Westford USA, April 17, 2023 (GLOBE NEWSWIRE) -- Over the forecast period (2023-2030), the Methanol market is expected to grow at a CAGR of 3.4%, reaching a value of USD 47.4 billion by 2030. The market is being fuelled by increasing demand from the automotive sector, chemicals, and formaldehyde, as well as favorable government regulations. Methanol is also being used as a blending component in gasoline and as a fuel in fuel cells. According to a report by ResearchAndMarkets, the global demand for methanol for energy applications is expected to grow at a CAGR of 4.2%, reaching 12.7 million tons by 2025.
SkyQuest's latest research reveals that the global methanol demand for petrochemicals is expected to reach 38.8 million tons by 2025, growing at a CAGR of 3.8%. Additionally, technological advancements have enabled methanol to be produced from various feedstocks, including coal, biomass, and natural gas, making it more readily available and cost-effective as a fuel and feedstock.
Browse in-depth TOC on "Methanol Market"
- Pages - 242
- Tables - 78
- Figures - 75
The demand for methanol is expected to increase significantly in the coming years as it is a versatile chemical that finds its applications in several industries such as construction, automotive, and electronics. Methanol is also a feedstock for producing other chemicals and fuels like biodiesel, formaldehyde, and acetic acid, making it an essential component in the chemical industry. Furthermore, with the increasing focus on reducing carbon emissions and shifting towards renewable energy sources, the importance of methanol as a cleaner-burning fuel is set to grow in the future.
Prominent Players in Methanol Market
- Methanex Corporation
- SABIC
- Celanese Corporation
- Mitsui & Co. Ltd.
- Mitsubishi Gas Chemical Company Inc.
- Yankuang Group Co. Ltd.
- OCI N.V.
- Zagros Petrochemical Company
- Atlantic Methanol Production Company LLC
- Petroliam Nasional Berhad (PETRONAS)
- BP plc
- LyondellBasell Industries Holdings B.V.
- ChemChina
- BASF SE
- Dow Inc.
- Exxon Mobil Corporation
- Praxair Inc.
- Linde plc
- Air Products and Chemicals Inc.
- Saudi Basic Industries Corporation (SABIC)
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Formaldehyde Production Segment to Drive Higher Sales Due to the Primary Use of Methanol in the Production of Resins, Which Are Used in Various Industries
A recent analysis indicates that the Formaldehyde Production segment is a significant contributor to the rapid growth of the Methanol market in 2021, with this trend expected to continue from 2022 to 2030. The primary use of methanol in the production of resins, used in various industries such as construction, automotive, and textiles, is driving this trend. The largest application segment for methanol is formaldehyde production, accounting for over 40% of the global demand, according to a report by Markets and Markets.
North America is projected to be a dominant player in the Methanol market from 2022 to 2030, according to SkyQuest's research analysis. The region is expected to grow at a CAGR of 4.82% during the forecast period. The growth in demand from end-use industries such as automotive, construction, and electronics, coupled with the shift towards using methanol as a fuel and feedstock for producing other chemicals and fuels, is driving this expansion in the region. The North American Methanol Association (NAMA) is also actively promoting methanol as an alternative fuel and investing in research and development initiatives to drive industry growth.
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Construction Industry Segment to Exhibit Strong Growth Due to Widespread Use of Methanol in Producing Formaldehyde-Based Resins and Adhesives Extensively Utilized
In 2021, the Construction Industry emerged as the dominant end-use segment in the Methanol market, and it is expected to continue leading from 2022 to 2030. The trend is fueled by the widespread use of methanol in producing formaldehyde-based resins and adhesives extensively utilized in the construction sector. As per SkyQuest's report, the construction industry accounts for 60% of the total methanol market.
The Asia Pacific region is also a significant player in the Methanol market, expected to retain its leading position till 2030. SkyQuest's latest research predicts a considerable expansion of the Methanol market in the Asia Pacific region, with an estimated CAGR of 5.97% during the forecast period. The expansion can be attributed to several factors, including the growing number of methanol production facilities, high demand for methanol, and favorable government initiatives and policies. For instance, the Chinese government has set a target to have 50% of its vehicles running on methanol by 2030, and they have implemented policies to increase the use of methanol in transportation.
A comprehensive analysis of the major players in the Methanol market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Methanol Market
- Jackson Green, a company under the Jakson Group, announced in a statement that they would be setting up a methanol synthesis facility at NTPC's Vindhyachal thermal power plant in Madhya Pradesh. The project was awarded to them by NTPC, a state-run company. The methanol synthesis plant will have a production capacity of 10 tonnes per day and will be a part of NTPC's Vindhyachal TPP. According to Jackson Green, methanol is a cleaner alternative fuel that can be utilized for various purposes, such as power generation and transportation. The company is currently designing the methanol production unit to convert 20 TPD CO2 to 10 TPD methanol through a catalytic hydrogenation process. They will be utilizing CO2 from the thermal plant flue gas through a carbon capture unit and green hydrogen produced by electrolysis.
- Green fuel producer ETFuels and Mexican building materials company Cemex have entered into an agreement to convert carbon emissions from Cemex's Alicante cement plant in Spain into green methanol. ETFuels will use up to 450,000 metric tons of captured CO2 annually, combining it with green hydrogen to produce sustainable fuel in the form of e-methanol. Cemex is currently assessing various strategies and partners to carry out CO2 capture for this project. The e-methanol fuel generated through this partnership aims to be utilized in the shipping industry, aiming to reduce overall carbon emissions in the global supply chain.
Key Questions Answered in Methanol Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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