The growing production of formaldehyde in order to use in coatings and paints is estimated to contribute to growth opportunities in the renewable methanol market. Furthermore, rising demand for renewable methanol in the chemical industry is also predicted to bolster sales opportunities in the market. Increasing use of the industry product in the building industry for the purposes of construction is also estimated to propel demand opportunities in the renewable methanol market.
The transportation and automobile sectors are expected to stimulate demand for renewable methanol in the coming years. This rising demand is owing to the itilization of high-octane fuel ethers to manufacture biodiesel that is used in automobiles.
On the flip side, the lack of proper production facilities and infrastructure for methanol is anticipated to restrict revenue generation opportunities in the renewable methanol market. Moreover, stringent regulations to control the emission of greenhouse gases are projected to fuel novel growth opportunities in the renewable methanol market. In addition to this, growing concerns related to environmental protection are also estimated to work as revenue generators in the renewable methanol market.
Asia Pacific to Lead in Renewable Methanol Market
Based on geographical areas, the Asia Pacific region has been predicted to hold the largest share in the renewable methanol market during the forecast period. The rapid growth in the industry is attributed to the presence of a lot of leading manufacturers across the region. In addition to this, various major joint ventures and partnership deals on the renewable of energy have also been estimated to drive novel growth opportunities in the regional market in the years to come. Further, better revenue generation opportunities in the regional countries, for example, India and China are also expected to contribute to the dominance of the region in the renewable methanol market in the following years.