- Agricultural Waste
- Forestry Residues
- Municipal Solid Waste
- Co2 Emissions
- Industrial Waste
Renewable Methanol Market was valued at USD 610.2 million in 2022 and is poised to grow at a CAGR of 5.8% over 2023-2029. Renewable methanol, also referred to as bio-methanol or green methanol, is a form of methanol that is produced from renewable feedstocks like biomass, carbon dioxide (CO2) captured from the atmosphere or industrial processes, and renewable hydrogen in order to produce a more environmentally friendly and carbon-neutral form of methanol compared to conventional methanol production methods that rely on fossil fuels. The desire to reduce greenhouse gas emissions and combat climate change is expected to drive the renewable methanol market. Furthermore, the utilization of renewable methanol as an energy carrier enables the chemical storage of extra renewable energy for later use further propels the market growth. The usage of renewable methanol as an alternative fuel for internal combustion engines and fuel cells to reduce emissions from the transportation sector has provided opportunities for the development of the market by replacing conventional gasoline and diesel in certain applications. For instance, according to EIA, in 2021, Americans used about 135 billion gallons of gasoline, including 134.83 billion gallons of finished motor gasoline and about 0.18 billion gallons of finished aviation gasoline. Moreover, the use of carbon dioxide (CO2) as a feedstock for the production of renewable methanol is gaining popularity as businesses look for ways to cut emissions and use leftover carbon. But the production of renewable methanol is more expensive compared to conventional methanol production methods that rely on fossil fuels which hinders the market growth. However, increased industrialization activities coupled with expanded residential infrastructure development along with a desire to reduce emissions through fuel consumption, coupled with innovations in the field of renewable sources to produce fuel is anticipated to heighten the market during the forecasted period.
Fastest Growing Market
The market is expected to rise as industrial applications for the production of formaldehyde through the oxidation of methanol dominate the market. The manufacture of formaldehyde by utilizing renewable methanol as a fuel result in a more environmentally responsible and long-lasting chemical manufacturing process. The increased adoption of renewable methanol technology in several industries owing to the stringent environmental regulations for formaldehyde production drives the market. For instance, in July 2022, Hexion Inc., adopted bio-based methanol in the production of formaldehyde at its Baytown, Texas, manufacturing site. Furthermore, renewable methanol has evolved into an essential ingredient and the foundation for the bulk of chemical goods created, along with formaldehyde.
The renewable methanol market valued at USD 610.2 million in 2022 and is expected to grow at 5.8% CAGR over the forecast period 2023 – 2029.
Advanced Chemical Technologies, BASF SE, Methanex Corporation, BioMCN, Chemrec Inc., VarmlandsMethanol, Alberta Pacific, New Hope Energy, Trans World Energy, Proman, ENI, Apex Energy Teterow GmbH, Liquid wind, Veolia, Carbon Recycling International, Enerkem, Fraunhofer, Innogy, Nordic Green, OCI N.V., Sodra, Uniper SE and Vertimass LLC are a few companies in the renewable methanol market.
The desire to reduce greenhouse gas emissions and combat climate change drives the market for renewable methanol