Global Renewable Methanol Market 2022-2028
MARKET OUTLOOK
As per Triton’s research report, the global renewable methanol market is expected to develop at a CAGR of 4.11% in revenue and 2.32% in volume over the forecast period of 2022-2028.
The studied market’s growth is supported by factors such as the availability of renewable methanol and strict government rules and regulations to reduce greenhouse gas emissions. Additionally, the substitution of production marine fuels with renewable methanol has influenced manufacturers such as MAN and Wartsila to continue their research on engine technology to support adoption of renewable methanol. Hence, this transition is expected to open new avenues for the global market.
On the contrary, the high installation cost and hazardous impacts of methanol on the human body negatively impact the renewable methanol market’s development.
REGIONAL OUTLOOK
The global renewable methanol market covers North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Geographically, the Asia-Pacific dominates the renewable methanol market and is expected to continue its stronghold by 2028. The growth is credited to the increasing methanol adoption as fuel in the transportation sector. Also, key players in the market, such as Carbon Recycling International (CRI), significantly aid in the overall market’s growth. For example, CRI’s largest emissions-to-liquids (ETL) reactor system is the key piece of equipment needed to hydrogenate CO2 for methanol formation.
Additionally, leading suppliers are collaborating to promote renewable methanol production. In this regard, companies such as Geely Holdings and Zixin Industrial Co are establishing production plants in China, strengthening its demand. Hence, these factors play a crucial role in boosting the overall market’s growth.
COMPETITIVE OUTLOOK
The noteworthy companies listed in the renewable methanol market are Gujarat Narmada Valley Fertilizers & Chemicals Limited, Advanced Chemical Technologies, Southern Chemical Corporation, Methanex Corporation, Methanol Holdings (Trinidad) Ltd, Sodra, Innogy, Nordic Green, Atlantic Methanol, Enerkem, BASF SE, Carbon Recycling International, Fraunhofer, OCI NV, and Serenergy SV.
Founded in 1997, Southern Chemical Corporation is a market leader in the sale and distribution of methanol across the Western Hemisphere. The diversified product portfolio of the company comes with the addition of melamine. It has multiple production plants, warehouses and terminals, and a vessel fleet. Moreover, the company is backed by the security of supply and a reliable distribution network. The company is headquartered in the United States.
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