Synthesis gas, a mixture of hydrogen, carbon dioxide, and carbon monoxide, is used to create liquid methanol. These basic elements can be obtained from a variety of feedstocks and by employing various technological techniques.
The rising sales of daily items including plastics, paints, cosmetics, and fuels, will fuel the demand for liquid chemical methanol (CH3OH). The global renewable methanol market size is predicted to create lucrative growth with a CAGR of 6.6% throughout the forecast period from 2022 to 2032. The market is slated to expand at a robust growth by surpassing US$ 373.5 Mn by the end of 2032.
According to Future Market Insights (FMI), demand for renewable methanol grew at a surging CAGR of 6.8% across the historical assessment period from 2016 to 2021. Growth in the market is attributed to the increasing awareness of carbon emissions and environmental protection all over the world. Attributing to the increasing trend of sustainability, recycling, and bio-based chemicals have been witnessing a heavy surge in demand.
Methanol is known as a key blending agent in conventional fuels in order to reduce their emissions, due to which it is witnessing rapid growth. Renewable methanol produced with the help of renewable feedstocks is expected to gain traction in the market. In addition to that, the rapid implication of strict regulations across emissions from vehicles and industries is anticipated to be the key factor driving the growth in the market.
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Key Takeaways
Competitive Landscape
Leading manufacturers of renewable methanol are fully engaged in the expansion of their production capacities to efficiently cater to the rising demand for the product. Prominent manufacturers are engaged in the expansion of production facilities and acquisitions/mergers of regional small – medium level players in order to get an edge over the global market.
More Insights into the Renewable Methanol Market
According to the FMI analysis, the U.S. is expected to dominate the global renewable methanol market by accounting for a significant market share of around 22.4% in the global market landscape. The growth is attributed to high awareness and strict government regulations regarding emissions and carbon footprints in the country. This compels the utilization of methanol for fuel and other products to decrease their emission levels significantly.
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India is considered to be the fastest growing market for methanol and renewable methanol across the world. Growth is driven by stringent regulations over vehicle emissions in the country. Implementation of BS – III, BS – IV, BS – VI, and various other regulations including compulsory use of methanol or other renewable fuel in fuel blending is benefitting the market.
Renewable Methanol Market by Category
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Jul 05, 2023