December 15, 2020
According to the research report titled ‘Global Renewable Methanol Market Size study, by Feedstock (Agricultural Waste, Forestry Residues, Municipal Solid Waste, Co2 Emissions, Others), by Application (Formaldehyde, Dimethyl Ether, Gasoline, Solvents, Others), by End-User (Chemicals, Transportation, Power Generation, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global renewable methanol market was worth USD 3.3 billion in 2019 and is anticipated to record a y-o-y growth rate of 5.8% during 2020-2027.
Increase in greenhouse gas emissions and strict environmental norms to decrease the level of carbon dioxide pollution are primarily driving the growth of global renewable methanol market. As per Carbon Brief, the Indian government intends to reduce the intensity of its carbon emission by 33-35% and propel the capacity of renewable energy to 40% by 2030.
For those unversed, renewable methanol or bio-methanol is a extreme-low carbon chemical compound obtained either from sustainable biomass, or generated from carbon dioxide and hydrogen. Notably, it is a second-gen methanol which is generally derived from renewable energy sources, specifically from biomass and industrial wastage. It is used as a chemical feedstock, and can also be blended in auto fuels. The product has high octane rating due to high hydrogen to carbon ratio, and facilitates in reducing greenhouse effects on the atmosphere, hence stimulating the global renewable methanol market outlook.
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However, the COVID-19 pandemic has disrupted the manufacturing operations, thereby negatively impacting global renewable methanol market, on account of lockdowns imposed by the government to avoid the spread of the virus. Restrained demand for the product, and limited infrastructural setup are further hampering the market remuneration.
Speaking of feedstock type, worldwide renewable methanol market is split into CO2 emissions, municipal solid waste, forestry residues, agricultural waste, and others. Based on application spectrum, the industry is bifurcated into solvents, gasoline, dimethyl ether, formaldehyde, and others. As per end-user scope, the market is classified into power generation, transportation, chemicals, and others.
Citing the regional landscape, prominent regions considered for worldwide renewable methanol industry analysis are Asia Pacific, Europe, Latin America, North America, and Rest of the World. Asia Pacific currently dominates the overall market and is poised to witness notable gains over 2020-2027, creditable to considerable investment by government in renewable sector, and concentration of renewable methanol consumers in the region. In addition, growing initiatives preserve environment and reduce carbon emission levels are also adding to the regional market outlook.
Established firms in global renewable methanol market are Södra Skogsägarna, SerEnergy A/S, OCI N.V., Nordic Green, Innogy SE, Fraunhofer Society, Enerkem, Carbon Recycling International (CRI), BASF SE, and Advanced Chemical Technologies Inc.