Methanol Market Generated Around $20 Billion Revenue in 2020, Globally says P&S Intelligence
NEW YORK, May 10, 2021 /PRNewswire/ -- The increasing usage of methanol as an alternative fuel in automobiles, to preserve the environment, and in the production of petrochemicals, such as dimethyl terephthalate (DMT), dimethyl ether (DME), formaldehyde, olefins, biodiesel, acetic acid, and solvents, will drive the global methanol market growth during 2021–2030, according to the market research study published by P&S Intelligence.
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However, the outbreak of the COVID-19 pandemic has led to a decline in the operations of the methanol market. Government-imposed lockdowns, to contain the spread of the coronavirus, had a negative impact on the automotive, chemical, and construction sectors. As these industries are the major consumers of methanol, their slowdown led to a tremendous decline in the demand for methanol. Moreover, border closures in 2020 disrupted the supply chain, which further decreased the consumption of the chemical.
The natural gas category, within the feedstock segment, will demonstrate the fastest growth in the methanol market during 2021–2030. As compared to other feedstocks, methanol production from natural gas is much easier and environment-friendly. Additionally, the production process is a thermodynamic and kinetic reaction that occurs at a low temperature and pressure.
Browse detailed report with COVID-19 impact analysis on Methanol Market Research Report: By Feedstock (Natural Gas, Coal, Coking Gas, Heavy Liquid), Application (Formaldehyde, Acetic Acid, Gasoline, MTO/MTP, MTBE/TAME, DMT, DME, MMA, Biodiesel, Solvent), Industry (Automotive, Construction, Chemical, Electronics, Paint & Coating, Pharmaceutical, Packaging) – Global Industry Trends Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/methanol-market
The industry segment of the methanol market is categorized into automotive, construction, chemical, electronics, paint & coating, pharmaceutical, packaging, and others. Among these, the automotive industry accounts for a significant market share due to the surging demand for automobiles across the world and soaring interest in cleaners fuels. Moreover, there is a high-volume consumption of formaldehyde resin, a derivative of methanol, in the production of the interior-molded components of vehicles, to enhance the fuel efficiency and reduce the weight.
The Asia-Pacific (APAC) methanol market will register the fastest growth in the coming years. This will be due to the expanding chemical and construction industries, which employ a large quantity of methanol. Moreover, the rising usage of methanol as biofuel in the automobile industry will boost the market growth in the region.
Key players in the global methanol market, such as Methanex Corporation, OCI N.V., QAFAC, BASF SE, OQ SAOC, LyondellBasell Acetyls LLC, Celanese Corporation, Mitsubishi Gas Chemical Company Inc., SABIC, and Petroliam Nasional Berhad (PETRONAS), are focusing on expanding their facilities to boost their production capacity.
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For instance, Fairway Methanol LLC was established as a joint venture between Celanese Corporation and Mitsui & Co. Ltd. in March 2021. Both these companies made equal investments in this firm to increase methanol production from carbon dioxide (CO2) and optimize the effective capacity of the existing plant.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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SOURCE P&S Intelligence
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