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Renewable Methanol Market Expected to Reach $5.3 Billion by 2027

 

Report Code : A01650

quote There is a huge demand for marine fuels due to an upsurge in fleet number and shipping goods. Hence, substitution of heavy fuel oils with renewable methanol has great potential to reduce greenhouse gas emissions. Renewable methanol being a liquid can be easily stored in ballast and slop tanks, unlike liquefied natural gas (LNG) that demands large cryogenic tanks for storage. The cryogenic tanks take up more on-board space unlike ballast or slop tanks. Furthermore, marine engine manufacturers such as MAN and Wartsila continue to research on engine technology to support renewable methanol adoption. Therefore, the adoption of renewable methanol in place of traditional fuel is anticipated to offer lucrative opportunities to the global renewable methanol market quote

Eswara Prasad
Manager, Energy and Power at Allied Market Research

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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. 

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quote Renewable Methanol Market by Feedstock (Agricultural Waste, Forestry Residues, Municipal Solid Waste, Co2 Emissions, and Others), Application (Formaldehyde, Dimethyl Ether & Methyl Tert-Butyl Ether (MTBE), Gasoline, Solvents, and Others), and End-User Industry (Chemicals, Transportation, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. quote

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