Renewable Methanol Market Share, Size, Trends, Industry Analysis Report, By Feedstock (CO2 Emissions, Agricultural Waste, Municipal Solid Waste, Forestry Residues); By Application; By End-use; By Region; Segment Forecast, 2023-2032
- Published Date:May-2023
- Pages: 118
- Format: PDF
- Report ID: PM3277
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global renewable methanol market was estimated to be USD 660.50 million in 2022, and it is anticipated to increase at a CAGR of 53.8% from 2023 to 2032 Renewable methanol, also known as bio-methanol, is a form of methanol that is produced from renewable sources such as biomass or carbon dioxide captured from industrial processes or the atmosphere. It is considered a promising alternative to conventional methanol, which is typically produced from fossil fuels.
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Renewable methanol can be produced through several different processes. One method involves using biomass, such as wood chips or agricultural waste, as a feedstock to produce syngas (a mixture of carbon monoxide and hydrogen) through gasification. The syngas can then be converted into methanol through a process known as methanol synthesis. Another method involves capturing carbon dioxide emissions from industrial processes or the atmosphere and converting them into methanol through a process known as carbon capture and utilization (CCU).
Renewable methanol has several potential benefits over conventional methanol. First, it is produced from renewable sources, which reduces greenhouse gas emissions and helps to mitigate climate change. Second, it can be used as a fuel in internal combustion engines or fuel cells, providing a cleaner alternative to fossil fuels. Third, it can be used as a feedstock for the production of chemicals, such as formaldehyde or acetic acid, which are used in a wide range of industrial applications.
Renewable methanol has several challenges that need to be addressed before it can become a widespread alternative to conventional methanol. One challenge is the availability of biomass feedstocks, which may be limited in some regions. Another challenge is the high cost of production compared to conventional methanol. However, advances in technology and increasing demand for renewable fuels and chemicals may help to overcome these challenges in the future.
Overall, renewable methanol is a promising alternative to conventional methanol that has the potential to reduce greenhouse gas emissions, provide a cleaner alternative to fossil fuels, and support the development of a more sustainable economy.
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Industry Dynamics
Growth Drivers
The renewable methanol market is expected to grow significantly in the coming years due to several key factors. One of the main drivers of this growth is the increasing demand for renewable fuels. With concerns about climate change and the need to reduce greenhouse gas emissions, there is a growing interest in alternative fuels that can help reduce carbon emissions. Renewable methanol is a clean-burning fuel that can be produced from sustainable biomass or captured carbon dioxide, making it an attractive alternative to conventional fossil fuels.
Another important factor driving the growth of the renewable methanol market is government regulations. Many countries around the world are implementing policies and regulations to promote the use of renewable fuels and reduce greenhouse gas emissions. For example, in Europe, the Renewable Energy Directive requires member states to increase the share of renewable energy in their transport fuel mix to 14% by 2030. Renewable methanol can play a key role in meeting these targets, and as a result, the market for renewable methanol is expected to grow significantly in Europe and other regions with similar regulations.
In addition to government policies and regulations, the renewable methanol market is also being driven by technological advancements. Advances in technology are making it increasingly cost-effective to produce renewable methanol from sustainable biomass or captured carbon dioxide. This is helping to lower the cost of production and make renewable methanol a more viable alternative to conventional methanol.
Report Segmentation
The market is primarily segmented based on Feedstock, Application, end-use, and region.
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By Feedstock |
By Application |
By End-Use |
By Region |
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CO2 emissions are likely to be the fastest-growing feedstock in the market during the forecast period.
Recent technological advancements have enabled the capture of carbon dioxide (CO2) from both the atmosphere and industrial exhaust streams. For instance, factories such as cement and steel plants, distilleries, and power plants produce significant amounts of CO2 that could be utilized to produce methanol. Several companies have already begun implementing this process, including Carbon Recycling International, which uses 5,600 metric tons of CO2 annually to synthesize 4,000 metric tons of renewable methanol by reacting it with renewable hydrogen. Thyssenkrupp is also involved in using waste CO2 to produce renewable methanol.
The formaldehyde segment, under the application category, held the highest market share in 2021.
Methanol is commonly used in the manufacturing of formaldehyde, the most commercially significant aldehyde due to its broad range of applications. Formaldehyde is also known as methanal (CH2O). It is used in various industries, including automotive (antifreeze, brake pads, fuel systems, under-bonnet components, etc.), construction (adhesives, coatings, paints, carpet underlay, wood and ply adhesives, wood panels, etc.), consumer products (cabinets, carpeting, cosmetics, furniture, paper towels, solvents, etc.), and healthcare (hard gel capsule manufacturing, pharmaceutical research, vaccine manufacturing, etc.).
Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
The demand for renewable methanol is expected to rise in China due to its increasing use as a transportation fuel. This growth is being driven by key players such as Carbon Recycling International, as well as several major companies undertaking strategic initiatives to promote the production of renewable methanol. The Asia-Pacific region is rapidly adopting renewable methanol due to the abundant availability of renewable resources, such as biomass, landfill gas, and industrial emissions. Investments in the region are expected to provide better growth opportunities for the market. International methanol producers are also establishing their manufacturing facilities to enable local methanol production.
Competitive Insight
The competitive key players include Advanced Chemical Technologies, Advent Technologies A/S, BASF SE, Blue Fuel Energy Corporation, Carbon Recycling International, Enerkem, Methanex Corporation, Methanol Holdings (Trinidad) Limited (Proman AG), Nordic Green Aps, OCI N.V., and Södra Skogsägarna.
Recent Developments
- In Jan 2021, BioMCN, a Dutch renewable methanol producer, recently completed the construction of its second production facility in the Netherlands, which has a production capacity of 50 kilotons per year. In the US, Carbon Clean Solutions is constructing a renewable methanol plant in California that will use carbon capture technology to convert CO2 emissions from a natural gas power plant into renewable methanol.
Renewable Methanol Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,014.53 million |
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Revenue Forecast in 2032 |
USD 48,850.56 million |
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CAGR |
53.8% from 2023-2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Feedstock, By Application, By End-use, By Region |
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Regional scope |
Asia Pacific, North America, Europe, Latin America; Middle East & Africa |
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Key Companies |
Advanced Chemical Technologies, Advent Technologies A/S, BASF SE, Blue Fuel Energy Corporation, Carbon Recycling International, Enerkem, Methanex Corporation, Methanol Holdings (Trinidad) Limited (Proman AG), Nordic Green Aps, OCI N.V., and Södra Skogsägarna. |
FAQ's
The renewable methanol market size is expected to reach USD 48,850.56 Million by 2032.
Key players in the renewable methanol market are Advanced Chemical Technologies, Advent Technologies A/S, BASF SE, Blue Fuel Energy Corporation, Carbon Recycling International.
Asia-Pacific contribute notably towards the global renewable methanol market.
The global renewable methanol market anticipated to increase at a CAGR of 53.8% from 2023 to 2032
The renewable methanol market report covering key segments are feedstock, application, end-use, and region.
