RENEWABLE METHANOL MARKET ANALYSIS

Renewable Methanol MarketSize and Trends

The renewable methanol market was valued at US$ 196.8 Mn in 2022, and is projected to reach around US$ 361.9 million by the end of 2030, in terms of revenue, growing at a CAGR of 7.9% during the forecast period (2022-2030). The growing popularity of renewable methanol in formaldehyde and Mineral Turpentine Oil (MTO), both of which are major chemical compounds in the chemical industry and are widely used in paints and coatings, agrochemicals, cosmetics, food, and medicines. The replacement of renewable methanol for marine fuels, as well as rigorous government laws to minimize greenhouse gas emissions, have contributed to the market expansion. These factors increase the growth potential of the renewable methanol market.

Market Trends

• Increasing adoption of advanced and eco-friendly technology for the production of renewable methanol is expected to foster market growth. For instance In April 27, 2021, Repsol, Enerkem, and Agbar built the first waste to chemicals plant on the Iberian Peninsula. The Spanish multi-energy company Repsol will join the Ecoplanta project, together with the technology leader Montreal-based firm Enerkem and Agbar, a global expert in water and waste management, to build a waste to chemicals plant in Tarragona, Spain. The plant has a capacity to convert around 400,000 metric tons of non-recyclable municipal solid waste into an annual production of 220,000 metric tons of methanol for renewable plastics or advanced biofuels. This pioneering technology will make it possible to cut CO2 emissions up to 200,000 metric tons annually.