The global methanol market is expected grow at a significant rate during the forecast period, driven mainly by the increasing use of methanol (in the form of fuel and antifreeze agent) in the automotive industry. The methanol industry has experienced an explosive growth, primarily in China and the United States, owing to significant developments in shale gas.
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Increasing Use of Methanol in the Automotive Industry Driving the Market
Methanol is used directly as an affordable transportation fuel for automobile engines due to its efficient combustion, ease of distribution, and easy availability. It is also used as an antifreeze agent for automobile radiators. Moreover, it can be blended with gasoline to generate a fuel that is efficient and can boost octane number with lower emissions when compared to conventional gasoline. Methanol gasoline blends have widespread use in China and have been introduced in several countries outside of China as well.
Acetic Acid Dominating the Market
Acetic acid is the main feedstock to manufacture vinyl acetate monomer, which was at the forefront in terms of volumetric consumption in 2017. It is mainly driven by the growing demand for polyvinyl acetates and vinyl alcohols, which, in turn, are accelerating the demand for acetic acid. Acetic acid is a key building block to manufacturing various chemicals, such as vinyl acetate monomer (VAM), purified terephthalic acid (PTA), acetate esters, and acetic anhydride, which are further used by a wide range of end-user industries, such as synthetic fibers, textiles, inks, and pesticides. It is used in many applications, such as vinyl acetate monomer, purified terephthalic acid, acetate esters, acetic anhydride, and others. Vinyl acetate monomer (VAM) was the largest application segment for the market accounting for over 34% of the global acetic acid consumption in 2017. The acetate esters segment is expected to be the strongest growth segment of the market, primarily driven by the growing demand from the coatings industry.
Asia-Pacific Dominating the Methanol Market
Asia-Pacific is the leading and fastest growing market for methanol, in terms of value and volume, and this trend is expected to continue till 2023. China is the largest and fastest growing market in the region. The demand for methanol is highly dependent on the increasing production of feedstock and growth in methanol production in China. Furthermore, rapid R&D in the use of methanol as an alternative fuel for vehicles is also paving the way for the growth of its market in the region.
Major Players: BASF, SABIC, and Methanex Corp, amongst others.
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Atlantic Methanol Production Co., BASF SE , BP Global, Celanese Corp., Clariant, Coogee Chemicals, Enerkem , Eni S.p.A. (ECOFUEL), Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC), Haldor Topsoe, Methanex Corp. , Methanol Holdings (Trinidad) Ltd., Mitsubishi Gas Chemical Co., Inc., Mitsui & Co., Ltd. , Oberon Fuels, OCI N.V., Petroliam Nasional Berhad (PETRONAS), SABIC , Valero Marketing and Supply Co., Zagros Petrochemical Co.
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Major points from Table of Contents:
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation and Analysis (Market size, Growth and forecast)
6. Regional Market Analysis (Market size, growth and forecast)
7. Competitive Landscape
8. Company Profiles (Overview, Financials**, Products & services, Recent Developments, and Analyst View)
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