Press Release Description

Global Biomethanol Market to Grow at a CAGR of Around 26.45%

The Global Bio-methanol Market is projected to grow at a CAGR of about 26.45% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. This growth is primarily attributed to the rising demand for biomethanol in the transportation sector and its growing significance in addressing climate change concerns. As stated by the Internal Energy Agency, the transportation sector contributes to almost 1/3rd of the global carbon emissions among all the end-use sectors.

The transportation sector across the globe is increasingly demanding biofuels, such as biomethanol, owing to surging government initiatives to reduce carbon emissions from the transportation sector by lowering the carbon intensity of fossil fuels. Biomethanol finds application both as a blend with traditional gasoline & diesel and as a pure biofuel, especially in fuel cell-powered vehicles. Therefore, the adoption of biomethanol as a substitute for fossil fuels plays a crucial role in the transportation industry, contributing significantly to the reduction of greenhouse gas emissions and promoting a cleaner, more environmentally friendly, and more sustainable future. As a result, governments across the globe are increasingly focusing on the development of bio-methanol. This development is anticipated to signify a growing awareness among consumers regarding the significance of renewable and sustainable fuel sources in addressing climate change and curbing emissions in the upcoming years.

Global Biomethanol Market

Moreover, the increasing significance of biomethanol in combating climate change, primarily in striving to limit global temperature, has become evident. This goal involves achieving net carbon-neutral emissions across all economic sectors shortly. Low-emission methanol plays a crucial role in decarbonizing various industries, serving as a feedstock in the chemical sector and a fuel in road and marine transport. However, the Global Biomethanol Market is still in its initial stages, with limited production data available worldwide. Its cost depends on factors such as feedstock, investment, and conversion process efficiency.

According to IRENA in 2021, the costs of bio-methanol are projected to decline, ranging from around 30 USD/GJ in 2020 to about 25 USD/GJ in 2030. These developments indicate a promising outlook for the future adoption and expansion of biomethanol as a sustainable and environmentally friendly solution for combating climate change, further states the research report, “Global Biomethanol Market Analysis, 2024.”

Segmentation Analysis

Municipal Waste to Dominate as Prime Feedstock in Biomethanol Production

Based on the feedstock segment, the market is further bifurcated into agriculture waste, municipal waste, forestry, black liquor, and others (industrial waste, marine biomass, etc.). The municipal waste segment has dominated the Global Biomethanol Market in the past few years. The increasing use of municipal waste (MW) for the production of biomethanol offers a solution to waste management challenges, particularly in densely populated urban areas where waste disposal is a significant issue. Therefore, the conversion of municipal waste into biomethanol contributes to the circular economy by transforming waste into a valuable resource in the foreseeable future.

According to IRENA, the EU could potentially have around 44 million tons of municipal waste available by 2030, representing a substantial opportunity for the biomethanol industry. The significant availability of municipal waste indicates a potential increase in feedstock for biomethanol production, particularly considering the growing prominence of the renewable energy fuel market, which could stimulate biomethanol production capacity globally.

Europe to Hold a Prominent Share in the Global Biomethanol Market

Europe is anticipated to hold a major share of the market in the coming years, owing to the surging adoption of biofuel in Europe. Biomethanol has gained significant traction as a sustainable biofuel, particularly in the transportation and marine sectors. Furthermore, the Renewable Energy Directive (RED II) implemented by the European Union actively encourages the adoption of advanced biofuels such as biomethanol. This initiative aims to substitute traditional fossil fuels and diminish greenhouse gas emissions in the years to come.

Moreover, the region's shift toward green chemicals is promoting the use of biomethanol as a sustainable and environmentally friendly chemical in the manufacturing of diverse products, such as plastics, solvents, and various chemical intermediates. The role of biomethanol in this transition toward green chemicals highlights its importance in minimizing environmental impact and advocating for a more eco-conscious approach to industrial processes. Consequently, the persistent demand for sustainable and bio-based chemicals in the region is anticipated to propel market growth in the years to come.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Carbon Recycling International (CRI), Enerkem, Sodra, Veolia, BASF, Methanex Corporation, Mitsubishi Chemicals, IMC Enric Holdings Limited (CIMIC ENRIC), OCI Global, European Energy, Proman, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across various regions?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019–30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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