PUBLISHER: Inkwood Research | PRODUCT CODE: 1475495
PUBLISHER: Inkwood Research | PRODUCT CODE: 1475495
The global renewable methanol market is forecasted to register a CAGR of 4.29% in terms of revenue and 2.94% in terms of volume over 2024-2032. The market growth is facilitated by key factors such as the availability of renewable methanol, the shifting trend towards sustainable energy sources, and strict government regulations and rules.
Renewable methanol can be manufactured using renewable energy as well as renewable feedstock. The increasing demand for renewable methanol is propelled by the need to mitigate climate change by eliminating or substantially reducing CO2 emissions, in addition to sustaining the average global temperature rise to no more than 1.5°C.
The shifting trend toward sustainable and renewable energy is anticipated to augment the growth of the global renewable methanol market. The production of renewable methanol bridges the gap between renewable sources and conventional fossil fuels. Furthermore, harnessing surplus energy from renewable sources, including solar and wind, is also anticipated to raise the demand for producing renewable methanol.
The global renewable methanol market growth evaluation comprises the analysis of Asia-Pacific, Europe, North America, and Rest of World. Europe is set to grow with the highest CAGR in terms of both volume and revenue during the forecast period. The market growth is fuelled by key drivers such as the developments in the wind and solar sector, the increasing need for power generation, and the adoption of various strategies such as agreements and partnerships between key players.
Overall, the intensity of industrial rivalry in the global renewable methanol market is moderately high. The market studied is majorly fragmented, with the leading 8 players capturing nearly 40% of the share in terms of revenue. Some of the key players operating in the market are BASF SE, Innogy, Nordic Green, etc.