According to ChemAnalyst report, “Global Methanol Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Global Methanol market has shown considerable growth in historic period and is projected to achieve a healthy CAGR of 4.97% during the forecast period 2022-2030. Growing demand of Methanol due to its properties for numerous applications by Construction, Automotive, Paint, Electronics, Fuel, Pharmaceutical and other industries is likely to bolster the global Methanol market in the upcoming years. Methanol is highly used as a feedstock chemical to produce Acetic acid and Formaldehyde which is further used in various products like foams, adhesives, solvents etc.
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Methanol CH3OH is also known as Methyl Alcohol or wood alcohol is a polar solvent. It is light, volatile, colorless, flammable and poisonous with a distinctive odor in nature that is somewhat milder and sweeter than ethanol. It is also widely used as an antifreeze, solvent, fuel, and for denaturing ethyl alcohol at room temperature. Methanol is used in the manufacturing of fuels and solvents. Methanol also finds its applications in production of MTO (Methanol to Olefins). About 65% of the methanol is produced naturally and 35% by using coal. Due to increasing pollution, the need for the environment friendly fuels is also increasing. Methanol is highly used as an alternate to reduce the carbon footprints. Blending of Methanol is one of the newly introduced practice that is gaining attention as it is approximately 240 times safer than Biodiesel.
Methanol and its derivatives including acetic acid and formaldehyde are extensively used as base materials in synthetic fabrics and fibers, acrylic paints, clothing, adhesives, paint, and other products. The demand of methanol derivatives is driving the construction, agrichemical and pharmaceuticals industry. As methanol is extremely efficient and easily available, its demand is increasing in the automotive industry as an antifreeze agent and blended transportation fuel. Adoption of methanol as a blended fuel in various transportation systems due to the environmental concerns is expected to act as a driver for the market growth of Methanol. Increasing demand for bio-based products, the development in emerging technologies for biorefining and the application of methanol as various fuels like marine, DME etc can be leveraged by the industry to get towards the anticipated growth. Due to the Increased consumption of methanol in order to produce dimethyl ether (DME) and Methyl tert-butyl ether (MTBE), Its utilization as the alternate for gasoline, is expected to accelerate the growth in upcoming years. Due to the surging demand of Methanol, many key players are expanding their businesses to draw new ideas and innovations to introduce Bio-based Alternatives of Methanol for consumers. Many players are merging with new companies with strong R&D department and to improve the product portfolio and market share. Methanex Corporation, one of the leading players of global Methanol market has acquired two methanol plants from Fletcher Challenge Ltd. To expand construction and agricultural activities during forecast period.
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In 2020, Due to the consequence of COVID-19, There was a decline in the demand of methanol, and the prices went lower in comparison to previous years. One of the largest manufacturers of methanol, Methanex Corporation halted their operations which affected the sales and demand of Methanol. China being one biggest importer also came to pause due to shutdown of the Methanol producing Industries
Region wise, Asia Pacific region holds the largest share of the global Methanol market due to high demand in construction and automotive sector. Increasing demand of biobased methanol derivates is also a factor driving demand growth in Europe during the forecast period.
According to ChemAnalyst report, Global Methanol Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Global Methanol market Methanex Corporation, Methanol Holdings Trinidad Limited, SABIC, Zagros Petrochemical Co., Yankaung Group Private Limited, OCI Beaumont, Petronas Chemical Group, Mitsubishi Gas Chemical Company, Mitsubishi (MSK) etc.and Others.
“Being linked to the downstream application such as paint, automotive and coatings etc, the Global Methanol Industry has shown a significant growth along with the increasing population and changing in the consumer preference. It is projected that India is expected to become the world's fifth biggest consumer market in coming years. In addition, growing per capita income worldwide poised a stronger outlook to the country’s Methanol demand. The nationwide lockdowns around the world due to crises affected the global supply chain logistics and happens to cause immediate shortage of raw materials hence increased the prices of Methanol. Meanwhile, China serves as the major holder with emerging technologies. With new competitors emerging across the Methanol market, it is extremely important to keep an eye on which region will grab the biggest market shareduring the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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