KEY FINDINGS
The North America renewable methanol market is estimated to evolve with a CAGR of 4.65% and 3.53%, in terms of revenue and volume, respectively, during the projected period of 2021 to 2028. The growing demand for renewable fuels in the industrial sector is predicted to propel market growth in the region. Several regulations are also underway and are expected to supplement the research efforts for the development of renewable methanol production.
MARKET INSIGHTS
The United States and Canada are assessed for determining the North America renewable methanol market growth. In the United States, Congress created the renewable fuel standard (RFS) program to facilitate the reduction of greenhouse gas emissions, in addition to expanding the country’s renewable fuels sector. Besides, this measure would also minimize the United States’ reliance on imported oil. The RFS necessitates a minimum volume of biofuels to be utilized in the national fuel transportation supply every year. Moreover, the program plays a vital role in bolstering the development of alternative fuel sources, along with renewable methanol, as well.
On the other hand, the United States has observed a significant shift in terms of transport modes, including the use of high-speed trains with renewable power as an alternative to diesel-based trucks or city trams instead of passenger cars. As a result, the substitute options for the transportation industry further promotes the demand for renewable methanol. Therefore, these factors are expected to propel the market growth in North America during the forecasting years.
COMPETITIVE INSIGHTS
Leading firms operating in the market are Innogy, Nordic Green, OCI NV, Serenergy A/S, Advanced Chemical Technologies, etc.
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• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments