According to SPER Market Research, the Renewable Methanol Market is produced from biomass, waste materials, and CO2 from industrial processes or the atmosphere, is a sustainable alternative to conventional methanol derived from fossil fuels like natural gas or coal. It is a vital component in biodiesel production, which can be used as a chemical feedstock or blended with gasoline. Renewable methanol is manufactured using carbon dioxide instead of carbon monoxide, making it similar to conventional methanol. Its high hydrogen to carbon ratio leads to a higher-octane number and reduced greenhouse gas emissions, which is why it is expected to gain popularity in the transportation and manufacturing sectors.
The production of renewable methanol from agricultural and industrial waste presents opportunities for future expansion of the industry. The main source of renewable methanol is biomass, and its use in various solvents and chemical feedstocks is expected to generate significant growth prospects. The demand for high-octane fuel ethers like Methyl-tert-butyl-ether (MTBE), used in the production of biodiesel, is projected to rise due to increased demand from the automotive and transportation sectors. Additionally, the market for renewable methanol is expected to be driven by an increase in demand for the production of formaldehyde from methanol, which has significant applications in paints, coatings, and construction.
Renewable Methanol Market Overview:
- Forecast CAGR (2022-2032): 6.04%
- Forecast Market Size (2032): 7.07 billion
Renewable methanol is a type of methanol made from renewable resources such as biomass, waste materials, and CO2 from industrial processes or the atmosphere. Apart from conventional methanol, which is typically derived from fossil fuels such as natural gas or coal, renewable methanol is regarded as a low-carbon and sustainable alternative. It is a crucial component in the manufacturing of biodiesel, which may then be used as a chemical feedstock or mixed with car fuel. Carbon dioxide is used instead of carbon monoxide in the manufacture of renewable methanol, which is comparable to that of conventional methanol.
Impact of COVID-19 on the Global Renewable Methanol Market
The growth of the methanol industry has been negatively impacted by the COVID-19 pandemic, as building operations have been interrupted and expansion of plants and factories has been halted. The closure of national and international borders has also affected the efficiency of value chains in various sectors, including construction, paints & coatings, electronics, and packaging. Despite these challenges, the demand for methanol products in the pharmaceutical sector is expected to drive market expansion in the coming years.
Government restrictions and prohibitions implemented in response to the COVID-19 pandemic constrained the expansion of the methanol industry, due to factors such as a lack of raw materials, restricted working hours and labor force, decreased demand, and limited financial resources. However, since the middle of the previous year when the pandemic began to recede, the chemical and petrochemical sectors have been recovering. Although there is still pressure on the methanol market due to the exponential increase in chemical demand in end-user industries, the industry is anticipated to develop.
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Renewable Methanol Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Agricultural Waste
- Forestry Residues
- Municipal Solid Waste
- Co2 Emissions
- Dimethyl Ether
By End Use:
- Power Generation
- Middle East & Africa
- North America
- Latin America
The examination of Asia-Pacific, Europe, North America, and the Rest of the World is included in the evaluation of the worldwide renewable methanol market growth. Throughout the projected period, both volume and revenue are expected to increase at the greatest CAGR in Europe. The implementation of different tactics, such as agreements and collaborations between major players, as well as key factors including advances in the wind and solar sectors and the growing need for power generation, are what are driving the market expansion.
Renewable Methanol Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Advanced Chemicals Technologies, BASF SE, Carbon Recycling International (CRI), ENERKEM, Fraunhofer, Innogy, Nordic Green, OCI N.V., SERENERGY A/S, SODRA
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SPER Market Research