Asia-pacific Renewable Methanol Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report on the Asia-Pacific renewable methanol market infers that the market is expected to advance in terms of value and volume at a CAGR of 3.73% and 1.94%, respectively, during the forecasting period 2022-2028. Australia & New Zealand, China, India, South Korea, Japan, ASEAN countries, and Rest of APAC shape the market in the region.
In India, the government plans to set up around 5 methanol plants based on high ash coal, along with a natural gas-based methanol production plant. Further, Cochin Shipyard Limited has built boats and vessels for the Inland Waterways Authority of India to employ methanol as a marine fuel. This has encouraged several educational institutions to develop technologies for renewable methanol production.
Furthermore, the Ministry of Road Transport, Highways, and Shipping launched a pilot project to purchase buses functioning on methanol. In this regard, the government plans to provide methanol-powered buses to the Pune Municipal Corporation. Therefore, these factors drive the renewable methanol market’s growth to a large extent.
South Korea, on the other hand, does not have a significant production of renewable methanol. Nevertheless, the developments in renewable fuel standards are expected to push industries to adopt renewable methanol. The government offers various tax benefits and subsidies for disseminating eco-friendly hybrid, electric, and hydrogen fuel cars. Moreover, the government aims to supply around 2000 hydrogen fuel cell buses by the end of 2022. In this regard, methanol works as an excellent hydrogen carrier fuel. Thus, these factors fuel the renewable methanol market’s growth.
COMPETITIVE OUTLOOK
The prominent companies in the renewable methanol market are Carbon Recycling International, Fraunhofer, Nordic Green, Sodra, Gujarat Narmada Valley Fertilizers & Chemicals Limited, and Advanced Chemical Technologies.
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