Renewable Methanol Market to be Dominated by Transportation End User Industry Type through 2028
Growing demand for clean and renewable feedstock
and growing R&D activities are expected to drive Global Renewable Methanol
market in the forecast period 2024-2028
According to TechSci Research
report, “Renewable Methanol
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028”, Global Renewable Methanol market is anticipated to
upsurge at an impressive rate in forecast period of 2028 due to growing demand
of green and less polluting fuels. The key reason driving the demand for renewable
methanol is boosting usage of renewable methanol in the chemical industry, including
formaldehyde, acetic acid, and plastics. Renewable methanol, also known as
bio-methanol or green methanol, is a type of alcohol fuel that is produced from
renewable sources such as biomass, municipal waste, and industrial waste gases.
It is considered as a sustainable alternative to fossil-based methanol because
it has a lower carbon footprint and can help reduce greenhouse gas emissions.
Safety & environmental
considerations and Lack of skilled labor are key factor responsible for
renewable methanol market growth. The safety protocols and environmental
considerations involved in producing and using renewable methanol are adding
extra burden to the company financials. This may include training on handling
hazardous materials, preventing accidents, and minimizing the environmental
impact of methanol production. Moreover, selection and preparation of feedstock
for producing renewable methanol is crucial things for product quality. The different
types of feedstocks, such as biomass, municipal waste, and industrial waste
gases, and the processes involved in preparing them for conversion to syngas
where technical knowledge is important. Such issues can be always be kept
priority while production and small change can have significant impact on
product quality which can impede the renewable methanal market growth.
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Global renewable
methanol market is segmented based on feedstock, application, end-user
industry, and region.
Based on feedstock,
the market is segmented into natural gas, renewable energy, agriculture waste,
and others. Municipal solid waste segment is expected to hold the
largest market share in the forecast period. Municipal solid waste is cheaper
and easily available feedstock that contain different types of compounds that
helps in production to renewable methanol.
Based on application, the market is fragmented into formaldehyde,
dimethyl ether & methyl tert-butyl ether (MTBE), gasoline, solvents, and
others. Formaldehyde Segment is expected to hold highest
market share in its segment. This is due to low cost, minimalism of use and
good fixation traits that helps in fast tissue penetration, good preservation
of morphological structures and compatibility. All these factor makes formaldehyde
one of the major application of global renewable methanol market.
Based on end-user
industry, the market is categorized into chemicals, transportation,
power generation, and others. Transportation segment is expected to
hold the largest market share in the forecast period, 2024-2028. Owing to the
properties, renewable methanol is cheaper and more efficient renewable fuels
that cut transport carbon emissions.
Major
companies operating in the global renewable methanol market are:
- BASF SE
- Solvay Speciality Polymers.
- Eastman Chemicals Co.
- ALTIVIA Renewable Methanols &
Additives, LLC.
- Celanese Corporation
- AstaTech, Inc.
- Genomatica, Inc.
- Falcon Worldwide Chemical Inc.
- Limitless Venture Group, Inc.
- Renewable Methanol Aid Inc.
- HVMN Inc
- Perfect Keto
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“The
renewable methanol market is expected to experience significant growth in the
approaching years due to the increasing demand for clean energy sources, the
growing focus on reducing greenhouse gas emissions. Different government
policies and regulations are introduced to incentivize the use of renewable
energy sources and creating huge prospects of market growth during the forecast
period,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Renewable Methanol Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Feedstock (Natural Gas,
Renewable Energy, Agriculture Waste, and Others), By Application (Formaldehyde,
Dimethyl Ether & Methyl Tert-Butyl Ether (MTBE), Gasoline, Solvents, and
Others), By End-User Industry (Chemicals, Transportation, Power Generation, and
Others), By Region, and Competition,
has evaluated the future growth potential of global renewable methanol market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global renewable methanol market.”
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