The Global Renewable Methanol Market Growth Accelerated By Rising Demand For Clean Energy Sources

Renewable methanol is a clean, low carbon fuel source that is produced from non-petroleum, renewable feedstocks such as biomass, municipal waste, captured carbon dioxide and more. It delivers higher energy density than batteries and is more cost effective than hydrogen as an energy carrier. Renewable methanol can be used directly as fuel or blended with gasoline and natural gas. It is easy to transport using the existing pipeline network and infrastructure.

The global renewable methanol market is estimated to be valued at US$ 212.35 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the renewable methanol market is the increasing demand for cleaner alternatives to fossil fuels. Strict environmental regulations coupled with the need to reduce dependence on depleting oil reserves is encouraging industries and governments across regions to adopt renewable and sustainable fuels. Renewable methanol produced from biomass or captured carbon helps reduce greenhouse gas emissions making it an environmentally-friendly fuel choice. Investments in renewable methanol production plants are on the rise with focus on developing cost-effective production technologies. This is expected to increase renewable methanol supply and further accelerate its adoption over the forecast period.

Segment Analysis
The global renewable methanol market is segmented by feedstock into biomass, municipal waste, and others. The municipal waste segment currently dominates the market as technologies to convert municipal solid waste into renewable methanol are readily available at commercial scale. Municipal solid waste also provides a consistent supply of feedstock. This helps in steady production of renewable methanol.

Key Takeaways
The global Renewable Methanol Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that Europe is currently the largest and fastest growing market for renewable methanol. Stringent environmental regulations regarding use of renewable fuels and increasing promotion of circular economy are driving the growth of renewable methanol market in the region.

Regional analysis
Europe is currently the largest and fastest growing regional market for renewable methanol. Countries like Germany, Sweden, and Norway are at the forefront of adoption of renewable methanol due to strong policies promoting circular economy and use of renewables. The presence of leading renewable methanol producers like Carbon Recycling International further aids the growth of the regional market. Availability of support infrastructure for production and distribution of renewable methanol provides an edge to the European market over other regions.

Key players
Key players operating in the renewable methanol market are Methanex Corporation, Carbon Recycling International, BioMCN, Enerkem, and Chemrec Inc. Methanex Corporation is one of the largest producers of renewable methanol using municipal solid waste and biomass feedstock. Carbon Recycling International is another major player producing renewable methanol from various waste streams like plastic waste through its proprietary technology.

For more insights, read- https://www.ukwebwire.com/renewable-methanol-market-trends-size-and-share-analysis/