WASHINGTON, June 28, 2023 (GLOBE NEWSWIRE) -- The Global Methanol Market accounted for USD 32.1 Billion in 2022 and is expected to have USD 43.68 Billion by 2030 at a CAGR of 4.5% over the projected period of 2023-2030.
The Methanol Market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry's difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for this market in-depth, such as increased investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, the rising demand for Methanol as a fuel source is projected to help the Methanol Market expansion over the given time frame. Methanol has become a desirable substitute for conventional fossil fuels as worries about climate change and limiting carbon emissions have grown. Methanol is a common fuel for producing electricity and powering vehicles. It can also be used in fuel cells to store energy. Further enhancing its environmental qualities, Methanol may also be manufactured from renewable resources like biomass and waste gases. The demand for Methanol as a fuel source is anticipated to rise in response to a growing global focus on lowering carbon emissions, driving the expansion of the Methanol market during the forecast period.
We Forecast that in 2030, One of the vital factors driving the growth of the Methanol Market is its use in the production of chemicals. Methanol is considered a crucial intermediate in the chemical industry, and it is utilized for producing various chemicals, including formaldehyde, acetic acid, olefins, and methyl methacrylate. The growing demand for these chemicals in the pharmaceutical, construction, automotive, and packaging industries is expected to increase the use of Methanol in the production of chemicals. Moreover, advancements in the Methanol-to-olefins (MTO) and Methanol-to-propylene (MTP) technologies are likely to drive the growth of the Methanol market in the future. The MTO and MPT processes are efficient and offer cost-effective solutions for producing olefins and propylene from Methanol, further increasing its demand in the chemicals industry.
The greatest market for Methanol is in the Asia Pacific area, which accounts for more than 50% of global consumption. The largest producer and consumer of Methanol in the world, China significantly contributes to the global Methanol industry. Growth in the area is being driven by the rising demand for Methanol in the energy industry, particularly in renewable energy sources like biodiesel and Methanol-to-olefins processes. In addition, the Asia Pacific area is a desirable market for the manufacture of Methanol due to the abundance of inexpensive feedstocks and a supportive regulatory environment.
Market Dynamics
Increasing Demand for Petrochemicals and Energy Sources Drives the Market
Methanol is a versatile chemical that is employed in both the manufacture of several petrochemical goods as well as a fuel. These goods have been in high demand, which drives up the price of Methanol.
Growing Use in Industrial Applications to Promote Market Growth
Among other industrial uses, Methanol is frequently used in the production of chemicals, solvents, and polymers. The Methanol market is anticipated to expand as a result of the rising demand for these materials, particularly in emerging nations.
Top Players in the Global Methanol Market
- Methanex Corporation (Canada)
- BASF SE (Germany)
- Celanese Corporation (U.S.)
- Gujarat State Fertilizers & Chemicals Ltd. (India)
- HELM Proman Methanol AG (Switzerland)
- SABIC (Saudi Arabia)
- Yanzhou Coal Mining Co. (China)
- Zagros Petrochemical Company (Iran)
- 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)
- SABIC (Saudi Arabia)
- Ningxia Baofeng Energy Group Co. Ltd. (China)
- Lyondellbasell Industries Holdings BV (U.S.)
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Top Trends in the Global Methanol Market
- The growing demand for renewable energy is one trend that Vantage Market Research (VMR) expects to see in the Methanol Market. Methanol has become a feasible substitute for petrol and diesel as worries over emissions from conventional fuels have grown. Government policies requiring the use of biofuels in transportation are also fueling this trend. Biomass, municipal solid waste, and even CO2 can all be used to create Methanol, an environmentally benign and sustainable fuel source. It is anticipated that the growing use of Methanol in the transportation industry would increase demand for the fuel and open up new potential for market expansion.
- Growing preference for Methanol as a feedstock for the production of chemicals and polymers is another trend that VMR anticipates will continue in the Methanol Market. A variety of compounds, such as formaldehyde, acetic acid, and methyl tertiary-butyl ether (MTBE), are produced using Methanol as a major component. The construction, automotive, and packaging industries are just a few of the businesses that employ these compounds. Additionally, the production of polymers like polyvinyl chloride (PVC) and polyethylene terephthalate (PET), which are utilized in the food and beverage packaging business, is using more and more Methanol. The demand for Methanol is anticipated to rise in the future years as a result of the use of the fuel as a feedstock for the manufacture of chemicals.
Top Report Findings
- Based on Feedstock, materials used to produce Methanol are generally included in this segment of the Methanol market. Natural gas is the most widely used feedstock in the world's Methanol industry, followed by coal, biomass, and other sources. Natural gas is the ideal feedstock since it is inexpensive and widely available in places like North America and the Middle East. However, other options for feedstock are gaining popularity because of their promise to cut greenhouse gas emissions and reliance on fossil fuels. These options include renewable sources like woody biomass and municipal solid waste.
