Portland, OR, Nov. 10, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global renewable methanol market generated $3.3 billion in 2019, and is estimated to reach $5.3 billion by 2027, registering a CAGR of 5.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing demand for sustainable energy sources, ease of availability of renewable methanol, and stringent government regulation to reduce the CO2 emission drive the growth of the global renewable methanol market. However, lack of infrastructure and high installation cost hinder the market growth. On the other hand, the conversion of industrial and agricultural wastages into renewable methanol create new opportunities for the market player in the coming years.
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Covid-19 scenario:
- Due to lockdown in several countries, industries such as transportation and chemicals that broadly uses renewable methanol have partially or completely shut down their operations. Thus, the demand for renewable methanol is expected to decline as it is widely used across these industries. The COVID-19 pandemic is receding slowly in countries such as China and India and governments are now lifting the lockdown to start the industrial activities. This is likely to be a huge opportunity for several renewable methanol manufacturers in these countries to generate maximum revenue.
The report offers a detailed segmentation of the global renewable methanol market based on feedstock, application, end-user industry, and region. Based on feedstock, the municipal solid waste segment contributed to the largest share in 2019, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the CO2 emission segment is estimated to portray the highest CAGR of 8.3% during the forecast period.
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Based on end-user industry, the transportation segment accounted for the largest share in 2019, holding more than one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the power generation segment is expected to register the highest CAGR of 6.7% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for more than three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, North America is expected to grow at the highest CAGR of 7.7% from 2020 to 2027.
Leading market players analyzed in the research include BASF SE, Advanced Chemical Technologies, Enerkem, Fraunhofer, Carbon Recycling International, Nordic Green, Innogy, Nouryon, Serenergy A/S, OCI N.V., and Sodra.
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