Market by Application, Feedstock, End-user, and Regional Outlook | Forecast 2022-2028
Renewable methanol, also known as bio-methanol, is a low-carbon compound
made from renewable biomass or hydrogen and carbon dioxide created by renewable
power. Renewable methanol decreases CO2 emissions by 95%, nitrogen oxide (NO)
emissions up to 80%, and sulfur oxide (SO2) and particulate matter emissions
entirely compared to traditional fuels.
Moreover, it can be produced using renewable
energy and feedstock. The growing demand for renewable methanol is escalating
due to the rising need to prevent climate change by eliminating CO2 emissions.
In this regard, the primary focus is on maintaining the world average
temperature below 1.5°C. Also, this highlights the target of achieving net
carbon neutral emissions across all zones of the economy by mid-century.
According to Triton Market Research’s report, in terms of revenue, the Global Renewable Methanol Market is likely to grow with a CAGR of 4.11% in the forecast period 2022-2028. The market was valued at $3352.96 million in 2021 and is expected to reach a revenue of $4296.33 million by 2028. In terms of volume, the market was valued at $5684.06 kilotons in 2021 and is expected to reach $6532.63 kilotons by 2028, growing at a CAGR of 2.32%.
Click here to check out our blog on the Global Renewable Methanol Market
MARKET PERFORMANCE – DRIVERS,
CHALLENGES, AND TRENDS
The market is driven by several factors, such as
the availability of renewable methanol and stringent government rules and
regulations.
Low-emission methanol plays a major role in decarbonizing multiple sectors
where possibilities are restricted, especially as feedstock in the chemical
industry or as a fuel for road or marine transport. In addition, strict
government regulations on carbon dioxide and other greenhouse gas emissions are
projected to propel market growth. Further, new renewable energy policies in
Europe’s Emissions Trading System are expected to drive renewable energy
sources, thus boosting the studied market’s growth.
However, the high installation costs and health
concerns hamper the market’s growth. The production of renewable methanol requires
the availability of either renewable energy sources or municipal waste. The
initial processing expenses of such wastes necessitate high investments
compared to conventional energy sources. In addition, poor infrastructure and
technological developments lead to low-quality products, causing ignition
failure and corrosion to engine parts.
Furthermore, the substitution of heavy petroleum oils with renewable methanol can significantly reduce its carbon footprint, which creates opportunities for the reviewed market. Unlike liquefied natural gas (LNG), which requires enormous cryogenic tanks for storage, renewable methanol is a solvent that can be conveniently stored in ballast and slop tanks. Besides, cryogenic tanks take a larger onboard area than cargo or slop tanks. Here, marine engine manufacturers like MAN and Wartsila are continuously studying engine technology to promote renewable methanol deployment.
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KEY GEOGRAPHIES COVERED:
• North America: United
States and Canada
• Europe: United Kingdom,
France, Germany, Italy, Sweden, Denmark, and Rest of Europe
• Asia-Pacific: China,
Japan, India, Australia & New Zealand, South Korea, ASEAN Countries, and
Rest of Asia-Pacific
• Latin America: Brazil,
Mexico, and Rest of Latin America
• Middle East and Africa:
Saudi Arabia, Kuwait, United Arab Emirates, South Africa, and Rest of Middle
East & Africa
SEGMENTATION ANALYSIS
–RENEWABLE METHANOL MARKET:
• Market by Application:
o Formaldehyde
o DME
& MTBE
o Gasoline
o Solvents
o Other
Applications
• Market by Feedstock:
o Agricultural
Waste
o Forestry
Residues
o Municipal
Solid Waste
o CO2
Emissions
o Other
Feedstocks
CO2 emissions is estimated to progress with the
highest CAGR during the forecast period. To minimize carbon emissions, the global
government is enacting strict laws. As a result, numerous firms have expressed
interest in using CO2 to produce sustainable methanol. Every year, Carbon
Recycling International collects 5,600 metric tons of carbon dioxide and
converts it to 4,000 metric tons of renewable methanol by reacting it with
renewable hydrogen.
• Market by End-user:
o Chemical
o Transportation
o Power
Generation
o Other
End-users
Transportation leads the market in terms of
revenue. Renewable
methanol is increasingly used as a transport fuel globally. One of the key
benefits of renewable methanol is its potential to reduce greenhouse gas (GHG)
emissions within the transportation sector. Globally, methanol as a
transportation fuel provides two advantages over conventional fuels: higher
efficiency vehicle technologies and lower tailpipe emissions in combustion.
