Global Methanol Market to Boost in Coming Years – Projected to Reach worth USD 39,634.1 Million in 2028
Published | 25 March 2022
The growth of the methanol market can be primarily attributed to the rising demand for methanol-based fuel. Being a clean fuel, methanol is preferred over conventional gasoline fuel to reduce harmful emissions such as nitrogen oxides, carbon monoxide, and hydrocarbon emissions…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global Methanol market was worth USD 30,654.6 Million in 2021 and is anticipated to reach USD 39,634.1 Million by 2028 at a CAGR of 3.9%. The expansion in the methanol market can be primarily attributed to burgeoning demand from numerous end-use industries, including the automotive industry, electrical & electronics industry, construction industry, products industry, among others. Additionally, methanol is employed in manufacturing Dimethyl ether (DME) and Methyl tert-butyl ether (MTBE), which are safer alternatives to traditional gasoline. It also includes a crucial element of biodiesel and is utilized in internal combustion engines, these factors ultimately gearing up the growth of the global methanol market during the forecast period 2022-2028.
Burgeoning Demand By Various End-Use Industries Driving The Global Methanol Market Growth
Various derivatives of methanol find a varied range of applications across different sectors. For instance- the combination of formaldehyde with different compounds forms different products like phenol, urea, melamine-formaldehyde, methylene bis (4-phenyl isocyanate), polyacetal resins, pentaerythritol, hexamethylenetetramine (HMTA), and 1,4-butanediol (BDO). These products are then further used for the production of different products in various sectors, like construction (adhesives, carpet underlay, paints and coatings, wood panels, wood and ply adhesives, etc.), consumer products (cosmetics, paper towels, furniture, carpeting, cabinets, solvents, etc.), automotive (antifreeze, under bonnet components, components, brake pads, fuel system, etc.), and healthcare applications (hard gel capsule manufacturing, vaccine manufacturing, pharmaceutical research, and others). Such an extensive usage of methanol derivatives across varied industries worldwide is anticipated to propel the global demand for the product during the forecast period.
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Automotive Industry Likely To Grow With The Highest CAGR During Forecast Period Based on End-Use Industries.
The global methanol market is based on the end-use industry is segmented into construction, automotive, electronics, appliances, paints & coatings, insulation, and other end-use industries. Amidst the segmentation, though the construction sector accounted for the largest market share in 2021, the automotive is likely to register the highest CAGR throughout the forecast period. This is attributable to the skyrocketing demand for vehicles advancement and surging demand for consumer goods, including automobiles. Moreover, the prevailing preference for high-performance, high-cost methanol is driven by the motivation to enhance the health & environmental quality of life, and move to clean, alternative sources of manufacturing and construction.
Impact of COVID-19 on the Methanol Market
The COVID-19 pandemic negatively affected the global economy, making it hard to forecast the market's predictions due to the pandemic's uncertainties. The explosion revealed a number of challenges for several industries. Many uncertainties hampered the petrochemical market as most oil-producing countries were shut down due to the pandemic, while China, Saudi Arabia, and other major oil producers were severely damaged. The petrochemical sector is playing a key role in the production of a variety of products, including methanol. Nevertheless, due to the shutdown of these industries, the methanol market was highly impacted.
The Asia-Pacific Region Catered the Largest Market Share in The Global Methanol Market
In terms of regional analysis, the global Methanol market is fragmented into North America, Europe, The Asia Pacific, Latin America, The Middle East, and Africa. The Asia-Pacific region accounted for the major market share in 2021. In China, India, and Japan, the petrochemical sector is expanding, and methanol-based fuel is becoming more popular. China is the world's largest manufacturer of paints & coatings. Moreover, 20 million tonnes of coatings were produced in the country, accounting for about 25% of global coatings output. It now manufactures more than half of Asia-coatings Pacific's and is home to over 9000 paint firms, with local producers accounting for more than half of the domestic paint market. The production is anticipated to contribute to the need for multiple derivatives, such as acetic acid, formaldehyde, and MMA, and increase the demand for methanol. The Indian government is forcing methanol usage as a fuel in vehicles and cooking to foster endurable development with less environmental harm. Therefore, all the above factors drive the demand for methanol in the Asia Pacific region.
Competitive Landscape
The methanol market is a fragmented market with numerous players serving the market. The key players dominating the global Methanol market are BASF SE, PETRONAS, Celanese Corporation, HELM Proman Methanol AG, LyondellBasell Industries B.V, Metafrax Chemicals, Methanex Corporation, Mitsubishi Gas Chemical Company Inc, Mitsui & Co.Ltd., SABIC, SI Southern Chemical Corporation PCHEM, Simalin Chemical Industries Limited, OCI N.V., Zagros Petrochemical Company, Valero Marketing & Supply Company, Qatar Fuel, Additives Company Limited, Yanzhou Coal Mining Co., and other prominent players. The key marketing strategies adopted by the players are the introduction of new offers, new and advanced product launches, collaborations, partnerships, and acquisitions to expand their customer reach. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global methanol market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global methanol market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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