size reached US$ 3.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.61% during 2023-2028.
Renewable methanol represents an organic compound produced from unconventional energy sources and renewable feedstocks. It is usually derived from sustainable biomass, such as agricultural, industrial, forest, and municipal waste, or synthesized using green hydrogen and carbon dioxide. Renewable methanol is extensively used in plastics for glues, adsorbents, packaging, diapers, paints, adhesives, solvents, biodiesel production, etc. It is an excellent industrial solvent and finds wide-ranging applications as a feedstock in the chemical industry to produce dimethyl ether (DME), formaldehyde, methyl tertiary butyl ether (MTBE), etc. As compared to conventional methanol, renewable methanol is an ultra-low carbon chemical with a high-octane rating that aids in mitigating numerous environmental concerns. Consequently, it is used in several industries, including transportation, power generation, chemical, construction, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The growing consumer environmental consciousness is primarily driving the renewable methanol market. Additionally, the launch of favorable policies by government bodies across countries to reduce increasing pollution levels is further catalyzing the market growth. Besides this, the escalating demand for formaldehyde production and the widespread adoption of renewable methanol as a gasoline additive and substitute, owing to high octane rating, knocking resistance, oxygen content, etc., are acting as significant growth-inducing factors. Moreover, the rising utilization of this organic compound to minimize emission levels of particulate matter and greenhouse gases (GHG), such as carbon dioxide, nitrous oxide, sulfur dioxide, etc., and the introduction of microwave and non-thermal plasma and magnetic induction-based reactors for selective conversion of carbon dioxide to renewable methanol at minimum energy consumption and lower production costs are also positively influencing the global market. Apart from this, the inflating need for sustainable energy sources is anticipated to fuel the renewable methanol market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Advanced Chemical Technologies, Advent Technologies A/S, BASF SE, Blue Fuel Energy Corporation, Carbon Recycling International, Enerkem, Methanex Corporation, Methanol Holdings (Trinidad) Limited (Proman AG), Nordic Green Aps, OCI N.V. and Sodra Skogsagarna.
The report has been segmented the market into following categories:
Breakup by Feedstock:
Municipal Solid Waste
Breakup by Application:
Dimethyl Ether (DME) and Methyl tert-Butyl Ether (MTBE)
Breakup by End Use Industry:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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