market.
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