The Canada renewable methanol market is anticipated to record a CAGR of 3.42% in terms of volume and 4.15% in terms of revenue during the forecasting years. Factors such as the presence of stringent regulations and the research efforts for developing renewable methanol production are attributed to the market growth of the country. The base year considered for the market study is 2020, and the estimated years are from 2021 to 2026.
The Canadian Methanol Corporation (CMC) has planned to establish a world-scale methanol plant at a massive production site acquired in northeastern British Columbia, Canada, named Sundance Fuels. The CMC’s ’mega plant’ is anticipated to redefine natural gas into 1.8 million metric tons of value-added methanol annually. While the project’s total cost is CSD 2.2 billion, it would take an estimated three years to complete the construction of the plant.
On the other hand, the efforts established to minimize greenhouse emissions in the region include the Clean Fuel Standard by the Government of Canada as well as the California Low Carbon Fuel Standard (LCFS). These measures have also expanded into a regional agreement between Oregon, California, and British Columbia, Canada, in order to strategically align policies for the reduction of greenhouse gases. As a result, these factors are evaluated to propel the renewable methanol market in Canada during the forecast years.
Some of the major companies operating in the market are Methanex Corporation, BASF SE, Advanced Chemical Technologies, etc.
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