Therefore, it is expected that the demand for renewable methanol will increase
significantly in the transportation sector.
COMPETITIVE LANDSCAPE:
The competitive landscape helps dive into data about the key players in
the renewable methanol market. The strategic initiatives for each of the
companies considered have been covered in detail.
Partnership (March 2022): OCI
NV and NortH2
NortH2 and OCI NV partnered to develop the first integrated methanol and
green ammonia value chains through NortH2’s extensive green hydrogen supply to
OCI’s plants in the Netherlands. In the Eemshaven region, NortH2 ensures
massive tidal power for solar electrolysis projects. It comprises RWE,
Shell, Equinor, and Gasunie in the feasibility phase, assisted by Groningen Sea
Ports.
Business Expansion (February
2022): Carbon Recycling International (CRI)
CRI installed the biggest Emissions-to-Liquids (ETL) reactor plant. The
reactor is the primary hardware piece required to instantly hydrogenate CO2 to
generate methanol, a lower-concentration fuel and chemical building block. It
is based on CRI’s unique technology, initially developed and demonstrated in Iceland.
Key Benefits of the Report:
● Triton
Market Research has a collective experience of 25-30 years in the industry,
with its analysts and experts encompassing the most infallible research
methodology for its market intelligence and industry analysis.
● Our
research methodology helps in achieving a broader consensus of the market size,
shape, and industry trends within each industry segment.
● The
strategy adopted in designing the research methodology includes the
amalgamation of the information assembled from primary and secondary sources,
with the assistance of analytical tools to construct the forecast and
predictive models.
● The
scope of the market report comprises the current scenario of the global
renewable methanol market, along with a detailed overview of the industry
outlook, market dynamics, segmentation analysis, regional outlook, and
competitive landscape for the period 2022-2028.
FAQs:
Q 1) What is the forecast
period for the renewable methanol market?
The forecast period of the renewable methanol market is 2022-2028.
Q 2) What is the CAGR for the
renewable methanol market in terms of volume?
The CAGR for the renewable methanol market in terms of volume is 2.32%.
Q 3) What raw materials are
used to produce renewable methanol?
Renewable energy and renewable feedstock are used to produce renewable
methanol.
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VIEW REPORT1. GLOBAL
RENEWABLE METHANOL MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE RENEWABLE METHANOL MARKET
2.2. KEY
INSIGHTS
2.2.1. SUBSTITUTION
OF PRODUCTION MARINE FUELS WITH RENEWABLE METHANOL
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. REGULATORY
FRAMEWORK
2.7. KEY
MARKET STRATEGIES
2.7.1. PRODUCT
LAUNCHES
2.7.2. PARTNERSHIPS
2.7.3. BUSINESS
EXPANSIONS
2.8. MARKET
DRIVERS
2.8.1. AVAILABILITY
OF RENEWABLE METHANOL
2.8.2. STRINGENT
GOVERNMENT RULES AND REGULATION
2.9. MARKET
CHALLENGES
2.9.1. HEALTH
CONCERNS
2.9.2. HIGH
INSTALLATION COST
2.10. MARKET
OPPORTUNITIES
2.10.1. SHIFTING
TREND TOWARD SUSTAINABLE ENERGY SOURCE
3. GLOBAL
RENEWABLE METHANOL MARKET OUTLOOK - BY APPLICATION
3.1. FORMALDEHYDE
3.2. DME
& MTBE
3.3. GASOLINE
3.4. SOLVENTS
3.5. OTHER
APPLICATIONS
4. GLOBAL
RENEWABLE METHANOL MARKET OUTLOOK - BY FEEDSTOCK
4.1. AGRICULTURAL
WASTE
4.2. FORESTRY
RESIDUES
4.3. MUNICIPAL
SOLID WASTE
4.4. CO2
EMISSIONS
4.5. OTHER
FEEDSTOCKS
5. GLOBAL
RENEWABLE METHANOL MARKET OUTLOOK - BY END-USER
5.1. CHEMICAL
5.2. TRANSPORTATION
5.3. POWER
GENERATION
5.4. OTHER
END-USERS
6. GLOBAL
RENEWABLE METHANOL MARKET – REGIONAL OUTLOOK
6.1. NORTH
AMERICA
6.1.1. MARKET
BY APPLICATION
6.1.2. MARKET
BY FEEDSTOCK
6.1.3. MARKET
BY END-USER
6.1.4. COUNTRY
ANALYSIS
6.1.4.1. UNITED
STATES
6.1.4.2. CANADA
6.2. EUROPE
