In 2023, the renewable methanol industry is anticipated to reach USD 210.1 million and is projected to grow to USD 398.1 million by 2033.
Renewable methanol finds significant applications in the chemical sector for producing acetic acid, formaldehyde, and plastics, driving its demand upward over the forecast period. Increasingly, biomethanol is being utilized in the production of polyethylene and polypropylene. Additionally, biomethanol serves as a fuel for various applications such as industrial boilers, vehicles, ships, and household appliances.
The market’s expansion is driven by urgent environmental concerns, including the reduction or elimination of CO2 emissions to mitigate climate change effectively. There is a growing global emphasis on limiting the average temperature rise to no more than 1.5°C, necessitating economy-wide net-zero emissions by mid-century.
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In some industries with few choices for carbon emission reduction, biomethanol has been more effective as a feedstock in the chemical industry or as a fuel for land or marine transportation.
Low petrol costs are also affecting the use of renewable methanol. Due to weak domestic and global demand, several EU, Brazil, and United States production facilities have cut their output. As a result of the decreased demand, renewable methanol stocks are predicted to rise across several markets, driving down prices and jeopardizing profitability.
Key Takeaways
- By 2033, the renewable methanol market in the United Kingdom is likely to expand, with a CAGR of 5.8%.
- In 2023, the United States is expected to develop the renewable methanol business with a share of 22.4%.
- The renewable methanol market grew considerably to US$ 201.1 million in 2022.
- The renewable methanol industry expanded at a CAGR of 6.8% from 2018 to 2022.
- By 2033, China’s renewable methanol market is projected to have a CAGR of 6.9%.
- By 2033, India’s renewable methanol industry is projected to expand with a CAGR of 7.3%.
- Japan’s renewable methanol sector is likely to grow significantly, with a 10.2% share in 2023.
- Australia’s renewable methanol is expected to develop with a share of 3.1% in 2023.
- Germany’s renewable methanol business is expected to grow, with a share of 15.4% in 2023.
- In 2023, based on a primary source, the biomass feedstock segment is expected to dominate the market, with a share of 42%.
- In 2023, based on application, the formaldehyde segment is expected to dominate the market, with a share of 25%.
Competitors’ Successful Techniques and Recent Developments:
- At Anyang, Henan Province, China, production of the first CO2-to-methanol facility on a commercial scale began in October 2022.
- A contract for a 100,000 tonnes per year CO2 to methanol plant was signed on September 28, 2021, between the China-based petrochemicals firm Jiangsu Sailboat Petrochemicals Co. Ltd. and the Icelandic technology company Carbon Recycling International.
- Repsol, Enerkem, and Agbar constructed the first waste-to-chemicals facility in the Iberian Peninsula on April 27, 2021. Repsol, a Spanish multi-energy corporation, will join the Eco Planta project to build a waste-to-chemicals plant in Tarragona, Spain, alongside Enerkem, a technical leader located in Montreal, and Agbar, a world authority in water and waste management.
Key Players
- Methanex Corporation
- Carbon Recycling International
- BioMCN
- Enerkem
- Chemrec Inc.
- VarmlandsMethanol
- Alberta Pacific
- New Hope Energy
- Trans World Energy
- Proman
- ENI
- BASF SE
- Apex Energy Teterow GmbH
- Liquid wind
- Veolia
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Key Segmentations
By Primary Source :
- Biomass
- Municipal Waste
- Industrial Waste
- Others
By End Use Sector :
- Formaldehyde
- MTBE
- Gasoline
- Dimethyl Ethers
- Solvents
- Others
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa (MEA)
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