Tokyo, July 14, 2022 (GLOBE NEWSWIRE) -- The global methanol market size was estimated at USD 39.2 billion in 2022. A negative impact was shown by the COVID-19 pandemic on the global economy, making it uncertain to forecast the market's growth due to the difficulties coexisting with the pandemic. The outbreak proposed several challenges for developing industries. Most of the oil-producing nations were under lockdowns during the pandemic, many difficulties hampered the petrochemical market while China, Saudi Arabia and other major oil suppliers were majorly impacted. The petrochemical industry performs a key role in producing several materials, including methanol. Moreover, as a result of the shutdown of these industries, the methanol market was majorly impacted.
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Key Takeaways:
- The Asia-Pacific methanol market is anticipated to reach at a CAGR of 5.2% from 2022 to 2030.
- China methanol market is expected to reach at a CAGR of 6.5% from 2022 to 2030.
- The U.S. methanol market is anticipated to hit around US$ 8.4 billion by 2030.
- By feedstock, the coal segment has contributed market share of over 60% in 2021
- By derivatives, the acetic acid segment has garnered 5.6% market share in 2021.
- The natural gas segment was reached at USD 15,381.2 million in 2021.
- By end use, the automotive segment is projected to reach at a CAGR of 6.8% from 2022 to 2030.
- The methylic alcohol market is anticipated to reach at a CAGR of 8.5% from 2017 and 2021.
- The construction segment is projected to hit at a CAGR of 6.2% from 2022 to 2030.
Regional Snapshots
China is the topmost manufacturer of paints and coatings worldwide. They generated an output of more than 20 million ton of coatings, that is near to 30% of the worldwide coatings generated. It currently generates more than 50% of the coatings in Asia-Pacific and is a native to more than 10,000 paint companies, in which local manufacturers own more than half of the local paint market share. The production is estimated to supply to the demand for various derivatives, such as formaldehyde, MMA nd acetic acid, and boost the requirement for methanol.
The Indian government is promoting methanol consumption as a fuel in vehicles and cooking to enhance sustainable development keeping in view the least environmental damage done.
Asia-Pacific was leading the global market share. Methanol usage is rising in this sector due to the increasing petrochemical industry and rising usage of methanol-based fuel in China, Japan, and India.
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Report highlights
- On the basis of the feedstock, the natural gas segment will hold a dominant share of the market in the forecast period. There is a dominance of this segment due to the lower cost required for the production with significant output.
- On the basis of derivative, the methanol to olefins and the methanol to propylene segment will grow to have the highest CAGR or during the forecast. Polyolefin and polyethylene are opted from methyl alcohol these are used in various industries like construction furniture and automotive. Doesn't increasing demand for this product in many industries. The formaldehyde segment we will also grow in terms of volume due to its use in the production of adhesives, pesticides and molding materials.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 37.04 Billion |
| Revenue Forecast by 2030 | USD 61.7 Billion |
| CAGR | 5.83% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing region | North America |
| Key Players | Celanese Corporation, BASF SE, Methanex Corporation, SABIC, Petroliam Nasional Berhad (PETRONAS), Mitsubishi Gas Chemical Company, Inc., Valero, Mitsui & Co., Ltd., Zagros Petrochemical Co., Methanol Holdings (Trinidad) Limited |
Market dynamics
Drivers
Methanol is used as a parent substance or as a source in the manufacturing of various other chemical substances and products. Due to its properties of being similar to the original fuel products with ignition, and easy supply it is being opted as an alternative fuel in numerous transportation systems. It is called as wood alcohol as a result of its derivation from distillation of wood, but with development in technology various methods have been commercialized for manufacturing the same. Rising shift to methanol as blended fuel in numerous transportation systems due to the awareness related to the environment; this acts as a major factor which is expected to drive for the market growth. Consumption of natural resources for utilization as fuel results in growth for various alternative options and solutions; this segment is expected to evolve as a driver for the market growth.
Restraints
The pandemic of COVID-19 paused the operations in many fields of numerous countries. The manufacturing, construction and automotive sectors are projected to suffer declines in growth and output, pertaining to the lockdowns laid by governments for a considerably long period of time. This had led to a substantial decline in the growth of the market during the forecast period. Reduction in the movement of population owing to get risk factors associated with the pandemic, the need for various fuel components showed a considerable decline. As a result of the lockdown, functioning of the food outlets came to a halt resulting in reduced consumption of cooking fuel. Thus, the demand and consumption of methanol declined drastically, proving to be an obstacle during the market's growth.
Opportunities
Rising utilization of methanol for manufacturing dimethyl ether and Methyl tert-butyl ether (MTBE), which is utilized as the substitute for gasoline, is estimated to propel the growth. DME is utilized as a fuel (diesel) in the passenger carrying transports and aerosol propellant. It is also proportionately mixed in Liquefied Natural Gas (LNG) as an important component.
Major opportunities such as the growing demand for bio-based products, the advancement in technology for biorefining and the consumption of methanol as a marine fuel can be considered by the manufacturers to get closer to the projected growth.
Growing tourism has also proved to be a great opportunity owing to the increasing consumption of natural gas, both for transportation and for cooking. These factors combine to offer attractive opportunities to the market during the forecast period.
Challenges
Consumption of natural resources for utilizing as a fuel resulting in rise for various substitute products and solutions; but the lack of supply proves to be a challenge for the market. Increasing cost of conversion of methane into liquids for the utilization in different applications and end-user population proves to be a challenge for the market growth. Due to the lack of cost effective and advanced technology available the demand and supply chain of methanol is hampered to a great extent and thus it poses a challenge to the market. Challenges such as the variable methanol prices also creates a fluctuation in the demand. Economic stagnation which is hampering the demand for methanol and the norms & policies are the challenges being faced by the industry at this moment.
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Recent developments
- In October 2019, Methanex Corporation disclosed it's moto to rebuild its present commercial setups with Empresa Nacional del Petróleo (ENAP) for natural gas supply, to support approximately 25% of Methanex’s 1.7 million ton of annual supply capacity in Chile for the next six years.
- In September 2019, a sale and purchase agreement with Petronas Chemicals Marketing Ltd (PCML) was made by the state-owned Sarawak Petchem to market methanol for 20 years, with a scope for further extension.
Market Segmentation
By Feedstock
- Coal
- Natural gas
- Biomass and Renewables
By Derivatives
- MTO/MTP
- Solvent
- Biodiesel
- Acetic acid
- Formaldehyde
- Others
By Sub-derivatives
- Gasoline additives
- Olefins
- UF/PF resins
- VAM
- Polyacetals
- MDI
- PTA
- Acetate Esters
- Acetic anhydride
- Fuels
- Others
By Application
- Construction
- Electronics
- Automotive
- Paints and Coatings
- Pharmaceuticals
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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