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Canada Renewable Methanol Market Forecast 2022-2028

KEY FINDINGS

The Canada renewable methanol market is estimated to grow with a CAGR of 4.66% in terms of revenue and 3.42% in terms of volume during the forecasting years. While the base year regarded for the market studied is 2021, the projected period is from 2022 to 2028. The key factors responsible for proliferating the country's market growth are the increasing demand for renewable fuels, in addition to the introduction of regulations to minimize greenhouse gas emissions.

MARKET INSIGHTS

The Canadian Methanol Corporation (CMC) is proposing the construction of a world-scale methanol plant secured in north-eastern British Columbia, Canada, called Sundance Fuels. CMC's mega plant is anticipated to refine natural gas into 1.8 million metric tons of value-added methanol annually. Moreover, the total production capacity of Canada's formaldehyde is nearly 150-kilo metric tons each year. The overall cost of the project is CAD 2.2 billion, and the completion of the plant's construction is projected to take three years.

Furthermore, in an effort to minimize greenhouse gas emissions, Canada has also developed a Clean Fuel Standard, with regulations underway. These regulations are expected to supplement the research efforts established in the development of renewable methanol production. As a result, these factors are set to augment the Canada renewable methanol market growth over the forecasting years.

COMPETITIVE INSIGHTS

Chief players operating in the market are Southern Chemical Corporation, Advanced Chemical Technologies, Enerkem, etc.

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Canada Renewable Methanol Market Forecast 2022-2028
Published By :Inkwood Research
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