The global Renewable Methanol market is projected to grow at a CAGR of 7.1% to reach USD 323.3 million by 2026 from 200 million in 2019. Methanol, an organic compound that belongs to the alcohol family and it is also one of the most-produced organic chemicals. Rising investment in renewable energy sources, rising concerns over environmental emissions, and government grants are proliferating the demand for renewable methanol plants. The Renewable Methanol market is also growing on account of environmental concerns regarding reducing greenhouse gas emissions and effective utilization of waste. Various governing bodies and organizations across the world are thus investing heavily in renewable energy sources for reducing carbon emissions and also to ensure a stable and secure energy supply.
The methanol industry is spread across the entire globe. The total combined production capacity of methanol from over 90 methanol plants based in Asia, North and South America, Europe, Africa, and the Middle East was estimated at over 100 million metric tons. Renewable Methanol is also expected to grow on account of the growing availability of sustainable feedstocks. Renewable Methanol can be manufactured from a variety of different feedstocks which include natural gas, coal, and biomass, waste, and even waste CO2.
The Renewable Methanol market is also growing on account of new emerging applications and use cases. The market of Renewable Methanol is highly interlinked and dependant on feedstock scenarios and prices of conventional methanol and other competing alternatives. The Renewable Methanol industry value chain includes thousands of distributors, technology providers, manufacturers, and service providers.
The research report analyses the ecosystem of Renewable Methanol and categorizes the Renewable Methanol Market to forecast the revenues and analyse the trends in each of the following below mentioned market segments.
The unique insights provided by the renewable methanol market report also includes the following:
In terms of market by feedstock, the municipal waste segment is estimated to be the largest segment during the forecast period
On the basis of source, the market is segmented into Agricultural Waste, Forest Residues, CO2 emissions, Municipal Waste, Industrial Waste, Others. The municipal waste segment of the Renewable Methanol market is expected to be the biggest segment of the Renewable Methanol market in the forecast period. On account of a large amount of municipal waste generation, waste management companies are focussing on developing methanol from municipal waste. In 2014, Enerkem started a municipal solid waste (MSW) to an ethanol plant in Edmonton, Canada. As over 260 million tons of municipal solid waste is generated annually in the U.S. alone, this segment holds vast growth potential.
By Application, Formaldehyde is expected to be the largest segment
In terms of application, the global Renewable Methanol market can be segmented as (Formaldehyde, Methyl tert-butyl ether (MTBE), Gasoline, Dimethyl Ether, Solvents, Others. The formaldehyde segment dominated the Renewable Methanol market in terms of revenue in 2019. Formaldehyde is one of the most important industrial chemicals having numerous applications; this is thus the dominating segment in all geographies.
Asia Pacific region is expected to be the largest segment in the forecast period
Asia Pacific region accounted for the largest share of the Renewable Methanol market. Asia Pacific is also expected to be the fastest-growing market in terms of CAGR trend. The Asia Pacific region is growing on account of easy feedstock availability. Japan is an extensive consumer of renewable methanol and is also simultaneously investing in methanol production technology. Major Renewable Methanol equipment manufacturers are eyeing opportunities in Asian Economies, on account of lower labor costs and support from the respective governments. Key Renewable Methanol markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia.
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.