Global Renewable Methanol Industry Report 2023: Growing Demand for Green Fuels & Power Generation as a Feedstock Driving Growth - Forecasts to 2028
DUBLIN, Aug. 2, 2023 /PRNewswire/ -- The "Renewable Methanol Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Feedstock, By Application, By End-User Industry, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The Global Renewable Methanol market is on track to experience significant growth in the forecast period of 2028, driven by a growing preference for healthy foods among consumers.
As the production of methanol doubles over the last decade, with China leading this expansion, there is a pressing need to utilize fuels derived from renewable sources to reduce carbon emissions. Renewable methanol, a clean and sustainable fuel produced from biomass, carbon dioxide, and hydrogen, holds immense potential for addressing these environmental concerns.
Its versatility as a transportation and power generation fuel, as well as a feedstock for various chemicals and materials, makes it a promising solution in the quest for cleaner energy sources.
The market's rapid growth is further propelled by increasing global demand for renewable energy and the implementation of carbon reduction policies by governments worldwide, making renewable methanol a pivotal player in the move towards a greener and sustainable future.
Growing Demand for Green Fuels from the Transportation Sector is Driving the Demand
Renewable methanol can be used as a fuel in the transportation sector in a variety of ways, as a fuel, blending with gasoline, or blending and conversion to biodiesel, dimethyl ether (DME), and synthetic fuels. Methanol fuel cells can be directly used in fuel cells to power electric vehicles.
Methanol is converted into electricity through a chemical reaction, which produces water and carbon dioxide as by-products. In Blending with gasoline, methanol can be blended with gasoline to produce a fuel that can be used in conventional gasoline engines. Methanol-gasoline blends can reduce emissions of greenhouse gases and air pollutants, such as particulate matter and nitrogen oxides. Apart from these, it is used and converted into different types of fuels such as biodiesel, dimethyl ether (DME), synthetic fuels, and others.
While production of biodiesel, methanol can be used as a feedstock to produce biodiesel, which is an important alternative fuel for diesel engines used in transportation. In conversion to dimethyl ether (DME) which is a clean-burning alternative to diesel fuel that can be produced from renewable methanol. DME can be used as fuel for heavy-duty trucks and buses, as well as for off-road equipment and power generators.
Moreover, methanol can be used as a feedstock to produce synthetic fuels, such as gasoline, diesel, and jet fuel. These fuels can be produced from renewable sources, such as biomass and carbon dioxide, and can be used in existing transportation infrastructure without the need for modifications.
Hence, renewable methanol can be used in various ways in the transportation sector, from powering electric vehicles to producing clean-burning fuels for heavy-duty trucks and buses. The versatility of renewable methanol makes it a promising alternative to fossil fuels in the transportation sector and increases the market share of global renewable methanol market.
Rising Demand from Power Generation as a Feedstock Driving the Renewable Methanol Demand
Renewable methanol can also be used as a feedstock for power generation. Methanol can be converted into electricity through a process called fuel cell technology, which is an electrochemical reaction that produces electricity and water as by-products. This process can be used in a variety of applications, including stationary power generation, backup power for telecommunications networks, and remote power for off-grid applications.
Furthermore, renewable methanol can also be used as a fuel in gas turbines, which are used for large-scale power generation. Methanol can be converted into synthesis gas, which can then be burned in a gas turbine to generate electricity. This process is known as gasification and has the potential to produce high-efficiency, low-emission power generation.
Renewable methanol can also be used as a fuel in combustion engines, such as internal combustion engines or gas engines, to generate electricity. This process is known as power generation from methanol and can be used in distributed energy systems, microgrids, and other applications.
Therefore, renewable methanol has the potential to play a significant role in the transition to clean energy sources in the power generation sector and increase the market share of global renewable methanol market in the projected period.
Growing demand from Industry as a feedstock is fueling the Global Renewable Methanol Market
Renewable methanol can also serve as a feedstock to produce chemicals, materials, and other products. Methanol is a key building block for a wide range of products, including plastics, solvents, adhesives, and formaldehyde. The major application of renewable methanol as a feedstock is the production of bio-based chemicals.
For example, methanol can be used to produce formaldehyde, which is an important intermediate to produce resins, plastics, and other chemicals. Bio-based formaldehyde produced from renewable methanol can have a lower carbon footprint compared to conventionally produced formaldehyde, which is typically derived from fossil fuels.
Apart from these, renewable methanol can also be used as a feedstock to produce bio-based materials, such as biodegradable plastics and fibers. Methanol can be converted into a variety of intermediate chemicals, which can then be polymerized to produce a wide range of bio-based materials.
Renewable methanol can also be used as a feedstock for the production of renewable fuels, such as dimethyl ether (DME), which is a clean-burning alternative to diesel fuel. DME can be produced from renewable methanol using a process called methanol-to-DME conversion.
Different Strategies by Players Impacting the Renewable Methanol Production and Demand
The renewable methanol market is poised for continued growth in the coming years, driven by increasing demand for low-carbon fuels and chemicals, technological advancements, and policy support. Government policies and initiatives worldwide aim to promote the production and use of renewable methanol as a sustainable and low-carbon alternative to conventional fuels.
These policies provide incentives for the development and commercialization of renewable methanol technologies and support the transition to a more sustainable and low-carbon economy. The renewable methanol market has been growing steadily in recent years, driven by increasing demand for low-carbon fuels and chemicals. Several companies are investing in new renewable methanol production facilities or expanding existing ones.
Research and development efforts are focused on improving efficiency and reducing the cost of renewable methanol production technologies. For example, a team of researchers from Germany and Sweden recently developed a new catalyst that could significantly reduce the energy required to produce renewable methanol.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global Renewable Methanol market.
- Advanced Chemical Technologies
- BASF SE
- Carbon Recycling International (CRI) llc
- OCI N.V.
- thyssenkrupp AG
- European Energy AS
- Orsted AS
- Proman AG
- WASTEFUEL
- Enerkem Inc.
- Carbon Clean Solutions Ltd
- Scandinavian Biogas
- LanzaTech Inc
Report Scope:
Renewable Methanol Market, By Feedstock:
- Natural Gas
- Renewable Energy
- Agriculture Waste
- Others
Renewable Methanol Market, By Application:
- Formaldehyde
- Dimethyl Ether & Methyl Tert-Butyl Ether (MTBE)
- Gasoline
- Solvents
- Others
Renewable Methanol Market, By End-User Industry:
- Chemicals
- Transportation
- Power Generation
- Others
Renewable Methanol Market, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- France
- Germany
- United Kingdom
- Spain
- Italy
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/i8zs6y
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