North America Renewable Methanol Market 2022-2028
MARKET OUTLOOK
According to Triton Market Research, the renewable methanol market in North America is deemed to attain a compound annual growth rate of 4.21% in revenue and 2.42% in volume over the forecasted period from 2022 to 2028. The United States and Canada form the market in the studied region.
The government has introduced a Clean Fuel Standard to reduce greenhouse gas emissions in Canada. Moreover, several other regulations are underway to minimize the impact of emissions. Such regulations are anticipated to fuel research efforts for the production of renewable methanol.
Furthermore, the Canadian Methanol Corporation plans to build a methanol plant at a large production site. This plan is anticipated to refine natural gas into around 1.8 metric tons of methanol per year. Therefore, such efforts will propel the renewable methanol market on a progressive path over the forecast period.
On the other hand, the share of renewable energy in power generation is growing rapidly in the US. The country is the largest biofuel producer. In addition, the shift in transportation modes has increased the demand for renewable fuels over diesel or petrol. Besides, the government introduced the renewable fuel standard program to decrease greenhouse gas emissions and expand the renewable fuel sector. Thus, such development is driving the studied market’s growth across the country.
COMPETITIVE OUTLOOK
The eminent companies in the renewable methanol market include Carbon Recycling International, Enerkem, Innogy, Nordic Green, and Fraunhofer.
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