Renewable Methanol Market
Renewable methanol is derived from renewable sources such as biomass, municipal waste, and industrial CO2. It is considered as a second-generation biofuel. Renewable methanol can be used as a transportation fuel or as feedstock in chemicals. This fuel emits less amount of carbon emissions and can be used with motor fuels in order to improve their octane number. Power generation, manufacturing industries, and transportation are some of the major end users of renewable methanol.
Market Dynamics
The renewable methanol market has witnessed growth in the recent few years. The growing use of fuel-blended renewable methanol is expected to be a major market trend. According to the Coherent Market Insights analysis, China and Japan had passed various policies mandating the use of fuel blended with renewable methanol by the end of 2022. Thus the growing use of fuel-blended renewable methanol is expected to augment the market growth over the forecast period.
Partnerships and collaborations are a major trend observed in the market due to the growing focus of manufacturers to expand their product portfolios and presence at the regional and global levels. For instance, A.P. Moller – Maersk a company which deals with transportation services, logistics & supply chain and digital solutions decided to boost the global production capacity of green methanol and for that in year 2022 it has entered in strategic partnerships with six leading companies with the intent of sourcing at least 730,000 tonnes/year by end of 2025.
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