Renewable Methanol Market to be Worth $20.68 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Dec. 20, 2022 /PRNewswire/ -- The global renewable methanol market size is expected to reach USD 20.68 billion by 2030, as per the new report by Grand View Research, Inc., expanding at a CAGR of 55.0% from 2023 to 2030. The growth is majorly driven by increasing demand for renewable methanol owing to the increasing applications in the chemical industry, including acetic acid, formaldehyde, and plastics.
Key Industry Insights & Findings from the report:
- Renewable energy is expected to register the highest growth rate over the forecast period owing to the increasing production of renewable electricity from hydro sources, wind power, and geothermal electricity channels.
- Furthermore, increasing industrialization and expanding residential infrastructure development across emerging economies of Asia Pacific, Central America, the Middle East, and others have led to the heavy generation of CO2 from the industrial sectors that eased the formulation of the product globally.
- The formaldehyde application segment is expected to register the highest growth rate over the forecast period owing to a wide range of industrial applications, which includes cosmetics, paints, and preservatives in the food sector.
- Asia Pacific is expected to register the highest growth rate of 55.5% in terms of revenue over the forecast period owing to the rapid development of the plastics and solvents markets in the region due to a surge in industrial activities, coupled with the growth of the automotive and construction sectors.
Read full market research report for more Insights, "Renewable Methanol Market Size, Share & Trends Analysis Report By Feedstock (Renewable Energy, Agriculture Waste), By Application (Formaldehyde, MTBE), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Furthermore, biomethanol is primarily used as fuel for automobiles, ships, commercial boilers, and kitchen appliances. The fuel can be used as-is, in combination with gasoline to make biodiesel, or as methyl tert-butyl ether (MTBE) and dimethylether (DME). There are two types of renewable methanol: bio and e-methanol. Bio methanol is produced via biomass (agriculture waste and forest waste), municipal solid waste, and black liquor, whereas e-methanol is produced through CO2 or electricity. The CO2 required in this production process is captured from renewable sources (via direct air capture or BECCS) or using green hydrogen.
The majority of petroleum-based hydrocarbons and petrochemicals can be replaced by green methanol, either directly or through methanol derivatives, for a potential market that needs billions of tons of methanol annually. The production of aromatics and plastics using biomethanol is rapidly increasing. This would make the transition to a green economy more easily.
Increasing industrial activities in the emerging economies of Asia Pacific coupled with high growth in the chemical industry in North America and parts of Europe have led to high demand for biofuel across these regions. Countries such as China, India, and Japan have reflected heavy dependency on e-commerce platforms over conventional store visits for procuring essentials. This led to an increase in vehicle fleet operating in the region and a surge in demand to curb vehicular emissions, thus increasing dependency on biomethanol gasoline blends across these emerging economies.
Grand View Research has segmented the global renewable methanol market based on feedstock, application, and region:
Renewable Methanol Market - Feedstock Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Agriculture Waste
- Municipal Waste
- Renewable Energy
- Others
Renewable Methanol Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Gasoline
- Formaldehyde
- MTBE
- Dimethyl Ether
- MTO
- Acetic Acid
- Others
Renewable Methanol Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o Belgium
o France
o Italy
o Spain
o Netherlands
o Denmark
· Asia Pacific
o China
o India
o Japan
o ASEAN
· Central & South America
o Brazil
o Chile
· Middle East & Africa
List of Key Players in Renewable Methanol Market
- Advanced Chemical Technologies
- BASF SE
- Carbon Recycling International
- Enerkem
- Fraunhofer
- Innogy
- Nordic Green
- OCI N.V.
- Sodra
- Uniper SE
- Vertimass LLC
Check out more related studies published by Grand View Research:
- Fuel Ethanol Market - The global fuel ethanol market is expected to reach USD 115.65 billion by 2025, growing at a CAGR of 6.7%, according to a new report by Grand View Research, Inc. Asia Pacific is estimated to witness a fast paced growth during the forecast period. China, India, and Philippines are the key countries that are considered to positively impact the industry growth in the future.
- Polybutylene Succinate Market - The global polybutylene succinate market size is expected to reach USD 1.39 billion by 2030, as per the new report by Grand View Research, Inc. The Polybutylene Succinate (PBS) market is anticipated to expand at a CAGR of 19.7% from 2022 to 2030. The growth is majorly driven by the rising demand for biodegradable polymers throughout the world.
- Bio-acetic Acid Market - The global bio-acetic acid market size is expected to reach USD 319.6 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 4.9% during the forecast period. This increase can be attributed to the need for bio-acetic acid in the food and beverages and construction industries.
Browse through Grand View Research's Renewable Chemicals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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