Latin America Renewable Methanol Market 2022-2028
MARKET OUTLOOK
Triton’s research report states that the Latin American renewable methanol market is estimated to advance at a compound annual growth rate of 4.42% in revenue and 2.62% in volume during the forecast period 2022-2028. Brazil, Mexico, and Rest of Latin America shape the market in this region.
As per the International Renewable Energy Agency, Mexico has a large renewable energy source base. The country also has a high prospective to invite large-scale funding in renewable sources that can assist in diversifying its energy provision. Furthermore, the government is focusing on reducing greenhouse gas emissions. Therefore, these factors are anticipated to increase the demand for renewable methanol, augmenting the studied market’s growth in the upcoming years.
On the other hand, Chile is an emerging nation in the field of renewable methanol production. Here, HIF’s Haru Oni project is set to pilot the production of green hydrogen and synthetic fuels from the wind. Furthermore, MAN Energy Solutions’ methanol reactor helps produce green methanol from green hydrogen. This pilot phase is estimated to commence in 2022 and ramped up in two steps. By 2024, the capacity is estimated to increase significantly. Thus, these factors create numerous opportunities for the renewable methanol market.
COMPETITIVE OUTLOOK
Leading firms in the renewable methanol market include Advanced Chemical Technologies, Fraunhofer, Nordic Green, OCI NV, Sodra, Innogy, and BASF SE.
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