Renewable Methanol Market Size, Share, Demand & Trends by 2032
The global renewable methanol market 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. The
rising sales of daily items including plastics, paints, cosmetics, and fuels,
will fuel the demand for liquid chemical methanol (CH3OH).
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.
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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.
Key Takeaways
- As
compared to gasoline, the application of methanol in internal combustion
engines reduces greenhouse gas emissions by 15 to 20%. In addition, it
also burns with clean fumes and can be used in spark ignition port
injected gasoline engines without any modification. This makes renewable
methanol suitable for use as a superior liquid motor fuel.
- In
addition to that, favorable government regulations in various countries
such as the U.S., China, India, and European countries utilize
over 10% of renewable fuels in motor fuels by the end of 2025 is expected
to drive demand for second-generation biofuels such as renewable methanol
over the forecast period.
- The
low greenhouse gas emissions and renewable feedstocks methanol fall under
the next-generation fuel solutions which can adjust to strict governmental
norms that are tightening their noose over various vehicle manufacturers
regarding emissions.
- Fuel
cell technology is known as another key application of methanol. Fuel cell
technology is trending due to its booming electric vehicle sales across
the globe. Demand for electric vehicles has surged exponentially over the
past few years, and according to a study, the market is expected to follow
this trend over the upcoming assessment period of 2022–2032.
- Plug-in
hybrid electric vehicles extract their power from high-performance
batteries rather than from fuel. Renewable methanol, which is anticipated
to be environment-friendly and cost-effective, can be used in fuel-cell
vehicles. Furthermore, renewable methanol can also be fed directly to the
fuel cell without its reformation with hydrogen.
- Synthesis
gas is a mixture of carbon dioxide, hydrogen and carbon monoxide which is
used to create liquid methanol. These basic elements are utilized from a
variety of feedstocks and by employing various technological techniques.
- Some
of the most preferred feedstocks comprise natural gas and biomass for the
production of methanol. In accordance with the growing trend of
sustainability and high growth in recycled and bio-based chemicals, the
global renewable methanol market is anticipated to witness a surge in
demand over the forthcoming decade.
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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.
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.
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