The global methanol market depicts a fragmented vendorlandscape, notes Transparency Market Research (TMR). This is due to the activeparticipation of several large, medium, and small players in the market. Someof the prominent names of the companies in the global methanol market includeSABIC, Methanex Corporation, Mitsubishi Chemical Holdings Corporation., andMitsui Chemicals.
Various uppermost companies in the global methanol market are highlyinvesting in research and development for devising cost-effective and efficienttechniques in order to produce methanol. Such strategic alliance further helpsin boosting the production of methanol to a high extent. Therefore, it alsoserves the enormous demand for the growing applications of methanol. Othergrowth strategies adopted by the players to stay ahead of the competitorsinclude mergers and acquisitions. Such joint ventures help market players inexpanding their geographical boundaries along with accentuating their footprintinto the global methanol market.
As per the estimation by TMR experts, the global methanol market isexpected to gain an impressive value of US$131,344.3 mn by the end of 2026.Experts’ project this growth is prophesied to occur at an impressive CAGR of5.4% during the assessment period from 2017 to 2026.
From the perspective of end use, the formaldehyde segment showcases thelargest share in the global methanol market and is also expected to boost themarket during the forecast period. This is because of its high use in a widerange of industries such as furniture, construction, textiles, coatings, andautomotive. Region wise, APEJ is expected to lead the global methanol market inthe coming years. This is attributed to high demand for methanol for producingolefins and rapid industrialization in the region.
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Growing Need for Methanol-based FuelStokes Demand in Market
Methanol is mainly a light flammable liquid which can be manufacturedthrough using oil, natural gas, and even renewable resources. Methanol ishighly utilized as an alternative fuel due to its high octane rating and goodblending properties. Such USPs are majorly driving the global methanol market.There are several methanol derivatives available in the market include aceticacid, formaldehyde, gasoline, dimethyl ether, methanol to olefins, andsolvents. Rapid adoption of one of the methanol derivatives, formaldehyde inseveral end-use industries such as building and construction, cosmetics,automotive, personal care, and healthcare is also fueling growth in the globalmethanol market.
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Furthermore, methanol is extensively used as a fuel in automobileindustry for improving engine performance. It also helps in enhancing fuelefficiency. Rising demand for lightweight vehicles for reducing the rate ofcarbon emissions is another factor augmenting demand for methanol, which inturn is also boosting the global methanol market. Methanol is highly used inbuilding and construction industry for manufacturing engineered wood products.Thus, growing commercial and residential construction activities and risingstandard of living is also propelling expansion in the global methanol market.
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High Cost of Methane ProcessingHinders Market’s Growth
A major challenge hindering the growth of the global methanol marketincludes the high cost involved during the conversion of methane into liquid.Such limitations are obstructing methanol applications in a wide array ofindustries. Nonetheless, persistent demand for biofuels and bio-diesels invarious automotive industries is believed to help overcome some challenges inthe near future. Thus, such demand is expected to boost the global methanolmarket.
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