Rise in demand for sustainable energy sources, easy availability of renewable methanol, and stringent government regulations drive the growth of the market.
PUNE, MAHARASHTRA, INDIA, December 3, 2020 /EINPresswire.com/ — According to the report, the global renewable methanol industry was pegged at $3.3 billion in 2019, and is expected to reach $5.3 billion by 2027, growing at a CAGR of 5.8% from 2020 to 2027.
Major market players
Rise in demand for sustainable energy sources, easy availability of renewable methanol, and stringent government regulations drive the growth of the global renewable methanol market. However, high installation cost hampers the market growth. On the contrary, replacement of marine fuels with renewable methanol is expected to create new opportunities for the market players.
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Covid-19 scenario: The emergence of Covid-19 has drastically impacted the global renewable methanol industry.
• As per the United Nations Conference on Trade and Development (UNCTAD), the outbreak of Covid-19 has impacted the global FDI by 5–15%. This negative impact on FDI investment hampered the manufacturers due to the dearth of raw materials and lockdown across various countries.
• As the manufacturing sector plays a significant part in a country's economy, the governments are always focused on encouraging the sector. This would help regain the growth rate of the renewable methanol market post this pandemic.
The municipal solid waste segment dominated the market:
By feedstock, the municipal solid waste segment held the largest share in 2019, accounting for more than one-third of the global renewable methanol market. However, the CO2 emission segment is expected to register the highest CAGR of 8.3% during the forecast period, due to stringent regulations from governments and increase in adoption by several companies to utilize CO2 in the process.
The transportation segment held the largest share:
By end-user industry, the transportation segment held the largest share in 2019, contributing to around one-third of the global renewable methanol market. This is attributed to the properties of renewable methanol such as high hydrogen to carbon ration. However, the power generation segment is expected to manifest the highest CAGR of 6.7% during the forecast period, due to increase in demand for electricity and ability of methanol to replace oil as a fuel.
North America to portray highest growth through 2027:
By geography, the global renewable methanol market across North America is expected to register the highest CAGR of 7.7% during the forecast period, owing to growing implementation of renewable fuel standard (RFS) program for reducing the impact of greenhouse gas emission. However, the market across Asia-Pacific held the largest share in 2018, accounting for more than two-fifths of the market. This is due to increased partnerships of the major market players in the region.
Major Market Players:
• Advanced Chemical Technologies
• Carbon Recycling International (CRI)
• BASF SE
• Nordic Green
• Serenergy A/S
• OCI N.V.
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Source: EIN Presswire