19 Oct
2020
Almost every industry has initiated to contribute to the reduction of emissions. However, no denial, the chemical industry is amongst the most dedicating one in terms of getting solutions to reduce the consequences of emissions. The advent of fossil-based methanol or renewable methanol is one such initiative taken to reduce the impacts.
Renewable methanol is one with internationally accepted specifications (IMPCA). The existing set-up can be utilized for the distribution with certificates permitted by independent examiners certifying the methanol has been formed from approved feedstock with low greenhouse gas emissions. Earlier methanol was used as an alternative to fuel as it shares quality and features alike ethanol. However, the market had witnessed a decline in the rate of methanol-based automobile manufacturing.
Nevertheless, the environmental concerns and advantages of methanol have brought back the utilization of methanol along with increasing the demands for fossil-based methanol. Compared to other traditional fuels, renewable methanol is associated with a number of advantages. So, let’s get to some of the prime advantages offered by methanol.
Owing to the advantages, the industry players are also contributing in terms of manufacturing methanol-based automobiles. In addition to this, the increasing concerns and health issues related to emissions are anticipated to increase demand growth. According to a report published by Allied Market Research, the renewable methanol market is expected to reach $5.3 billion supported by a CAGR of 5.8% by 2027. The stringent regulations to reduce the impact of carbon dioxide emissions are one of the key factors that fuel the demand for renewable methanol in industries such as transportations and industrial. In addition, this reason majorly contributes to the growth of the market, globally.
Biomass is the prime source of the generation of renewable methanol. The transformation of agricultural and industrial leftovers into renewable methanol is another expected factor that generates potential growth opportunities for the industry in the coming period of time. On the other hand, the applications offered by renewable methanol in various solvents and chemical feedstock further enhances the growth prospects.
Other than the automobile, transportation, and industrial sectors, the demand for production of formaldehyde from methanol is also growing from end users including paints & coatings and construction. Moreover, the industry is witnessing a hike in investments and top market strategies. On the other hand, market players are highly investing in research and development procedures to enhance the application of renewable methanol. Nevertheless, with all these aspects and demands the market is anticipated to usher a number of opportunities.
Koyel Ghosh
Author’s Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing in miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest in creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last five years.
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