The ‘Global Methanol Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global methanol market, assessing the market on the basis of its segments like applications, and major regions.
Methanol Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 38.7 billion
• Forecast CAGR (2023-2028): 4.4%
The rising demand for methanol as a basic raw material in various industries such as construction, automotive, and electronics, among others, is driving the market growth. High-performance resins derived from methanol are used in the automotive industry to manufacture various automobile components. Hence, the thriving automotive industry, supported by the increasing sale of electric vehicles, is propelling the methanol market.
Meanwhile the increasing applications of formaldehyde and acetic acid in the manufacture of construction components, such as plywood and adhesive, is boosting the demand for methanol. Over the forecast period, the anticipated increase in infrastructure development and urbanisation across the emerging economies is likely to add to the market growth.
The heightened recycling of carbon dioxide to produce fuel and methanol materials to reduce the additional emission of carbon is another major demand driving factor of methanol.
In terms of regions, North America accounts for a significant share in the methanol market. Favourable governmental policies such as the carbon capture and utilisation initiative of the United States is encouraging the utilisation of methanol to cater to the demands of various end use industries. Moreover, the rising demand for methanol in the United States to meet the demands of fuel in the transportation sector is further generating heightened requirements for methanol.
Methanol Industry Definition and Major Segments
Methanol is a chemical compound which belongs to the simple aliphatic alcohol group. It is a clear, colourless, volatile liquid with a faintly pungent smell. Methanol is extensively utilised in the industrial sector for the manufacturing of inks, adhesives, and resins, etc. The versatile nature of this compound makes it useful for numerous industries which is a driving factor of methanol market.
Based on application, the market can be segmented into:
• Formaldehyde
• Fuel Applications
• Methanol to Olefins (MTO)
• Methyl Tert-Butyl Ether (MTBE)
• Methyl Methacrylate (MMA)
• Acetic Acid
• Methylamines
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Smart Factory Market Trends
Growing research and development activities in the pharmaceutical sector are key trends of methanol market. Since methanol is a crucial ingredient in the manufacture of cholesterol, vitamins, and hormones, the increasing lifestyle issues and lack of nutritional nourishment among adults are heightening the demand for methanol. In addition, methanol is also used as a solvent in the manufacturing of 3,4-Methylenedioxymethamphetamine. Therefore, the anticipated increase in the demand for this drug is another key trend in the market.
Rising investments by major methanol producing companies across developed and demerging economies aimed towards enhancing their methanol production capacity are notable trends in the methanol market. In addition, the increasing efforts by these companies to effectively utilise carbon dioxide to produce methanol are further escalating the production of the compound.
Moreover, the worldwide increase in the sale of clothing items and textile products are generating a significant demand for acrylic paints and synthetic fibres which are notable derivatives of methanol. Furthermore, methanol is also essential in the production of agrichemicals. In this regard, the rapid advancements in farming activities and growing expansion of the agriculture industry are offering lucrative opportunities to the market.
Key Market Players
The major players in the methanol market report are:
- Methanex Corporation
- Zagros Petrochemical Company
- Mitsubishi Gas Chemical Company, Inc
- Celanese Corporation
- PROMAN
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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