New York, USA, June 01, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global methanol market is envisioned to generate a revenue of $54,630.4 million and rise at a CAGR of 5.0% over the forecast period from 2022 to 2030.
As per our analysts, with the increasing use of methanol to produce many chemicals, such as acetic acid, formaldehyde, and many more, and for manufacturing foams, plywood subfloors, and others, the methanol market is expected to observe prominent growth over the estimated period. Besides, the growing use of methanol to produce high-octane fuel to reduce the harmful emissions to the environment is further expected to fortify the growth of the market during the analysis period. Moreover, the rising use of methanol for the production of olefins and biodiesel is expected to create extensive growth opportunities for the methanol market over the estimated timeframe. However, the growing popularity of ethanol and bioethanol over methanol may impede the growth of the market throughout the forecast period.
Download a PDF Sample of the Methanol Market (Including Tables, TOC, and Figures)
Segments of the Methanol Market
The report has divided the market into segments based on feedstock, end-use industry, and region.
Feedstock: Natural Gas Sub-Segment to be Most Lucrative
The natural gas sub-segment is expected to generate a revenue of $23,522.9 million over the analysis period. This is mainly because natural gas as a feedstock is safe as compared to gasoline-based fuels. In addition, the increasing use of methanol as a feedstock provides beneficial advantages such as lower production cost, less dependency on gasoline-based fuel, and many others, which is predicted to fuel the growth of the market sub-segment during the forecast period.
End-Use Industry: Automotive Sub-Segment to be Most Productive
The automotive sub-segment is projected to garner a revenue of $11,028.7 million during the estimated period. This is majorly because methanol is broadly used as a motor fuel to boost the efficiency of the vehicle. Furthermore, the increasing use of methanol as a fuel in the automotive sector owing to its low-cost fuel system, providing safer liquid fuel, and adapting to the clean air law requirements, is projected to foster the growth of the market sub-segment over the analysis period.
Region: Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the methanol market accounted for $19,849.8 million in the year 2021 and is expected to rise at a CAGR of 4.9% during the forecast period. This is mainly due to the increasing emphasis on using low emission alternative fuels in this region to achieve low carbon mobility. Moreover, the increasing use of methanol in various applications such as power generation, mobile towers, industrial boilers, and many more, is predicted to amplify the growth of the market over the estimated period.
How COVID -19 Pandemic has Positive Growth for Methanol Market? Get in Touch with our Expert
Covid-19 Impact on the Methanol Market
In the wake of the novel coronavirus, the methanol market has experienced a negative impact likewise various other industries. The governments of many nations have imposed complete lockdown and stringent import-export restrictions to control the spread of the deadly virus. This led to cause disruptions in the supply chain, the shutdown of manufacturing plants, and economic slowdown across various nations which have affected the growth of the market during the period of crisis. Furthermore, the downfall of the construction and automotive sector has also reduced the demand for methanol during the pandemic period.
Key Players of the Methanol Market
The major players of the methanol market include
- Mitsubishi Gas Chemical Company, Inc.
- Petroleum Nasional Berhad (PETRONAS)
- Valero
- SABIC
- Mitsui & Co., Ltd.
- Methanex Corporation
- Zagros Petrochemical Co.
- BASF SE
- Methanol Holdings (Trinidad) Limited
- Celanese Corporatio
These players are widely working on the development of new business strategies such as product development, mergers and acquisitions, and partnerships and collaborations to gain a leading position in the global industry.
For instance, in March 2021, Celanese Corporation, a leading American-based chemical and specialty materials company, announced that its Clear Lake complex, an integrated chemical manufacturing facility is going to utilize recycled carbon dioxide as an alternative feedstock in the production of methanol.
Further, the report also presents other important aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.
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Some Trending Article Links:
- Different Applications of Methanol in Several Industries
- Why is Methanol Becoming a Full-Proved Alternative to Conventional Transportation Fuel?
- Business Expansion and Company Acquisition by Market Players such as Celanese Corporation and Others to Foster the Growth of the Global Methanol Market
