Global Methanol Market to Reach USD 66.06 Billion by 2030; Rising Adoption of Methanol as a Marine Fuel to Propel Growth, Says The Brainy Insights
NEWARK, N.J., March 2, 2022 /PRNewswire/ -- According to the new report published by The Brainy Insights, 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 period 2021-2030.
Methanol or methyl alcohol is a colorless liquid generally manufactured from coal or natural gas. This chemical compound being a commodity product, can either be utilized directly or further transmuted to manufacture a diverse range of specialty chemicals that find applications in various industry sectors marine, construction, automotive, furniture, paints & coatings, and others. In the present scenario, methanol is usually manufactured through the hydrogenation process of carbon monoxide in the chemical manufacturing industries. Methanol is a light, volatile, flammable and colorless liquid with a unique stench very much similar to ethanol (consumable alcohol).
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Methanol is a chemical and the simplest alcohol, a methyl group linked to a hydroxyl group. This chemical compound is frequently abbreviated Me-OH. Sometimes, methanol is also called wood alcohol because methanol was mainly produced with the help of the destructive distillation of wood method. However, methanol has greater toxicity than ethanol. If consumed in larger amounts, methanol can be hazardous to human health. It leads to poisoning as it acts as a depressant in the central nervous system.
The rapidly growing demand for a wide range of methanol derivatives, particularly olefins, via the MTO process is going to stimulate market growth and development in the present scenario. Olefins are extensively used for producing synthetic rubber, synthetic plastic, textile dyes, and pharmaceuticals. In China, MTO technology has facilitated the plastic manufacturing process using substitutes such as coal and natural gas. Moreover, the increasing need for conventional transport fuel owing to the stringent regulations towards sustainability and an eco-friendly environment is another factor that is stimulating the market growth and development for the global methanol market. Biodiesel is considered to be eco-friendly, safe, and sustainable as it produces less air pollutants in comparison to conventional fuels. Irrespective of any engine modification, biodiesel is most often utilized as a blend with petroleum diesel fuel in many diesel vehicles in many countries.
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Major players in the global Methanol market are BASF AG, Celanese Corporation, Methanol Holdings (Trinidad) Limited (MHTL), Methanex Corporation, Qatar Fuel Additives Company Limited, Mitsubishi Chemicals, Mitsui & Co., Ltd., Petronas, SABIC, Teijin, Valero Marketing and Supply Company, Zagros Petrochemical Company (ZPC) among others. To enhance their market position in the global Methanol market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In January 2019, SABIC announced that they had agreed with South Louisiana Methanol for the establishment and development of a chemicals plant situated in the U.S. This decision from the organization came after a significant rise in the demand for shale gas production from the region.
- In March 2019, Honeywell Company announced that Jiangsu Sailboat Petrochemical Co., Ltd., a China based petrochemical producer, shall be utilizing Honeywell UOP's C3 Oleflex technology to formulate 700,000 metric tons of polymer-grade propylene annually.
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The formaldehyde segment dominated the methanol market with a revenue of 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 revenue of 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.
Regional Segment Analysis of the Methanol Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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Asia Pacific region led the global Methanol market with a revenue of USD 14.96 billion in 2020. This regional market growth is attributed 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 India, China, and Japan, the utilization of methanol is rising in and across the region. The Indian government is consistently pushing the utilization of methanol as cooking fuel and as fuel in automobiles to promote sustainable development with an eco-friendly environment. The European market is projected to log the highest growth during the forecast period due to the initiation of waste-to-methanol projects in order to reduce environmental degradation. For instance, USD 246 million was made as a capital investment by the Netherlands in order to convert around 360,000 tons of waste into green methanol. This initiative may provide significant growth opportunities for the methanol market in and across the region.
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 a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into 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.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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