Global Methanol Market Predicted to Generate $54,630.4 Million and Grow at 5.0% CAGR During the 2022-2030 Forecast Period [223-Pages] | Declared by Research Dive
The methanol market is expected to grow by 2030 due to its growing applications in industrial sector. The automotive sub-segment is predicted to be highly beneficial. Market in Asia-Pacific region is expected to witness more growth opportunities.
NEW YORK, July 1, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Methanol Market by Feedstock (Coal, Natural Gas, and Others), End-use Industry (Automotive, Construction, Electronics, Appliances, Paints & Coatings, Insulation, Pharmaceutical, Packaging, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
According to the report, the global methanol market is anticipated to generate a revenue of $54,630.4 million by 2030, growing at a CAGR of 5.0% during the forecast period 2022-2030.
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Dynamics of the Methanol Market
Drivers: The low production costs and flammability risks of methanol make it a better alternative to conventional transportation fuels and can easily meet domestic fuel requirements. These factors are estimated to drive the growth of the global methanol market during the forecast period. Additionally, its increasing usage in automobiles for enhancing the performance and lowering flammability risks is also expected to boost the market growth by 2030.
Opportunities: The wide usage of methanol to produce biodiesel which is a renewable fuel and light olefins that are essential for plastic manufacturing is predicted to create abundant growth opportunities for the global methanol market by 2030. Moreover, the innovative applications of methanol to fuel marine vessels, cookstoves, boilers, trucks, cars, etc. is also projected to offer ample market growth opportunities during the analysis timeframe.
Restraints: The growing popularity of methanol's alternatives, ethanol and bioethanol, is the prime factor expected to hinder the market growth.
Covid-19 Impact on the Methanol Market
The methanol market witnessed severe disruptions and declined demand during the covid-19 pandemic due to strict import-export restrictions and lockdowns that caused disruptions in the supply chain. Moreover, stringent social distancing norms and travel ban also led to closure of multiple manufacturing plants and the certain economic slowdown across the world. In addition, China, one of the major methanol producing countries, was greatly hit by the pandemic that directly affected the its methanol export process. These factors are estimated to have reduced the market growth during the covid-19 chaos.
Check out Post Impact of COVID-19 on Methanol Market. Get in Touch with our Expert Analyst
Segments of the Methanol Market
The report has segmented the market into a few segments based on feedstock, end-use industry, and regional analysis.
- By feedstock, the coal sub-segment is anticipated to have a dominant market share and garner a revenue of $13,582.8 million during the forecast years due to its lower prices and the presence of vast coal reserves. In addition, growing use of coal can also address the issues of declined fuel supplies and reducing carbon emissions. These factors are expected to bolster the sub-segment's growth by 2030.
- By end-use industry, the automotive sub-segment of the global methanol market is predicted to have a significant market share and gather a revenue of $11,028.7 million during the analysis timeframe due to the wide utilization of methanol as a motor fuel in the automotive industry. Methanol has high octane content that is essential for improving vehicle efficiency and enhancing acceleration and power. Moreover, methanol as a motor fuel offers low price per calorie, is safer, and utilizes existing infrastructure, thus further propelling the sub-segment's growth.
- By region, the methanol market in the Asia-Pacific region is projected to have the fastest growth rate of 4.9% CAGR during the 2022-2030 forecast period due to its wide use as a low-emission alternative fuel. Moreover, as per NITI Aayog, the Indian government agency, the methanol production would be increased to 20MT by using biomass, high ash coal, and stranded gas. Also, use of methanol in power generation, mobile towers, diesel gensets, industrial boilers, etc. is estimated to further augment the market growth in the Asia-Pacific region by 2030.
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Key Methanol Market Players
Some key methanol market players are
- SABIC
- Mitsui & Co., Ltd.
- Celanese Corporation
- Petroliam Nasional Berhad (PETRONAS)
- BASF SE
- Valero
- Zagros Petrochemical Co.
- Methanol Holdings (Trinidad) Limited
- Methanex Corporation
- Mitsubishi Gas Chemical Company, Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in May 2022, Alfa Laval, a Swedish company that deals with specialized solution for heavy industry, acquired a technology from RenCat, a leading Danish proprietary technology provider, to reform hydrogen from ammonia. The technology, along with Alfa Laval's heat transfer expertise, will uplift hydrogen processing and the usage of renewable fuels, thus business opportunities in the market.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments. Grab a Full Report here
More about Methanol Market:
- Different Applications of Methanol in Several Industries
- Why is Methanol Becoming a Full-Proved Alternative to Conventional Transportation Fuel?
- Business Expansion and Company Acquisition by Market Players such as Celanese Corporation and Others to Foster the Growth of the Global Methanol Market
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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