New York, July 06, 2022 (GLOBE NEWSWIRE) -- The global market for methanol is anticipated to exhibit a CAGR of 6% and reach a valuation of US$ 77.6 Bn by the end of 2032. Market growth is attributed to growing demand from building & construction, automotive & transportation, and chemical companies.
Methanol is emerging as an alternative fuel for the marine and manufacturing industries. Increased awareness of low-emission fuels and regulatory changes are promoting new applications of methanol as a fuel. Methanol is added to fuel with the goal of reducing harmful gas emissions from vehicles. The growing trend of carbon neutrality and sustainability has forced companies to promote fuel mixing. Growing fuel blending targets and increasing government initiatives to promote fuel blending are expected to benefit alternate fuel products, including methanol, over the coming years.
Key Takeaways from Market Study
- The formaldehyde segment is estimated to witness a CAGR of 6.9% during the assessment period (2022-2032).
- The chemicals end-use industry is estimated to remain a lucrative segment in the methanol market and exhibit 5.8% CAGR during the forecast period.
- The U.S. is projected to create an incremental opportunity of US$ 3.5 Bn by 2032.
- Under the feedstock segment, natural gas is anticipated to witness a CAGR of 6.2% over the decade.
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“Key companies are focusing their efforts on research and development to develop and explore new applications of methanol, which is expected to open up new opportunities in the global methanol market,” says a Persistence Market Research analyst.
Competitive Landscape
The global methanol market has been identified as a fragmented industry owing to a large number of players operating in this space. Some of the key market players included in the report are Celanese Corp, BASF SE, SABIC, METHANEX Corporation, Petroliam Nasional Berhad (PETRONAS), Zagros Petrochemical Company, Mitsui & Co. Ltd, Deepak Fertilizers and Petrochemicals Corporation Limited, MITSUBISHI GAS CHEMICAL COMPANY, INC., Gujarat Narmada Valley Fertilizers & Chemicals, Saudi International Petrochemical Company (Sipchem), Qatar Fuel Additives Company, Methanol Chemicals Company (Chemanol), BioMCN, Metafrax Group, PT. Kaltim Methanol Industri (KMI), Brunei Methanol Company Sdn. Bhd., UCP Chemicals AG, Anhui Ruibai New Material Co., Ltd., and Ningxia Baofeng Energy Group Co., Ltd.
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Several prominent methanol manufacturers are developing new production plants or increasing the production capacity of existing plants to meet the growing demand for methanol and take advantage of the high market potential.
Conclusion
Owing to the increasing demand from various end-use industries such as building & construction, automotive & transportation, chemicals, and many others, the methanol market is projected to expand rapidly in East Asia and Europe.
East Asia is anticipated to be the largest consumer of methanol. High production of methanol products in countries such as China and Japan justifies the regional market share.
Growing demand for various methanol derivatives at never-before rates across the world is being witnessed. Moreover, there is robust growth in demand for various methanol derivatives and fuel blending in India.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global methanol market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, feedstock source (natural gas, coal, and others), application (formaldehyde, alternative fuels, acetic acid, MTBE, methyl methacrylate, DMT, methanethiol, methylamine, methylchloride, fuel cells, olefins, and others), end-use industry (automotive & transportation, building & construction, chemicals, semiconductors & electronics, pharmaceuticals, packaging, textiles, and others), and region. The report also provides supply and demand trends along with an overview of the parent market.
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