NEWARK, Del, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to forecasts, the Renewable Methanol Market is expected to be US$ 210.1 million in 2023 and US$ 398.1 million by 2033.
As it is used in the chemical sector to make acetic acid, formaldehyde, and plastics, there is expected to be an increase in demand for renewable methanol throughout the projection period. To produce polyethylene and polypropylene, much more biomethanol is now being used. Moreover, the main applications of biomethanol are as fuel for industrial boilers, vehicles, ships, and kitchen appliances.
The key reasons behind the market expansion include decreasing or eliminating CO2 emissions to prevent climate change drastically and the increased emphasis on limiting the average global temperature rise to no more than 1.5°C. This suggests that emissions throughout the economy are net zero by the middle of the 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 are:
- 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%.
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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.
- The state-of-the-art plant is the first in the world to generate methanol at this scale from waste carbon dioxide and hydrogen gasses.
- Methanol is a valuable fuel and chemical feedstock. The manufacturing method of the plant is based on Carbon Recycling International's Emissions-to-Liquids (ETL) technology.
- 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 in the Global Market:
- Methanex Corporation
- Carbon Recycling International
- BioMCN
- Enerkem
- Chemrec Inc.
- Varmlands Methanol
- Alberta Pacific
- New Hope Energy
- Trans World Energy
- Proman
- ENI
- BASF SE
- Apex Energy Teterow GmbH
- Liquid wind
- Veolia
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Key Segmentation:
By Primary Source:
- Biomass
- Municipal Waste
- Industrial Waste
- Others
By End Use:
- 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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