Renewable Methanol Market Size

Key market drivers include the increased demand for sustainable energy, the ready availability of renewable methanol, and stringent government regulations.

WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ -- According to a recent report by Allied Market Research titled "Renewable Methanol Market", the global renewable methanol industry was worth $3.3 billion in 2019 and is expected to grow to $5.3 billion by 2027, with a compound annual growth rate (CAGR) of 5.8% from 2020 to 2027.

Key market drivers include the increased demand for sustainable energy, the ready availability of renewable methanol, and stringent government regulations. However, high installation costs are a hindrance to market growth. Despite this, the replacement of marine fuels with renewable methanol is expected to create new opportunities for market players.

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The outbreak of Covid-19 has had a significant impact on the renewable methanol industry, with United Nations Conference on Trade and Development (UNCTAD) reporting a 5–15% decrease in global FDI. This has affected manufacturers due to raw material shortages and lockdowns in various countries. However, governments are focused on reviving the manufacturing sector, which will help drive growth in the renewable methanol market post-pandemic.

Municipal solid waste was the dominant feedstock segment in 2019, accounting for more than one-third of the global renewable methanol market. The CO2 emission segment is expected to grow at the highest CAGR of 8.3% during the forecast period, driven by government regulations and increased adoption by companies.

The transportation segment was the largest end-user industry in 2019, making up around one-third of the global renewable methanol market, owing to the favorable properties of renewable methanol, such as a high hydrogen to carbon ratio. However, the power generation segment is expected to have the highest CAGR of 6.7% during the forecast period, due to increasing demand for electricity and the potential for methanol to replace oil as a fuel.

North America is expected to have the highest CAGR of 7.7% during the forecast period, driven by the growing implementation of the Renewable Fuel Standard (RFS) program to reduce greenhouse gas emissions. However, Asia-Pacific held the largest market share in 2018, accounting for over two-fifths of the market, due to partnerships with major market players in the region.

Key players in the renewable methanol market include Advanced Chemical Technologies, Carbon Recycling International (CRI), BASF SE, Fraunhofer, Enerkem, Nordic Green, Innogy, Serenergy A/S, OCI N.V., and Sodra.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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