New York, USA, April 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global methanol market is expected to register a revenue of $39,283.4 million by 2028 and grow at a healthy CAGR of 6.4% over the forecast period from 2021-2028. The extensive report provides a brief outline of the methanol market’s present framework including chief facets of the market such as growth factors, hindrances, restraints and several opportunities during the estimated period of 2021-2028. The report also provides all the market figures to help new entrants analyze the market easily.
Dynamics of the Market:
Drivers: Increasing use of methanol in several industrial chemical applications and its low production costs are some of the main driving factors for the growth of the global methanol market by 2028. Additionally, its utilization in biodiesel, a renewable fuel, and in gasoline for producing efficient high-octane fuel with lower emissions is estimated to further boost the market growth during the forecast period.
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Opportunities: Rising demand for methanol in China for thermal applications like industrial boilers, furnaces, and kilns is expected to offer ample growth opportunities for the global methanol market. Moreover, its growing importance in the production of biodiesel and light olefins for manufacturing plastic products is estimated to further bolster the market development during the analysis years.
Restraints: Increasing demand for ethanol, a significant alternative of methanol, and high energy content of gasoline per gallon is the major restraining factor projected to impede the market growth.
Covid-19 Impact on the Market:
The global crisis caused by Covid-19 pandemic led to severe economic slowdowns in almost all countries across the globe. Stringent lockdowns and travel restrictions caused disruptions in supply chains of many businesses and delayed manufacturing processes. Consequently, the construction and automotive sectors also witnesses a downfall, thus hampering the methanol market’s growth rate due to its declined demand. Moreover, cancellation of construction projects due to unavailability of raw materials and shortage of work force also decreased the utilization of methanol in industrial chemical applications. However, rising government initiatives for cleaner use of coal to produce methanol is predicted to revive the market growth.
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Segments of the Market:
The report has fragmented the global methanol market into a few segments based on feedstock, end-use industry, and region.
Feedstock: Natural Gas sub-segment to be Most Dominant
By feedstock, the natural gas sub-segment of the global methanol market is anticipated to have a dominant market share and gather a revenue of $16,868.2 million by 2028 due to its wide utilization as feedstock for producing methanol by synthesis gas production process. Moreover, the benefits of using natural gas as feedstock like higher energy security, lower production cost, and reduced dependence of gasoline-based fuels are also responsible for accelerating the sub-segment’s growth during the forecast years.
End-use Industry: Automotive Sub-segment to be Highly Lucrative
By end-use industry, the automotive sub-segment of the global methanol market is expected to have a dominant market share and surpass $8,255.0 million by 2028 due to methanol’s wide utilization in the automotive sector as motor fuel. Additionally, features of methanol like high octane level, ability to improve vehicle efficiency, and lower price per calorie make it a highly preferable fuel in the automotive industry. Moreover, methanol is also considered as a safer liquid fuel as compared to others, thus increasing its demand and augmenting the sub-segment’s growth.
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Region: Market in the Asia-Pacific Region to Witness Abundant Growth Opportunities
By region, the methanol market in the Asia-Pacific region accounted $13,780.8 million in 2020 and is predicted to grow at 6.3% CAGR due to inclination towards methanol as a low emission alternative fuel. Moreover, the rising emphasis on shifting towards low carbon mobility and China’s methanol vehicle promotion policy are also actively propelling the market growth in the Asia-Pacific region during the forecast period.
Major Market Players:
Some major players of the methanol market include
- BASF SE
- Zagros Petrochemical Co.
- SABIC
- Celanese Corporation
- Mitsubishi Gas Chemical Company, Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Mitsui & Co., Ltd.
- Valero, Methanex Corporation
- Methanol Holdings (Trinidad) Limited.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement.
For instance, in April 2021, Origin Materials Inc., a global leader in carbon negative materials, announced its partnership with Mitsubishi Gas Chemical Inc., a renowned basic and fine chemicals provider to produce advanced chemicals and materials build on the origin materials technology platform.
The report also summarizes many crucial aspects of the global methanol market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Methanol Market Research Report Overview & TOC
Related links:
- Methanol Market: Redefining Automotive Industry with Biodiesel
- Why is Methanol Becoming a Full-Proved Alternative to Conventional Transportation Fuel?
