Competitive Landscape of the Renewable Methanol Market: Drivers and Challenges
Renewable methanol is produced from renewable sources such as industrial wastages and biomass. It is a key ingredient in the manufacturing of biodiesel production which can be used with automobile fuels. Renewable methanol is widely used across power generation, transportation, automobiles, and chemical manufacturing sectors. Renewable methanol contributes to decreasing carbon dioxide emissions level by 60%-80%.
The global renewable methanol market is projected to reach around US$ 266.2 million by the end of 2027, in terms of revenue, growing at CAGR of 6.5% during the forecast period (2020-2027).
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Drivers:
Rising demand for renewable methanol as a motor fuel across the transportation industry is projected to augment market growth. Renewable methanol is produced from natural gas, coal and landfill waste, wood waste, and seaweed. It reduces greenhouse emissions by 15–20% as compared to gasoline. Renewable methanol is used as a motor fuel and also has the highest hydrogen-to-carbon ratio as compared to liquid fuel owing to its high octane number.
Growing environmental concerns due to global warming and changing weather conditions is primarily fueling the market growth of renewable methanol. The depletion of natural resources due to increasing reliance on fossil fuels and fluctuating prices of natural gas and crude oil is also contributing to the market of renewable methanol. Thus, growing environmental concern subjected to CO2 emission is projected to propel the market growth of renewable methanol.
Market Trends
Increasing adoption of advanced and eco-friendly technology for the production of renewable methanol is expected to foster market growth. For instance, in June 2019, Eni and Synhelion, a spin-off of Zurich Polytechnic University (ETHZ), announce the development of new technology for the production of methanol from carbon dioxide (CO2), water and methane. The production of methanol using renewable energy will help Eni to simultaneously work towards the twin targets of greenhouse gas reduction and carbon dioxide usage as raw material.
Global Renewable Methanol Market – Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak has resulted in lower transport activity across the globe. This has resulted in lower demand for blended fuels from transportation industry, which in turn is expected to impact demand for renewable methanol in 2020. Moreover, low gasoline prices is also impacting renewable methanol consumption. Many production facilities in Brazil, European Union and United States have reduced their production due to sluggish local and international demand. Reduced demand is expected to increased renewable methanol stocks in many markets, decreasing the renewable methanol prices and compromising profitability. The global renewable methanol market is expected to grow at a low CAGR of around 3% for a short term period till 2021.
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Competitive Section:
Company Names
- Methanex Corporation
- Carbon Recycling International
- BioMCN
- Enerkem
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