Methanol is produced from natural gas, coal and renewable sources such as municipal waste, biomass or by recycling carbon dioxide. Biomass is a primary source for generation of renewable methanol. Methanol emits less carbon-di-oxide (CO2) as compared to other fossil fuels owing to which it is been used as an alternative fuel.
Rising demand for alternative and eco-friendly sources of energy is a major factor driving growth of the global renewable methanol market. In addition, increasing adoption of renewable methanol by various industries such as chemical, paint and coating, automotive, etc. is another factor fueling growth of the global renewable methanol market. Moreover, rising environmental concerns related to high emission of carbon-di-oxide by use of nonrenewable fossil fuels is boosting demand for renewable source of energy. This factor is expected boost demand for renewable methanol which in end is expected to drive growth of the global renewable methanol market.
However, high production cost of renewable methanol and lack of proper infrastructure facility for production of renewable methanol are major factors hampering growth of the global renewable methanol market. Methanol is used as a raw material in plastic industry and as a primary source for production of ethanoic acid. This is a current trend observed in the global renewable methanol market, which is expected to further drive growth of the market to a significant extent over the forecast period.
The global renewable methanol market is segmented on the basis of source, application, end-user, and region. On the basis of region, the global renewable methanol market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America accounts for largest market share in terms of revenue as compared to that of markets in other regions, followed by Europe. This is attributed to well-developed end user segments such as automobile and chemical industry. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to increasing governments subsidiaries and government initiatives to spread awareness for adoption of renewable resources in the countries in this region.
Prominent market players operating in the global renewable methanol market are Biomethanol Chemie Nederland B.V., Carbon Recycling International Inc., Chemrec AB, VärmlandsMetanol AB., Methanex Corporation, BASF SE, Petroliam Nasional Berhad, Mitsubishi Chemical Holdings Corporation, and Statoil ASA.
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