According to a new report published by Allied Market Research, titled “Renewable Methanol Market by Feedstock, Application and End-User Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global renewable methanol market was valued at $3.3 billion in 2019, and is projected to reach $5.3 billion by 2027, registering a CAGR of 5.8%. Asia-Pacific is the major markets for renewable methanol owing to the favorable governmental amendments and increase in automobile applications. In addition, regulatory policies in Asia-Pacific for mandatory use of renewable methanol blends in automobile fuels are expected to augment its demand. Furthermore, the renewable methanol market has also gained traction from other economies like China and India in recent years and is likely to create growth opportunities in the coming years.
The report on the renewable methanol market is segmented based on feedstock, application, end-user industry, and country. Based on feedstock, the market is segmented into Agricultural waste, forestry residues, municipal solid waste, Co2 emissions and others. The Co2 emission and agricultural waste segments are expected to witness significant CAGRs of 8.3% and 6.3%, respectively, during the forecast period.
Based on application, it includes, formaldehyde, Dimethyl ether (DME, also known as methoxymethane) and Methyl tert-Butyl Ether (MTBE), gasoline, solvents, and others. The formaldehyde and DME and MTBE segments collectively accounted for around 42.5% market share in 2019, with the former constituting around 25.9% share. The gasoline and formaldehyde segments are expected to witness significant CAGRs of 5.8% and 5.0%, respectively, during the forecast period.
Based on end-user industry, the report is categorized into chemicals, transportation, power generation, and others. The power generation and transportation segments renewable methanol market size is expected to grow with a significant CAGRs of 6.7% and 6.0%, respectively, during the forecast period.
The market players analyzed in the report include Advanced Chemical Technologies, BASF SE, Carbon Recycling International (CRI), Enerkem, Fraunhofer, Innogy, Nordic green, OCI N.V., Serenergy A/S, and Sodra. In order to stay competitive and increase renewable methanol market share, these market players are adopting different strategies such as expansion, product launch, partnership and merger and acquisition. In an instance, Advanced Chemical Technologies announced to start new production of methanol from carbon dioxide in the TransAlta Bluewater Energy Park from 2020. This will expand company’s market size targeting new customers segments.
Key Findings Of The Study
The Asia-Pacific and Europe collectively accounted for around 79.0% share in 2019, with the former constituting around 61.0% share.
The municipal solid waste and agricultural waste segments collectively accounted for around 63.0% market share in 2019, with the former constituting around 34.6% share.
The formaldehyde and DME and MTBE segments collectively accounted for around 42.5% market share in 2019, with the former constituting around 25.9% share.
The power generation and transportation segments are expected to witness significant CAGRs of 6.7% and 6.0%, respectively, during the forecast period.