- Based Derivatives, formaldehyde, acetic acid, and methyl tert-butyl ether (MTBE) are examples of goods produced from Methanol that are included in the derivatives portion of the Methanol market. While acetic acid is used to make vinyl acetate monomer (VAM) and pure terephthalic acid (PTA), formaldehyde is frequently employed in the manufacture of resins and polymers. MTBE is largely utilized in petrol as an octane booster. Due to the rising need for products like adhesives, paints, and coatings across a range of end-user sectors, the market for Methanol derivatives is anticipated to rise in the near future.
- Based on Sub-Derivatives, products made from Methanol derivatives are primarily included in the sub-derivatives sector of the Methanol market. For instance, a variety of sub-derivatives, including formaldehyde resins, methyl methacrylate (MMA), and ethylene glycol (EG), are produced using Methanol. While MMA is used to make acrylic products like paint, coatings, and adhesives, formaldehyde resins are frequently employed as binders and adhesives in the construction sector. Contrarily, EG is used to make polyester fiber and resin as well as polyethylene terephthalate (PET) resins, which are utilized in the building, textile, and packaging sectors.
- Based on End-User, Industries that employ Methanol or its derivatives as raw materials or components are included in the end-user section of the Methanol market. Construction, the automotive industry, paints and coatings, and the pharmaceutical industry are a few of the main end-user industries using Methanol. Several businesses use Methanol as a fuel for heating, cooking, and producing electricity. However, because of the increased emphasis on clean energy sources and sustainable practices, it is anticipated that the demand for Methanol as a fuel will eventually decline. In the upcoming years, the necessity for alternative, renewable raw materials will drive an increase in the demand for Methanol in the end-user sectors due to its rapid growth.
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Top 10 Players Generate More Than 58% of the Global Methanol Market Revenue
According to the analysis, the top three important companies in the Methanol Market are Methanex Corporation, SABIC, and Zagros Petrochemical Company. These companies will likely gain from expanding demand for their services and increased investment in new technologies to improve their offerings. Mitsubishi Chemical Corporation, Celanese Corporation, Petroliam Nasional Berhad, BASF SE, Yankuang Group Co., Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., and Methanol Holdings (Trinidad) Ltd. are the other key competitors. According to a recent analysis issued by Vantage Market Research, the top ten firms generate more than 58% of the market's revenue.
Chemical Sector to Generate Over 42% Revenue
Vantage Market Research analyzed the market for Methanol Market to understand its recent situation and potential future growth factors. For better understanding, based on end-user, the Methanol Market is categorized into; Automotive, Construction, Electronics, Paints and Coatings, Pharmaceuticals, Refrigeration, Packaging, and Others (including textiles, personal care, etc.).
With a predicted growth rate of 5.9% throughout the course of the forecast period, the chemical sector segment is anticipated to dominate the global Methanol market by 2030, according to our projections. Formaldehyde, a precursor for numerous chemical substances, including polymers and resins, is frequently produced using Methanol. The need for formaldehyde to make furniture, textiles, and building materials is likely to increase, which will fuel the growth of the chemical industry segment. The manufacture of bio-Methanol, which is created from renewable resources and is popular in the chemical sector due to its low carbon footprint and affordability, is another factor supporting the segment's growth.
Due to the rising demand for cleaner fuel options, the automobile industry dominated the global Methanol market in 2022. Methanol is an inexpensive, environmentally acceptable fuel that is simple to mix with petrol to cut down on hazardous emissions from moving automobiles. This led to the adoption of Methanol as a fuel source by the automotive industry, especially in developing nations where there is a growing demand for economical and environmentally friendly transportation solutions. Further strengthening its appeal to the automobile industry is the ability to create Methanol from renewable sources thanks to developments in Methanol production technology.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Methanol Market Forecast Report (2023-2030).
Global Methanol Market Segmentation
By Feedstock
- Natural Gas
- Coal
- Biomass
- Municipal Waste
- CO2
- Other Feedstocks
By Derivative
- Formaldehyde
- Acetic Acid
- Gasoline
- Methyl Tertiary Butyl Ether (MTBE)
- Dimethyl Ether (DME)
- Chloromethane
- Other Derivatives
By Sub-Derivative
- Polyethylene Terephthalate (PET)
- Acetic Anhydride
- Dimethyl Terephthalate (DMT)
- Methyl Methacrylate (MMA)
- Methyl amines
- Methyl chloride
- Other Sub-Derivatives
By End-User
- Automotive
- Construction
- Electronics
- Paints and Coatings
- Pharmaceuticals
- Refrigeration
- Packaging
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 32.1 Billion |
| Revenue Forecast by 2030 | USD 43.68 Billion |
| CAGR | 4.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Methanex Corporation, BASF SE, Celanese Corporation, Gujarat State Fertilizers & Chemicals Ltd., HELM Proman Methanol AG, SABIC, Yanzhou Coal Mining Co., Zagros Petrochemical Company, PETRONAS, Mitsubishi Gas Chemical Company Inc., Mitsui & Co. Ltd., LyondellBasell Industries B.V., OCI N.V., Metafrax Chemicals, SIPCHEM, SABIC, Ningxia Baofeng Energy Group Co. Ltd., Lyondellbasell Industries Holdings BV |
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