The global Methanol Market size is projected to reach USD
38.98 billion by 2025, registering a 2.9% CAGR during the forecast period,
according to a new report by Grand View Research, Inc. Exceptional blending
capacity and high octane rating of the product are the key factors driving the
consumption of methanol as fuel.
Methanol, also known as methyl alcohol or wood alcohol, is a
light, colorless, volatile, and flammable liquid with an odor similar to that
of ethanol or drinking alcohol. It is one of the most extensively used
industrial chemicals and acts as a precursor during the production of
formaldehyde, acetic acid, Methyl Tert-Butyl Ether (MTBE), Dimethyl Ether
(DME), biodiesels, olefins, and others.
Japan accounts for approximately 7% of the overall methanol
production in Asia and relies on imports to meet the local demand, owing to the
low in-house production capacity of the country.
However, various Japan-based manufacturers, including Mitsubishi Gas Chemicals have been picking up pace in terms of production and are benefitting by stable market prices.
However, various Japan-based manufacturers, including Mitsubishi Gas Chemicals have been picking up pace in terms of production and are benefitting by stable market prices.
Increasing demand for acetic acid, formaldehyde, and DME are
considered as the key drivers for the growth of the methanol Industry in Asia
Pacific. In addition, the supply and demand of the product across Asia Pacific
is projected to be stable during the forecast period, with slight turbulence
caused by the U.S. and China trade war.
The significant demand for methanol in North America is
driven by a strong supply of the product to cater to the rising demand for
MTBE, acetic acid, and formaldehyde. In 2018, the market was stable, backed by
the steady supply of natural gas at low costs. Also, increasing biodiesel
projects to be commissioned till 2021 is among the other prominent drivers
fueling the regional demand for methanol in near future.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/methanol-market
Further key findings from the report suggest:
- Methanol
to Olefins (MTO) segment is anticipated to expand at a CAGR of 6.6%, in
terms of revenue, from 2019 to 2025 as they are used in large quantities
for the production of propylene and ethylene, used for producing synthetic
rubber, synthetic plastic, pharmaceuticals, and textile dyes
- The
U.S. methanol market is anticipated to reach 7,769.5 kilotons by 2025.
Development of shale gas has encouraged manufacturers to step up their
efforts to increase their production capacity
- Asia
Pacific is expected to account for the largest market share in terms of
volume as well as revenue, over the forecast period. Factors such as
rising affordability and rapid industrialization in countries such as
China, India, and Japan are expected to drive the regional demand
- Some
of the key market participants are Zagros Petrochemical Company, BASF,
Celanese Corporation, Mitsui & Co., Ltd, Saudi Arabia Basic Industries
Corporation (SABIC), Methanex Corporation, Petroliam Nasional Berhad, and
Valero Marketing & Supply Company
- Prominent
market players engage in developing novel production technologies and
expansion of their plant capacities to gain competitive advantage
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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