The global Methanol Market is estimated to reach USD 100.3 billion by 2024, primarily driven by its
widespread of applications in adhesives, paints, and plastics. Asia Pacific is
the fastest growing market in terms of volume, growing at a CAGR of 8.6% and is
expected to maintain its dominance over the forecast period.
The rise in demand for
petrochemicals and the advancement of new industrial segments are projected to
offer new opportunities for the methanol market during the forecast period. In
Asia Pacific region, China is the largest and the fastest growing market and is
expected to show the same trend over the forecast period due to the abundance
of coal and natural gas available in China.
The growth of methanol market is
mainly due to the rise in demand for clean burning fuel and fuel substitutes
such as biodiesel. Additionally, increase in R&D activities for the usage
of methanol as an alternative to gasoline products for vehicles is projected to
drive the demand for methanol.
Methanol by-products like
formaldehyde, acetic acid, DME, gasoline is utilized in several industrial
applications such as construction & building, production of petrochemicals,
pharmaceuticals, synthesis of chemicals and in the automotive sector.
Formaldehyde dominated the global market contributing to USD 6.2 billion in
2016. Formaldehyde is used to produce wood products such as plywood and
adhesives.
The high demand for formaldehyde
is owing to its high purity, low cost, and the abundant use of formaldehyde in
various chemical reactions. Acetic acid and formaldehyde are widely used
by-products of methanol. DME and fuel blending have also been recognized as enormously
profitable application areas such as clean fuel for transportation, cooking,
heating and power generation and is expected to record a 9.0% CAGR during the
forecast period.
With diminishing crude oil
reserves, demand for substitute transportation fuel has stimulated the market
for blended and clean fuel such as methanol and its derivatives. It is a
potential replacement for traditional transportation fuel such as diesel and
petrol, which is projected to fuel the market for methanol over the forecast period.
However, with the availability of cheap and low-cost substitutes and
alternatives of methanol such as bio ethanol or ethanol fuel, which bounds the
methanol consumption, and constant fluctuation in the prices of crude oil would
impact the affordability of the chemical, and its derivatives can hinder the
growth of the methanol industry during the forecast period.
Hexa Research has segmented the
global methanol market based on end-use and region:
Segmentation by End-Use, 2014 - 2024 (Kilo Tons) (USD Million)
• Formaldehyde
• Acetic Acid
• MTBE
• DME
• Fuel blending
• MTO
• Biodiesel
• Others
Segmentation by region, 2014 - 2024 (Kilo Tons) (USD Million)
• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Asia Pacific
• China
• India
• Japan
• Middle East & Africa
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
Key players analyzed:
• Badische Anilin- und
Soda-Fabrik
• Zagros Petrochemical Company
• Methanol Holdings Trinidad
Limited
• Celanese Corporation
• Petroliam Nasional Berhad
• Saudi Arabia Basic Industries
Corporation
• Methanex Corporation
• Mitsubishi Gas Chemical Co.,
Inc.
• Valero Marketing and Supply Company
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