Renewable Methanol Market To Hit Value .68 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on September 21st, 2023 San Francisco, 21 Sept 2023: The ReportRenewable Methanol Market Size, Share & Trends Analysis Report By Feedstock (Renewable Energy, Agriculture Waste), By Application (Formaldehyde, MTBE), By Region, And Segment Forecasts, 2023 - 2030 The global renewable methanol market size is expected to reach USD 20.68 billion by 2030, as per the new report by Grand View Research, Inc., expanding at a CAGR of 55.0% from 2023 to 2030. The growth is majorly driven by increasing demand for renewable methanol owing to the increasing applications in the chemical industry, including acetic acid, formaldehyde, and plastics. Furthermore, biomethanol is primarily used as fuel for automobiles, ships, commercial boilers, and kitchen appliances. The fuel can be used as-is, in combination with gasoline to make biodiesel, or as methyl tert-butyl ether (MTBE) and dimethylether (DME). There are two types of renewable methanol: bio and e-methanol. Bio methanol is produced via biomass (agriculture waste and forest waste), municipal solid waste, and black liquor, whereas e-methanol is produced through CO2 or electricity. The CO2 required in this production process is captured from renewable sources (via direct air capture or BECCS) or using green hydrogen. The majority of petroleum-based hydrocarbons and petrochemicals can be replaced by green methanol, either directly or through methanol derivatives, for a potential market that needs billions of tons of methanol annually. The production of aromatics and plastics using biomethanol is rapidly increasing. This would make the transition to a green economy more easily. Increasing industrial activities in the emerging economies of Asia Pacific coupled with high growth in the chemical industry in North America and parts of Europe have led to high demand for biofuel across these regions. Countries such as China, India, and Japan have reflected heavy dependency on e-commerce platforms over conventional store visits for procuring essentials. This led to an increase in vehicle fleet operating in the region and a surge in demand to curb vehicular emissions, thus increasing dependency on biomethanol gasoline blends across these emerging economies. This is attributed to the growing utilization of renewable methanol in formaldehyde and mineral turpentine oil (MTO) as they are considered prominent chemical compounds in the chemical industry and are widely used in paints and coatings, agrochemicals, cosmetics, food, and pharmaceuticals. The substitution of marine fuels with renewable methanol and stringent government regulations to reduce greenhouse gas emissions have contributed to the market growth. Access Research Report of Renewable Methanol Market @https://www.grandviewresearch.com/industry-analysis/renewable-methanol-market-report Renewable Methanol Market Report Highlights
Renewable Methanol Market Report Scope
List of Key Players in Renewable Methanol Market
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