New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global methanol market is expected to witness remarkable growth of US$24,000 Millions and Grow at a CAGR of 6.4% during the forecast period by 2021-2028, owing to the rising use of methanol across consumer and industrial products. Moreover, the usage of methanol as an efficient high-octane fuel with lower emission of greenhouse gases than gasoline is the major factor expected to upsurge the growth of the market during the estimated timeframe. Besides, the increasing importance of methanol as biodiesel and for the production of olefins is predicted to fuel the growth of the methanol market during the analysis period. However, increasing demand for the use of ethanol and bioethanol in place of methanol may hinder the growth of the market during the forecast timeframe.
Segments of the Market
The report has been divided the market into segments namely, feedstock, end-use industry, and region.
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Feedstock: Natural Gas Sub-Type to be Most Lucrative
The natural gas sub-type is predicted to generate $10,189.5 million and is expected to hold the largest market share during the analysis period. This is mainly because of the wide use of natural gas as a feedstock for the production of methanol through various simple procedures. Moreover, the lower production cost and increased energy security of natural gas as a feedstock to lessen the dependence on gasoline-based fuels are the major factors expected to boost the growth of the methanol market during the forecast timeframe.
End-Use Industry: Automotive Sub-Segment to be Most Profitable
The automotive sub-segment is predicted to garner a revenue of $5,283.8 million over the analysis timeframe. This is mainly due to the use of methanol in the automotive sector as a motor fuel to improve the efficiency of the vehicle. In addition, the reduction in harmful gas emissions, such as nitrous oxide, sulfur oxide, and particulate emission, by using methanol and offering a low-cost fuel system is further projected to uplift the growth of the market sub-segment over the forecast period.
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Region: The Asia-Pacific Region Expected to Have Massive Growth Opportunities
The Asia-Pacific region is projected to garner a revenue of $13,780.8 million and is expected to dominate the market during the estimated period. This is mainly due to the use of methanol in this region as a low emission alternative fuel to support the transition towards a carbon-free atmosphere. Furthermore, the active participation of leading manufacturers of this region in developing methanol-fueled vehicles is further expected to fortify the regional growth of the methanol market throughout the analysis period.
Covid-19 impact on the Market
The rise of the Covid-19 outbreak has had a negative impact on the methanol market, likewise several other industries. Due to the economic slowdown and shutdown of production units, the market has seen a straight downfall in the growth rate. In addition, due to the strict import-export restriction, there has been a disruption in the supply chain across major methanol-producing countries, which further interrupted the demand for methanol for the construction and automotive sectors. These factors have caused the downfall of the market during the period of crisis.
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Key Players of the Market
The major players of the market include
- Petroleum Nasional Berhad (PETRONAS)
- Mitsubishi Gas Chemical Company, Inc.
- SABIC
- Valero
- Methanex Corporation
- Mitsui & Co., Ltd.
- BASF SE
- Zagros Petrochemical Co.
- Celanese Corporation
- Methanol Holdings (Trinidad) Limited and many more.
The players of the market are working on the development of new business strategies and tactics to obtain leading positions in the global industry.
For instance, in March 2021, Uniper, a German-based energy company, has announced the collaboration with Liberty Pier Maritime Project, a leading and independent provider of maritime services, and SDC, a renowned consultant company for shipping world. With this collaboration, the companies are aiming of establishing green methanol as a carbon-neutral marine fuel on the market.
Further, the report also presents the other aspects such as product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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- Methanol Market: Redefining Automotive Industry with Biodiesel
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