Newark, June 08, 2023 (GLOBE NEWSWIRE) -- The global methanol market is expected to grow from USD 24.10 billion in 2020 to USD 66.06 billion by 2030, at a CAGR of 5.53% during the forecast period2020-2027. Methanol market is witnessing a considerable growth owing to rise in the demand for petrochemicals. Methanol is a volatile, light, flammable and colorless liquid with a unique stench very much similar in comparison to ethanol (consumable alcohol). However, methanol has greater toxicity than that of ethanol.
The methanol industry encompasses all aspects of the production, distribution, and utilization of methanol. Here is an overview of the key elements of the methanol industry. The methanol market refers to the global industry involved in the production, distribution, and consumption of methanol. Methanol, also known as methyl alcohol or wood alcohol, is a volatile, colorless liquid that is primarily used as a feedstock for various chemical processes, including the production of formaldehyde, acetic acid, and methyl tert-butyl ether (MTBE). It is also used as a solvent, antifreeze, and fuel.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2030 |
| Forecast Period 2021 to 2030 CAGR | 5.53 % |
| 2030 Value Projection | USD 66.06 Billion |
| Base Year | 2020 |
| Historical Data for | 2018 to 2019 |
| No. of Pages | 205 |
| Segments covered | Derivatives, Application, Regions |
| Regional Segmentation Analysis | Asia Pacific region emerged as the largest market for the global methanol market with a 62.1% share of the market revenue in 2020. |
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The human milk segment is going to going to dominate the market with market value USD 7.74 Billion in 2020.
The derivatives segment is divided into formaldehyde, acetic acid, gasoline, methanol-to-olefins/methanol-to-propylene (MTO/MTP), biodiesel, others. The formaldehyde segment dominated the methanol market with a market value USD 7.74 Billion in 2020. The segment growth is attributed because formaldehyde resins are utilized to manufacture interior molded components of automobiles in order to increase fuel efficiency and minimize weight.
The marine segment is estimated to grow at the highest CAGR of 6.07% over the forecast period.
The application segment includes automotive, construction, electronics, paints and coatings and others. The marine segment is estimated to grow at the highest CAGR of 6.07% over the forecast period. The segment growth is attributed because methanol is used as a substitute for traditional fuel in the marine industry as it limits the nitrogen oxides, sulfur oxides and other harmful air pollutant emissions in the atmosphere.
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Regional Segmentation Analysis:
The market is analyzed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia- Pacific is dominating the market with the market value of USD 14.95 Billion in 2020. This is because China is the largest country for methanol production. Additionally, the growing petrochemical industry coupled with increasing usage of methanol-based fuel in countries, such as China, India, and Japan, the utilization of methanol is rising in and across the region. Furthermore, the growing initiatives by the government and various other regulatory bodies for sustainability, the demand for methanol as a fuel are expected to rise. European regional market is projected to register the highest growth during the forecast period owing to the initiation of waste-to-methanol projects in order to reduce environmental degradation.
Competitive Analysis:
The major players of market include BASF AG, Celanese Corporation, Qatar Fuel Additives Company Limited, Methanol Holdings (Trinidad) Limited (MHTL), Methanex Corporation, Mitsubishi Chemicals, Mitsui & Co., Ltd., Petroliam Nasiona lBerhad (Petronas), Saudi Basic Industries Corporation, Teijin, Valero Marketing and Supply Company and Zagros Petrochemical Company (ZPC) among others.
About the report:
The global Methanol market is analyzed on the basis of value (USD billion), volume (kilotons), import (kilotons) and export (kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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