London, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Methanol continued to be a versatile feedstock across several application areas, including plastics, resins, paints and adhesives, plywood, perfumes, foams, explosives, and pharmaceuticals. Increasing perception about methanol as a potential fuel alternative is likely to drive global methanol market, suggests a newly released report of Fairfield Market Research. With methanol gradually taking as a clean burning fuel over conventional gasoline across the key European, and North American nations, the report expects the market to exhibit a promising 4.7% CAGR during 2022 – 2029. Toward the end of forecast year, methanol market revenue is poised to reach over US$72.9 Bn. Methanol consumption will remain buoyant as it plays an indispensable role in industrial chemical production processes.
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Key Research Insights
- Global methanol market size was around US$44.4 Bn in 2021, likely to see 1.4x expansion through 2029
- Coal remained the most sought-after feedstock with more than 65% share in methanol market in 2021
- Methanol consumption continues to be maximum for energy & MTO applications, accounting for over 60% market share
Insights into Segmental Analysis
Based on feedstock, maintaining access to cost-competitive feedstock alternatives remains crucial to methanol economies. While this helps in maintaining the market competitiveness, the report clearly states that coal will remain the most preferred feedstock choice among methanol producers that accounted for over 65% of the total methanol market value in 2021. Formaldehyde will remain the bestseller category in methanol market with over 20% share in market value. The market positioning of formaldehyde will further be upheld by its growing consideration as a preferred blended fuel candidate. Over 70% of formaldehyde is consumed in the production of melamine-, urea-, and phenol formaldehyde resins, reveals the report. On the other hand, the report indicates improving growth prospects of polyolefins as well. Furthermore, the report points to MTO & energy applications surging ahead with more than 60% market share. Proliferating adoption of methanol for energy applications like fuel blending, biodiesel, MTBE/TAME, and DME will significantly shape market growth.
Key Report Highlights
- Rising consideration of methanol as a potentially safer, more efficient, and economically viable marine fuel alternative will uplift growth prospects of the market
- Demand for formaldehyde will be on an uptrend with sustained consumption by the key application areas such as automotive, paints and adhesives, textile, plywood, plastics, pesticides, personal care, and construction
Insights into Regional Analysis
China’s global dominance in chemicals industry, and the unprecedented growth of chemical manufacturing plants across the nation will continue to collectively account for China’s sustained primacy in global methanol market. The report indicates China, with its exceptionally high mineral turpentine oil (MTO) output, will serve as the backbone of the Northeast Asia’s methanol market. The market growth here is majorly attributed to production of light-olefins, energy applications, and CTO/MTO units. On the other side, methanol market in the US will benefit from a host of automotive applications, and growing housing activity. Rapidly expanding biodiesel production is also likely to drive demand for methanol for fuel application in long term. Europe also remains an important market for methanol producers, as well as investors.
Key Players in Global Methanol Market
Besides the big six, i.e., Methanex Corporation, Proman AG, SABIC, Yankuang Group, Zagros Petrochemical Co., and OCI, the report covers some of the prominent company names under the competition analysis section. BASF SE, Celanese Corporation, Sarawak Petchem Sdn. Bhd., Mitsubishi Chemicals, Mitsui & Co., Ltd., Petroliam Nasional Berhad (Petronas), US Methanol, Yankuang Group, Carribean Gas Chemical, Methanol Holdings Limited, Velro Energy Corp., and Natgasoline LLC constitute some of the profiled players.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2021 | US$44.4 Bn | |
| Estimated Market Size in 2029 | US$72.9 Bn | |
| CAGR | 4.7% | |
| Key Players | Methanex Corporation, Proman AG, SABIC, Yankuang Group, Zagros Petrochemical Co., OCI, BASF SE, Celanese Corporation, Sarawak Petchem Sdn. Bhd., Mitsubishi Chemicals, Mitsui & Co., Ltd., Petroliam Nasional Berhad (Petronas), US Methanol, Yankuang Group, Carribean Gas Chemical, Methanol Holdings Limited, Velro Energy Corp., Natgasoline LLC | |
Market Segmentation
Feedstock Coverage
- Natural Gas
- Coal
- Biomass
- Renewable Electricity
Application Coverage
- Chemical
- Formaldehyde
- Acetic Acid
- Solvents
- Methyl Methacrylate
- Methylamines
- Misc. (Silicone, Chloromethane, etc.)
- Energy & MTO
- Methanol-to-Olefins (MTO)
- MTBE/TAME
- Biodiesel
- Dimethyl Ether (DME)
- Fuel Blending
- Marine Fuel
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Methanex Corporation
- Proman AG
- SABIC
- Yankuang Energy Group Company Limited
- Zagros Petrochemical Company
- OCI N.V.
- PETRONAS Chemicals Group Berhad
- Mitsubishi Gas Chemical Company, Inc.
- Celanese Corporation
- LyondellBasell Industries N.V.
- Metafrax Chemicals PAO
- Ningxia Baofeng Energy Group Co. Ltd.
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Feedstock-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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