Global renewable methanol market to reach $48.8bn 2032, study finds
In New York, Polaris Market Research reported that the global renewable methanol market size will be valued at $48.8 billion by 2032, up from $660 million last year.
The research firm said that the market is forecast to expand at a compound annual growth rate (CAGR) of approximately 53.8% between 2023 and 2032.
“The rising demand for renewable fuels is one of the major aspects of renewable methanol market growth. There is rising interest in alternative fuels that can aid in lowering carbon emissions due to worries about climate change and the requirement to minimize greenhouse gas emissions,” the study stated.
“The rising usage of methanol as a transportation fuel in China will increase the renewable methanol market size. Moreover, the Asia-Pacific area quickly embraces renewable methanol due to abundant renewable resources, including landfill gas, biomass, and industrial emissions. Market growth prospects are anticipated due to investments in the area.”
Category: Fuels
