Global Renewable Methanol Market to Project Substantial Growth on Account of Stringent Government Regulations
According to the estimations put forth by Inkwood Research, the Global Renewable Methanol Market is predicted to record a CAGR of 3.16% in terms of revenue and 2.08% in terms of volume during the forecasting years of 2021-2028.
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Renewable methanol is produced from sustainable raw
materials, such as biomass, municipal and industrial waste, and carbon dioxide.
Same as conventional methanol, renewable methanol can also be utilized as a
fuel in transportation and feedstock in chemicals.
Government
Rules and Regulations to Fuel Market Growth
Stringent government regulations regarding greenhouse gas and
carbon dioxide emissions are expected to propel the global renewable methanol market
growth. As per the report by Renewables Now, Europe’s overall carbon dioxide
emission declined by 12%, whereas renewable energy sources exceeded
conventional energy sources, including fossil fuel and coal. Moreover, novel renewable
energy policies in EU Emissions Trading System are projected to drive the
market demand, thereby bolstering the market growth.
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Municipal
Solid Waste is the Dominating Feedstock in terms of Revenue
Municipal Solid Waste (MSW) is largely utilized in the
production of renewable methanol. Approximately 1.3 billion metric tons of MSW are
produced across the world annually, and this number is estimated to increase to
2.2 billion metric tons by 2025. Through the use of MSW to produce renewable
methanol, unrecyclable garbage can be utilized in an effective way. As a
result, the pressure on landfill sites would be substantially relieved.
Managing large volumes of waste poses challenges for
municipalities and governments. It is estimated that nearly two-thirds of MSW
are either incinerated or dumped in landfills. This leads to environmental
challenges, capable of being overcome by the use of MSW to produce sustainable
chemicals, including renewable methanol
North
America to be the Fastest-Growing Region in terms of Volume and Revenue
The rising implementation of renewable fuel standard (RFS)
program for minimizing the impact of greenhouse gas emissions is anticipated to
contribute toward the market growth across North America. These programs also
play a vital role in reducing the reliance on biofuel. Numerous other approaches
to reduce greenhouse gas emissions in the region include the current
development of a Clean Fuel Standard by the Canadian government as well as the
California Low Carbon Fuel Standard (LCFS).
The global renewable market is highly fragmented, with the leading
eight enterprises garnering around 40% of the revenue share. The firms compete based
on product features and offerings, price, and technology via numerous
competitive strategies, predominantly through joint ventures. Hence, the
overall degree of competition within the market is moderately high.
Major companies operating in the market are Enerkem, BASF SE,
Carbon Recycling International, Advanced Chemical Technologies Inc, etc.
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technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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