Inkwood Research estimates that the Global Renewable Methanol Market is evaluated to project a CAGR of 4.29% in terms of revenue and 2.94% in terms of volume during the forecasting years 2024-2032.
Renewable methanol can be produced with the use of renewable energy and renewable feedstock. The growing need for renewable methanol is facilitated by the need to mitigate climate change through the elimination or reduction of CO2 emissions, in addition to maintaining the average global temperature increase to no more than 1.5°C.
Strict Government Rules and Regulations to Augment Market Growth
Stringent government regulations on carbon dioxide and other greenhouse gas emissions are projected to fuel the global market growth for renewable methanol. According to a report by Renewables Now, Europe’s carbon dioxide emissions decreased by 12%, and renewable energy sources surpassed conventional energy sources, including fossil fuels and coal. The introduction of new renewable energy policies in the European Union (EU) Emissions Trading System is also expected to boost the market for renewable energy sources, subsequently enhancing the global renewable methanol market growth.
Gasoline to be the Fastest-Growing Application
Although various regulations support the use of methanol for gasoline, specific production limits have been established. The European Fuel Specification (EN228) and the European Fuel Quality Directive (2009/30/EC) permit up to 3 volume-% of methanol in gasoline. The European Union’s 2050 energy strategy aims to reduce greenhouse gas emissions by up to 95%. Renewable methanol is poised to play a significant role in reducing these emissions, particularly from the transportation industry, by offering a cleaner alternative to conventional fuels.
Europe Set to Lead the Global Market
Europe is expected to register significant growth during the forecast period due to the expanding wind and solar sectors, which are increasing the need for power generation. Renewable methanol is anticipated to play a crucial role in providing cleaner energy across the continent. In Germany, electricity generation from renewable energy sources has risen, accelerating the adoption of renewable methanol. Furthermore, leading companies are expanding their presence in the region through partnerships and agreements with other major players, further driving market growth.Â
The degree of competition in the global renewable methanol market is expected to be moderately high during the forecasting period. Some of the major companies operating in the market include Innogy, BASF SE, Nordic Green, etc.
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