SAN FRANCISCO, Jan. 14, 2020 /PRNewswire/ -- The global renewable methanol market is expected to witness a major overhaul in the years to come. This could be attributed to the ever-increasing emissions of carbon dioxide coupled with stern environmental regulations for reducing the same. Besides, the idea of converting agricultural wastages into renewable methanol is expected to catalyze the market. The basic advantage of renewable methanol is that it is high as far as octane ratings are concerned (due to higher hydrogen to carbon ratio); thereby mitigating the greenhouse effects on environment.
Renewable methanol, as the name suggests, comes across as one of the second generation methanol's derived out of renewable energy sources. Biomass proves to be a vital input for the production of biodiesel. It could ultimately be blended in the automobile fuels or used in the form of chemical feedstock.
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The renewable methanol market is segmented based on source, application, end-user, and geography. By source, the segmentation goes like agricultural waste, biomass, and others. By application, the market constitutes gasoline, MTBE, formaldeyde, dimethyl ether, and solvents. By end-use, the market spans power generation, transportation, construction, and others. By geography, the market comprises North America (Canada, Mexico, and the U.S.), Europe (France, Germany, UK, Italy, Spain, and the Rest of Europe), Asia Pacific (India, China, Japan, South Korea, Australia, and the rest of Asia Pacific), and LAMEA (South Africa, Brazil, Saudi Arabia, and the rest of LAMEA).
Europe and North America are the principal markets with regards to renewable methanol; thanks to feasible amendments by the government along with rise in automobile-oriented applications. Plus, regulatory policies in Europe are mandating this blends usage in automobile fuels. The renewable methanol market also witnesses traction from the upcoming economies like India and China and is expected to take the market by storm in the next 5-7 years.
The players contributing to the renewable methanol market include Carbon Recycling International, Inc., Methanex Corporation, Varmsland Methanol, and BioMCN.
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