Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Methanol Market Revenue, Share, Size, Growth Factors, Opportunity and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Derivative, End-User Industry, and Geography,” the methanol market size is projected to reach US$ 41.97 Billion by 2028 from US$ 28.11 Billion in 2021; it is expected to grow at a CAGR of 5.9% from 2021 to 2028. The projected growth of the market is attributed to the increasing use of methanol as feedstock in various applications.
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Global Methanol Market: Competitive Landscape and Key Developments
A few players operating in the global methanol market include METHANEX CORPORATION; OCI N.V.; BASF SE; SABIC; MITSUBISHI GAS CHEMICAL COMPANY, INC.; HELM AG; CELANESE CORPORATION; ZAGROS PETROCHEMICAL COMPANY; MITSUI AND CO., LTD.; and LYONDELLBASELL INDUSTRIES HOLDINGS B.V. Players operating in the global methanol market focus on providing high-quality products to fulfil customer demand. These companies are adopting strategies such as product developments, capacity expansions, and mergers and acquisitions to expand their footprints across the globe and meet the growing demand from end users.
Methanol Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 28.11 Billion in 2021 |
| Market Size Value by | US$ 41.97 Billion by 2028 |
| Growth rate | CAGR of 5.9% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 169 |
| No. of Tables | 56 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Derivative, and End-Use Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Methanex Corporation; Oci N.V.; Basf Se; Sabic; Mitsubishi Gas Chemical Company, Inc.; Helm Ag; Celanese Corporation; Zagros Petrochemical Company; Mitsui And Co., Ltd.; And Lyondellbasell Industries Holdings B.V. |
In 2020, Asia Pacific held the largest revenue share of the global methanol market. China, India, Japan, and South Korea are the key contributors to the methanol market growth in Asia-Pacific. The key drivers of the market in this region are the growth of the construction and automotive sectors. Moreover, methanol-to-olefins and methanol-to-propylene (MTO/MTP) applications are gaining momentum in the region. The MTOs are the most economical methanol derivatives that fulfill the need for olefins. Several MTO plants in China are using coal as the principal feedstock. Therefore, the rise in MTO plants in China and the huge production of olefins from methanol are the other factors driving the methanol market growth in the region. Further, as per the National Bureau of Statistics of China, the country's real estate development witnessed 38.3% growth from January to April 2021 compared to the same months in 2020. The country's real estate industry estimated around 1 trillion investments in construction activities in 2021. Therefore, growing building construction activities are bolstering the demand for methanol as it is widely used to manufacture various construction-related materials.
Increasing Use of Methanol in Various Applications
Methanol is highly used in various end-use industries such as automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings. Methanol is a cleaner alternative fuel that is used for various purposes including power generation. Methanol is used in plastics that make cars lighter and more fuel efficient to reduce CO₂ emissions. In automotive plastic is used in body panels, dashboard foam, plastic gears and moldings. Methanol highly is used to make medical supplies such as masks and gloves that help keep front-line workers safe and in the manufacture of vitamins, hormones, antibiotics, and other pharmaceuticals.
Methanol Market: Segmental Overview
Based on derivative, the market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO) / methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. The methanol market share for the formaldehyde segment was largest in 2020. Formaldehyde is a colorless poisonous gas synthesized through methanol oxidation. It is utilized as an antiseptic, histologic fixative, disinfectant, and general-purpose chemical reagent for laboratory applications. The segment's growth can be attributed to the increasing application of formaldehyde resins in the automotive industry. The resin is extensively used to manufacture the vehicle's interior molded and under-the-hood components to reduce weight and increase the vehicle's fuel efficiency.
The methanol market, by end-user industry, is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and others. The methanol market share for the automotive segment was largest in 2020. Methyl alcohol is an alternative biofuel for internal combustion and other engines. It is less expensive to produce sustainably than ethanol. A blend of methyl alcohol, ethanol, and petroleum is used for optimizing engine performance and fuel availability. Also, methyl alcohol can be blended with gasoline in low quantities and used in existing road vehicles. Methyl alcohol is also considered a fuel for fuel cell electric vehicles. High-concentration methyl alcohol blends, such as 85% v/v methyl alcohol in gasoline, can be utilized in special flexible fuel vehicles.
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Key Developments
- In April 2023, Jakson Green has won a project from state-run NTPC to set up a methanol synthesis facility at its Vindhyachal thermal power plant (TPP) in Madhya Pradesh, India. The methanol synthesis plant will be a part of NTPC’s Vindhyachal TPP with a production capacity of 10 tonnes per day (TPD). The methanol production unit is being designed to convert 20 TPD CO2 to 10 TPD methanol through a catalytic hydrogenation process, utilizing CO2 from thermal plant flue gas through a carbon capture unit and green hydrogen produced by electrolysis.
- In July 2023, Mitsui & Co., Ltd. has agreed to acquire a 49% equity interest in Kasso MidCo ApS, an affiliate of European Energy A/S. MidCo possesses a solar power generation and e-methanol business through Solar Park Kasso ApS, its wholly owned subsidiary. Kasso's e-methanol is a low-carbon methanol produced by synthesizing green hydrogen made by feeding renewable-based electricity into an electrolyzer and green carbon dioxide (CO2) captured from biomass sources.
Impact of COVID-19 Pandemic on Methanol Market
Governments of various countries across the globe-imposed country-wide lockdowns that directly impacted the growth of the industrial sector. In China, movement restrictions and related labor shortages reduced industrial activities across various industries. The significant decline in the growth of several industrial sectors significantly impacted the demand for methanol in the global market. The COVID-19 pandemic caused a delay in most ongoing construction projects and reduced the productivity of the construction industry. Moreover, the declining sales of automotive vehicles reduced the demand for methanol in different countries.
However, with the ease of lockdown measures, the various industries regained momentum, which increased the demand for methanol. Further, various economies began reviving with the resumption of operations in different sectors in 2021. The methanol market is also improving with the increasing its demand from various industries.
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