Global Renewable Methanol Market Research Report Forecast 2028
Bharat Book Bureau Provides the Treding Market Research Report on “Global Renewable Methanol Market 2021-2028” under Renewable Energy Category. The report offers a collection of superior market researach, market analysis, competitive intelligence and Market reports.
Report on the Global Market For Renewable Methanol, predicts that the industry is likely to witness a CAGR of 3.16% by revenue and 2.08% by volume over the forecasting duration of 2021-2028.
There has been a growing inclination towards the adoption of sustainable energy sources, which is one of the major growth-inducing factors for this market.
Plus, the rigid governmental rules & regulations and the availability of renewable methanol are contributing to this growth. However, factors like the high costs required for the installation of these sources are hindering this growth process. Despite this, the industry has several opportunities for growth, which includes the usage of renewable methanol as a substitute to heave marine fuels.
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The global renewable methanol market spans across the regions of North America, Europe, the Middle East and Africa, the Asia-Pacific, and Latin America.
The market in North America is expected to grow the fastest worldwide, over the forthcoming years. In this market, the US is expected to grow at the fastest rate. The share of renewable energy in generating power is on the rise in the US. The nation is the largest producer of biofuel in the world. Liquid biofuels and electric vehicles (EVs) are the two main technology options in the transport sector.
Moreover, high-speed trains that use renewable power instead of diesel-based trucks, or city trams for passenger cars, are the other available options for transport. These factors are leading to an enhanced demand for renewable methanol in the country, which is expected to help the market to grow in the years to come.
The main contenders in the renewable methanol market include Enerkem, Serenergy A/S, Southern Chemical Corporation, Fraunhofer, Advanced Chemical Technologies, Nordic Green, Carbon Recycling International (CRI), Methanex Corporation, OCI NV, BASF SE, Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Oberon Fuels, Innogy, Atlantic Methanol, and Sodra.
Methanex Corporation is a Canadian company engaged in producing and supplying methanol to several markets across the globe, such as North America, South America, Europe, and the Asia-Pacific. In New Zealand, the company has three plants, through which it supplies methanol to customers, mainly in the APAC region.
Whereas, in Trinidad, it has two plants, named Atlas and Titan, through which it supplies methanol to markets worldwide.
Methanex’s Egypt-based joint venture is situated near the Mediterranean Sea, which primarily supplies the fuel to the domestic market and Europe. Further, the company’s Alberta-based plant located in the city of Medicine Hat, supplies methanol to buyers across the North American region. Two of the company’s plants in Chile’s Punta Arenas, supply methanol to end-users in South America and across the world.
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