Europe Renewable Methanol Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report estimates that the renewable methanol market in Europe will progress at a compound annual growth rate of 5.03% in revenue and 3.23% in volume during the forecasting years from 2022 to 2028. Germany, Italy, the United Kingdom, Denmark, Sweden, France, and the Rest of Europe form the market in the considered region.
France is among the prominent emerging markets for renewable methanol. Bio-methanol is widely used in transportation and maritime applications. Moreover, the country has set targets to generate a majority of power using renewable resources, which increases the demand for renewable methanol. For instance, under the Multiannual Energy Program, the nation aims to reduce fossil fuel consumption by around 40% by 2030. This plan includes phasing out coal by the end of 2022, which will boost renewable energy demand. Thus, as stated above, these developments drive the French market on a progressive path.
On the other hand, the market is driven mainly owing to the rising use of methanol in the transportation sector in Italy. The nation hosts the fourth largest automobile sector in the region. Several foreign companies have set up operations nationwide, boosting the automobile industry. This has led the government to sign a joint agreement with Eni and Fiat Chrysler Automobile to reduce Co2 emissions, resulting in the introduction of methanol and ethanol fuel blend. These efforts majorly contribute to the renewable methanol market’s growth.
COMPETITIVE OUTLOOK
The key companies in the renewable methanol market include BASF SE, Advanced Chemical Technologies, Fraunhofer, Enerkem, Nordic Green, and Atlantic Methanol.
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