New York, USA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to a report published by research Dive, the global methanol market is predicted to generate a revenue of $54,630.4 million and grow at a CAGR of 5.0% throughout the analysis period from 2022 to 2030.
As per our analysts, the increasing use of methanol for the production of several chemicals such as acetic acid and formaldehyde is predicted to bolster the growth of the methanol market over the estimated timeframe. Besides, the increasing use of high-octane methanol fuel as it produces lower emissions as compared to gasoline fuel is expected to augment the growth of the market throughout the forecast period. Moreover, the use of methanol as biodiesel and for the production of olefins is expected to create massive growth opportunities for the market during the analysis timeframe. However, the growing popularity of ethanol and bioethanol over methanol may hamper the growth of the market over the forecast period.
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Segments of the Market
The report has divided the methanol market into segments based on feedstock, end-use industry, and region.
Feedstock: Natural Gas Sub-Segment to be Most Profitable
The natural gas sub-segment is predicted to generate a revenue of $23,522.9 million during the estimated timeframe. This is mainly due to the several advantages of using methanol as a feedstock such as lower product cost, energy security, and many more. Furthermore, the increasing use of natural gas as a feedstock due to its lower risk of flammability is predicted to foster the growth of the methanol market sub-segment over the forecast period.
End-Use Industry: Automotive Sub-Segment to be Most Productive
The automotive sub-segment is expected to garner a revenue of $11,028.7 million throughout the analysis timeframe. This is mainly because methanol is widely used as a motor fuel due to its high octane content that boosts vehicle efficiency. Moreover, the increasing use of methanol in gas turbines to lower harmful nitrous oxide emissions is expected to amplify the growth of the market sub-segment during the estimated period.
Asia-Pacific Region to Hold the Largest Share of the Market
The Asia-Pacific region of the methanol market is predicted to grow at a CAGR of 4.9% during the analysis timeframe. This is mainly due to the increasing demand for methanol in this region by considering it as a low-emission alternative fuel. Furthermore, the growing use of methanol in industrial boilers, power generation, diesel gen-sets, and for various other applications in this region is predicted to drive the regional growth of the market throughout the forecast timeframe.
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Covid-19 Impact on the Methanol Market
The rise of the novel coronavirus has had a negative impact on the methanol market. This is mainly due to the disruptions in the supply chain, the closure of many manufacturing plants, along with the economic slowdown across various countries. Moreover, the strict import-export restrictions imposed by the government of various nations have further declined the growth of the market during the pandemic period. In addition, the construction and the automotive sector is badly impacted in terms of sales and acquisition of new projects which declined the demand for methanol during that period. However, new initiatives taken by many countries to produce methanol from coal using coal-to-liquid technology have uplifted the growth of the market during the pandemic period.
Key Players of the Market
The major players of the methanol market include
- Mitsubishi Gas Chemical Company Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Valero
- SABIC
- Mitsui & Co. Ltd.
- Methanex Corporation
- Zagros Petrochemical Co.
- BASF SE
- Methanol Holdings (Trinidad) Limited
- Celanese Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
Broader Insights Pertaining for the Specific Segments or Regions of the Methanol Market
For instance, in February 2022, Linde Inc., a global leader in engineering and industrial, process, and specialty gases announced its collaboration with Celanese Corporation, an American technology, and specialty materials company. With this collaboration, the companies aimed to use carbon dioxide, and hydrogen as alternative feedstock to produce methanol with a significantly lower carbon intensity.
In addition, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Methanol Market:
- 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
