Covina, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Introduction –
Methanol is primarily produced from natural gas, though it can also be derived from coal or biomass. The most common method of production is through a catalytic process called steam methane reforming (SMR), which converts natural gas into syngas (a mixture of hydrogen and carbon monoxide) and then further converts it into methanol.
The demand for methanol as a chemical feedstock continues to grow, particularly in the production of plastics, resins, and formaldehyde. Stringent environmental regulations, particularly in the automotive and chemical industries, are influencing the adoption of cleaner and more sustainable technologies, potentially boosting Methanol Market demand.
Key highlights –
- In April 2023, Prime Minister Narendra Modi launched a series of railway projects across the Northeast, besides commissioning a methanol plant and laying the foundation stone for a bridge over the Brahmaputra River. While on a day-long trip in Guwahati, Modi virtually inaugurated the five railway projects as well as other ones from the Indira Gandhi Athletic Stadium.
Analyst View –
Methanol is a key building block for various chemicals and materials, including formaldehyde, acetic acid, and olefins. The growth of the chemical industry, particularly in emerging markets, may drive Methanol Market demand. Methanol can be used for energy storage applications, particularly in fuel cells. As energy storage solutions become more critical for grid stability and renewable energy integration, methanol-based technologies may see growth.
| Attributes | Details |
| Methanol Market Value (2020) | US$ 3.45Bn |
| Methanol Market Projected Value(2030) | US$ 5.77Bn |
| Methanol Market CAGR (2020-2030) | 5.3%. |
Geography:
- North America - U.S., Canada
- Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America - Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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Methanol Market: COVID-19 Analysis-
Impact on Methanol Demand:
The COVID-19 pandemic had a significant impact on global energy markets, including methanol. Reduced economic activity and lockdowns in many countries led to a decrease in demand for various products, including chemicals like methanol.
Sectors such as automotive, construction, and manufacturing, which are major consumers of methanol, experienced disruptions, leading to a temporary decline in demand.
Production and Supply Chain Disruptions:
The pandemic disrupted supply chains worldwide, affecting the production and distribution of methanol. Shutdowns of chemical plants and transportation challenges created supply constraints in some regions.
Shifts in Methanol Use:
Some companies shifted their production priorities to address the urgent needs created by the pandemic. For instance, some chemical manufacturers temporarily switched to producing hand sanitizers and disinfectants that use methanol as a key ingredient.
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- BASE YEAR: May 2023
Recovery and Future Outlook:
The methanol market's recovery was expected to depend on the pace of economic recovery in different regions and the resurgence of industries that heavily rely on methanol.
As economies gradually reopened and industries resumed operations, methanol demand was anticipated to pick up.
Long-Term Trends and Sustainability:
Even before the pandemic, there was a growing interest in methanol as a potential clean energy source and a feedstock for the production of various chemicals. This trend may continue or accelerate as countries pursue sustainable energy and chemical production options.
Competitive Landscape & their strategies of Methanol Market:
The Key players operating in the global methanol market includes,
- Methanex corporation
- Methanol Holdings (Trinidad) Ltd
- SABIC
- PETRONAS chemicals Group Berhad
- LyondellBasell Industries Holdings BV
- Mitsubishi Gas Chemical Company Inc.
- Simalin Chemical Industries Limited
- Solventis
- Celanese Corporation
- Antig Technology Co. Ltd.
- China XLX Fertilizer Ltd.
Future growth of the methanol market:
Renewable Methanol:
The demand for renewable and sustainable methanol is expected to grow. Renewable methanol can be produced from carbon dioxide (CO2) captured from industrial processes or directly from the atmosphere, using renewable energy sources. It has the potential to reduce carbon emissions and find applications in sectors like transportation and chemicals.
Alternative Fuels:
Methanol is considered a potential alternative fuel for various applications, including shipping, where it can be used as a marine fuel to meet stricter emission standards. This could drive increased methanol production and consumption in the future.
Chemical Industry:
Methanol is a key feedstock for the chemical industry, used in the production of a wide range of chemicals, including formaldehyde, acetic acid, and olefins. As the chemical industry continues to expand, so does the demand for methanol.
Energy Storage:
Methanol has been explored as a potential energy carrier and storage solution, particularly in fuel cells and as a hydrogen carrier. Its versatility in energy applications could drive growth in this sector.
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Key questions answered in this report:
- What are the key market trends and market dynamics?
- Who are the major players in the market and what is their market share?
- What are the major drivers and restraints affecting the market?
- What are the growth opportunities in the market?
- What are the regional and local market conditions and consumer behavior?
- What is the market size and growth forecast for different regions and countries?
- What is the impact of government regulations and policies on the market?
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