Global renewable methanol market is expected to reach USD 229.36 Million by 2025, at a CAGR of 3.62% from 2018 to 2025. Global emphasis on reducing the carbon dioxide emissions coupled with stringent environmental regulations to lessen the impact of carbon dioxide are driving the demand for the renewable methanol.
Renewable methanol is produced from sustainable raw materials such as industrial and municipal waste, biomass and carbon dioxide. Same as conventional methanol, it can be used as a feedstock in chemicals or as a fuel in transportation. It has a high octane rating owing to high hydrogen to carbon ratio which helps in curbing greenhouse effects on the environment. The global rise in carbon dioxide levels along with strict environmental regulations to reduce the greenhouse effect has fueled the demand for renewable methanol with application in the transportation and industrial sectors. Furthermore, the conversion of agricultural and industrial wastes into renewable methanol is also expected to drive market growth over the forecast period.
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Renewable Methanol Market Key Segmentation
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Europe and North America are likely to emerge as key renewable methanol market attributed to strict government policies about carbon emissions in the regions. Additionally, regulations in Europe regarding mandatory product usage and its blends in automobile industry is likely to accelerate regional product demand from 2019 to 2025. Furthermore, the product is gaining prominence in nations including India and China owing to rising demand for alternative fuels for power generation in these countries so as to reduce dependence on fossil fuels for providing electricity to masses. China and Australia have highly focused in using methanol for fuel blending purposes. Myanmar and Philippines have also formulated several regulations aimed at mandating use of methanol for fuel blending.
Several key players are involved in the renewable methanol market including BioMCN, Blue Fuel Energy, Carbon Recycling International Inc, Varmsland Methanol, Chemrec AB, Methanex Corporation, BASF SE, Enerkemand, Mitsubishi Chemicals, Statoil and Petronas. The market is very competitive as key players are focusing on expanding their product portfolio to sustain in the market. Recently BASF announced that the company has started producing methanol by using biomass process. The product is now being produced from second generation feedstocks by using residual materials and waste.
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