WASHINGTON, Feb. 03, 2023 (GLOBE NEWSWIRE) -- According to the report published by Vantage Market Research, the Global Methanol Market which was $ 29.4 Billion in 2021, would rocket up to $ 37.8 Billion by 2028, and is expected to undergo a CAGR of 4.3% during the forecast period from 2022 to 2028. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
Clean fuels have gotten a lot of traction in recent years. Low-emission fuels are become much more common due to environmental concerns. The usage of methanol as a component in clean fuels may be a significant growth driver for the Global Methanol Market over the assessment period.
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Market Dynamics:
Drivers:
Increasing Demand for Chemicals in Asia Pacific Region
Petrochemicals are produced on a massive scale using methanol. The market for methanol is driven by the increase in petrochemical demand in the Asia Pacific (APAC). The primary factor boosting the Methanol Market is the usage of petrochemicals in end-use industries, including the automotive and construction sectors. Methanol, ethylene, propylene, butadiene, toluene, and xylenes have the highest production volumes of organic compounds in the petrochemical sector. Olefins are the general term for butylene, ethylene, propylene, and butadiene. Methanol is a key petrochemical precursor to a wide range of chemical compounds. Therefore, a significant factor in the expansion of methanol in the petrochemical sector is the manufacture of olefins from it.
The Methanol Market's third-largest and fastest-growing derivative sector is MTO/MTP. Applications for methanol-to-olefins and methanol-to-propylene (MTO/MTP) are expanding. China is the only country driving this usage. The technique for converting methanol to olefins was introduced in 1990. In this process, methanol is first transformed into dimethyl ether (DME), then into hydrocarbons. These hydrocarbons are subsequently transformed into plastics as a by-product, with much water. The main raw materials for polyethylene and polypropylene are ethylene and propylene. Propylene is in greater demand than ethylene at the moment. The need for olefins cannot be met by the conventional technologies now in use. MTO methods are the most cost-effective and supply the market with olefins.
China has several MTO facilities that use coal as its primary feedstock. Due to the enormous demand for plastics like polyethylene and polypropylene in end-use industries, MTO plant expansion is accelerating in China. As a result, China's massive production of olefins from methanol and the growth of MTO facilities the main factors are driving the Methanol Market in the APAC.
Restraint:
Use of Fuel-Grade Ethanol
One of the most important end markets for methanol is the automotive industry. For a long time, alcohol-based fuels have been employed in automotive applications. They have been used chiefly as high-octane fuels for racing automobiles. These alcohols have fewer emissions than other fuels because they are hydrocarbon fuels. Ethanol and methanol are the two forms of alcohol that are utilized as fuels. Methanol is more hazardous to handle than ethanol because it is much more corrosive when it comes into touch with metals, necessitating an entirely new fuel distribution system. Compared to methanol, ethanol is less chemically hazardous and has a higher energy density per gallon. In comparison, methanol only has roughly 67% of gasoline's energy per gallon. An appealing substitute is an ethanol since it has a higher energy density than methanol and is still a liquid.
Top Players in Methanol Market:
- Methanex Corporation (Canada)
- HELM Proman Methanol AG (Switzerland)
- SABIC (Saudi Arabia)
- Yanzhou Coal Mining Co. (China)
- Zagros Petrochemical Company (Iran)
- Celanese Corporation (Texas)
- BASF SE (Germany)
- PETRONAS (Malaysia)
- Mitsubishi Gas Chemical Company Inc. (Japan)
- Mitsui & Co. Ltd. (Japan)
- LyondellBasell Industries B.V. (U.S)
- OCI N.V. (Netherlands)
- Metafrax Chemicals (Russia)
- SIPCHEM (Saudi Arabia)
For Additional Information on Methanol Market Players and Detail List, Download a Report PDF Brochure
Recent Developments:
- September 2021, SABIC announced the latest developments of establishing a petrochemical joint venture project with ExxonMobil on the US Gulf Coast. This project supports the company’s global growth strategy of diversifying its feedstock sources and strengthening its petrochemical manufacturing presence in North America for a wide range of products.
- July 2021, Methanex Corporation and Mitsui O.S.K. Lines (MOL) announced that the parties have concluded Key Commercial Terms for the purchase and sale of an equity position in, and the establishment of a strategic partnership involving Methanex’s Waterfront Shipping (WFS) subsidiary. MOL will acquire a 40 percent minority interest in WFS for USD145 million. Methanex will retain the remaining 60 percent majority interest in WFS and continue to operate WFS as a key element of its global supply chain capabilities.
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Segmentation of the Global Methanol Market:
By Feedstock
- Coal
- Natural Gas
- Other Feedstocks
By Derivatives
- Gasoline
- MTO/ MTP
- Formaldehyde
- Methyl Tertiary Butyl Ether (MTBE)
- Acetic Acid
- Dimethyl Ether (DME)
- Methyl Methacrylate (MMA)
- Biodiesel
- Other Derivatives
By Sub-Derivatives
- Gasoline Additives
- Olefins
- UF/ PF Resins
- VAM
- Polyacetals
- MDI
- PTA
- Acetate Esters
- Acetic Anhydride
- Fuels
- Other Sub-Derivatives
By End User Industry
- Construction
- Automotive
- Electronics
- Appliances
- Paints & Coatings
- Insulation
- Pharmaceuticals
- Packaging (PET bottles)
- Solvents
- Other End User Industries
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis:
Asia Pacific is expected to dominate the growth of Methanol Market in 2021. Asia Pacific is predicted to steer the Methanol Marketplace proportion due to the rapidly increasing consumption of methanol in the construction, automotive, and electronics industries in countries such as China, Japan, India, and South Korea, among other countries in the region.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Methanol Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 29.4 Billion |
| Revenue Forecast by 2028 | USD 37.8 Billion |
| CAGR | 4.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Methanex Corporation, HELM Proman Methanol AG, SABIC, Yanzhou Coal Mining Co., Zagros Petrochemical Company, Celanese Corporation, BASF SE, PETRONAS, Mitsubishi Gas Chemical Company Inc., Mitsui & Co. Ltd., LyondellBasell Industries B.V., OCI N.V., Metafrax Chemicals, SIPCHEM |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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