6.2.1. MARKET
BY APPLICATION
6.2.2. MARKET
BY FEEDSTOCK
6.2.3. MARKET
BY END-USER
6.2.4. COUNTRY
ANALYSIS
6.2.4.1. UNITED
KINGDOM
6.2.4.2. GERMANY
6.2.4.3. FRANCE
6.2.4.4. ITALY
6.2.4.5. SWEDEN
6.2.4.6. DENMARK
6.2.4.7. REST
OF EUROPE
6.3. ASIA-PACIFIC
6.3.1. MARKET
BY APPLICATION
6.3.2. MARKET
BY FEEDSTOCK
6.3.3. MARKET
BY END-USER
6.3.4. COUNTRY
ANALYSIS
6.3.4.1. CHINA
6.3.4.2. JAPAN
6.3.4.3. INDIA
6.3.4.4. SOUTH
KOREA
6.3.4.5. ASEAN
COUNTRIES
6.3.4.6. AUSTRALIA
& NEW ZEALAND
6.3.4.7. REST
OF ASIA-PACIFIC
6.4. LATIN
AMERICA
6.4.1. MARKET
BY APPLICATION
6.4.2. MARKET
BY FEEDSTOCK
6.4.3. MARKET
BY END-USER
6.4.4. COUNTRY
ANALYSIS
6.4.4.1. BRAZIL
6.4.4.2. MEXICO
6.4.4.3. REST
OF LATIN AMERICA
6.5. MIDDLE
EAST AND AFRICA
6.5.1. MARKET
BY APPLICATION
6.5.2. MARKET
BY FEEDSTOCK
6.5.3. MARKET
BY END-USER
6.5.4. COUNTRY
ANALYSIS
6.5.4.1. SAUDI
ARABIA
6.5.4.2. UAE
6.5.4.3. SOUTH
AFRICA
6.5.4.4. KUWAIT
6.5.4.5. REST
OF MIDDLE EAST & AFRICA
7. COMPETITIVE
LANDSCAPE
7.1. ADVANCED
CHEMICAL TECHNOLOGIES
7.2. BASF
SE
7.3. CARBON
RECYCLING INTERNATIONAL
7.4. ENERKEM
7.5. FRAUNHOFER
7.6. INNOGY
7.7. NORDIC
GREEN
7.8. OCI
NV
7.9. SERENERGY
SV
7.10. SODRA
7.11. METHANEX
CORPORATION
7.12. METHANOL
HOLDINGS (TRINIDAD) LTD
7.13. GUJARAT
NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED
7.14. SOUTHERN
CHEMICAL CORPORATION
7.15. ATLANTIC
METHANOL
8. RESEARCH
METHODOLOGY & SCOPE
8.1. RESEARCH
SCOPE & DELIVERABLES
8.2. SOURCES
OF DATA
8.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL
RENEWABLE METHANOL MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 2: GLOBAL
RENEWABLE METHANOL MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 3: VENDOR
SCORECARD
TABLE 4: LIST OF
PRODUCT LAUNCHES
TABLE 5: LIST OF
PARTNERSHIPS
TABLE 6: LIST OF
BUSINESS EXPANSIONS
TABLE 7: GLOBAL
RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 8: GLOBAL
RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 9: GLOBAL
RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN $ MILLION)
TABLE 10: GLOBAL
RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN KILOTON)
TABLE 11: GLOBAL
RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN $ MILLION)
TABLE 12: GLOBAL
RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN KILOTON)
TABLE 13: GLOBAL
RENEWABLE METHANOL MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 14: GLOBAL
RENEWABLE METHANOL MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 15: NORTH AMERICA
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 16: NORTH AMERICA
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN KILOTON)
TABLE 17: NORTH AMERICA
RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 18: NORTH AMERICA
RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN $ MILLION)
TABLE 19: NORTH AMERICA
RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN $ MILLION)
TABLE 20: EUROPE
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 21: EUROPE
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN KILOTON)
TABLE 22: EUROPE
RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 23: EUROPE
RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN $ MILLION)
TABLE 24: EUROPE
RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN $ MILLION)
TABLE 25: ASIA-PACIFIC
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 26: ASIA-PACIFIC
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN KILOTON)
TABLE 27: ASIA-PACIFIC
RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 28: ASIA-PACIFIC
RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN $ MILLION)
TABLE 29: ASIA-PACIFIC
RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN $ MILLION)
TABLE 30: LATIN AMERICA
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 31: LATIN AMERICA
RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN KILOTON)
TABLE 32: LATIN AMERICA
RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 33: LATIN AMERICA
RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN $ MILLION)
TABLE 34: LATIN AMERICA
RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN $ MILLION)
TABLE 35: MIDDLE EAST AND
AFRICA RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 36: MIDDLE EAST AND
AFRICA RENEWABLE METHANOL MARKET, BY COUNTRY, 2022-2028 (IN KILOTON)
TABLE 37: MIDDLE EAST AND
AFRICA RENEWABLE METHANOL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 38: MIDDLE EAST AND
AFRICA RENEWABLE METHANOL MARKET, BY FEEDSTOCK, 2022-2028 (IN $ MILLION)
TABLE 39: MIDDLE EAST AND
AFRICA RENEWABLE METHANOL MARKET, BY END-USER, 2022-2028 (IN $ MILLION)
FIGURE 1: MARKET
ATTRACTIVENESS INDEX
FIGURE 2: GLOBAL
RENEWABLE METHANOL MARKET, APPLICATION OUTLOOK, 2021 & 2028 (IN %)
FIGURE 3: GLOBAL
RENEWABLE METHANOL MARKET, BY FORMALDEHYDE, 2022-2028 (IN $ MILLION)
FIGURE 4: GLOBAL
RENEWABLE METHANOL MARKET, BY DME & MTBE, 2022-2028 (IN $ MILLION)
FIGURE 5: GLOBAL
RENEWABLE METHANOL MARKET, BY GASOLINE, 2022-2028 (IN $ MILLION)
FIGURE 6: GLOBAL
RENEWABLE METHANOL MARKET, BY SOLVENTS, 2022-2028 (IN $ MILLION)
FIGURE 7: GLOBAL
RENEWABLE METHANOL MARKET, BY OTHER APPLICATIONS, 2022-2028 (IN $ MILLION)
FIGURE 8: GLOBAL
RENEWABLE METHANOL MARKET, FEEDSTOCK OUTLOOK, 2021 & 2028 (IN %)
FIGURE 9: GLOBAL
RENEWABLE METHANOL MARKET, BY AGRICULTURAL WASTE, 2022-2028 (IN $ MILLION)
FIGURE 10: GLOBAL
RENEWABLE METHANOL MARKET, BY FORESTRY RESIDUES, 2022-2028 (IN $ MILLION)
FIGURE 11: GLOBAL
RENEWABLE METHANOL MARKET, BY MUNICIPAL SOLID WASTE, 2022-2028 (IN $ MILLION)
FIGURE 12: GLOBAL
RENEWABLE METHANOL MARKET, BY CO2 EMISSIONS, 2022-2028 (IN $ MILLION)
FIGURE 13: GLOBAL
RENEWABLE METHANOL MARKET, BY OTHER FEEDSTOCKS, 2022-2028 (IN $ MILLION)
FIGURE 14: GLOBAL
RENEWABLE METHANOL MARKET, END-USER OUTLOOK, 2021 & 2028 (IN %)
FIGURE 15: GLOBAL
RENEWABLE METHANOL MARKET, BY CHEMICAL, 2022-2028 (IN $ MILLION)
FIGURE 16: GLOBAL
RENEWABLE METHANOL MARKET, BY TRANSPORTATION, 2022-2028 (IN $ MILLION)
FIGURE 17: GLOBAL
RENEWABLE METHANOL MARKET, BY POWER GENERATION, 2022-2028 (IN $ MILLION)
FIGURE 18: GLOBAL
RENEWABLE METHANOL MARKET, BY OTHER END-USERS, 2022-2028 (IN $ MILLION)
FIGURE 19: GLOBAL
RENEWABLE METHANOL MARKET, REGIONAL OUTLOOK, 2021 & 2028 (IN %)
FIGURE 20: UNITED STATES
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 21: CANADA
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 22: UNITED KINGDOM
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 23: GERMANY
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 24: FRANCE
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 25: ITALY
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 26: SWEDEN
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 27: DENMARK
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 28: REST OF EUROPE
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 29: CHINA
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 30: JAPAN
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 31: INDIA
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 32: SOUTH KOREA
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 33: ASEAN COUNTRIES
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 34: AUSTRALIA
& NEW ZEALAND RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 35: REST OF
ASIA-PACIFIC RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 36: BRAZIL
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 37: MEXICO
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 38: REST OF
LATIN AMERICA RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 39: SAUDI ARABIA
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 40: UAE
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 41: SOUTH AFRICA
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 42: KUWAIT
RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)
FIGURE 43: REST OF
MIDDLE EAST & AFRICA RENEWABLE METHANOL MARKET 2022-2028 (IN $ MILLION)