Methanol is an alcoholic compound with a high octane rating and blending properties. It is in use as an alternative source of fuel in the transportation industry. Global Methanol Market Report collated by Market Research Future (MRFR) contains an accurate summary of the industry replete with growth enablers, challenges, and novel trends for the period of 2018 to 2023 (forecast period). The sudden outbreak of the COVID-19 pandemic and its impact has been included in the report.
Mitsubishi Gas Chemical Company Inc., Simalin Chemical Industries Limited, Valero Marketing and Supply Company, SABIC, Petroliam Nasional Berhad, Methanex Corporation, Mitsui & Co. Ltd, Celanese Corporation, Solventis, BASF SE, Zagros Petrochemical Company, and Sipchem are key players of the Global Methanol Market. Collaborations are likely to be witnessed over the forecast period due to companies expanding their footprint by establishing new units.
Global Methanol Market is driven due to need for fuel, cheap coal prices, and new investments. Its use in industries of packaging, paints, electronics, automotive, and construction can bode well for the market. Rapid industrialization in developing economies is also acting as a catalyst. Government initiatives to curb emission levels can augment the market size in the near future. Production of chemicals such as acetic acid, formaldehyde, and methyl derivatives such as dimethyl ether can spur the market demand.
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The market growth is dithered due to the high conversion cost of Methanol gas to liquid and shortage of technological breakthroughs in production.
Global Methanol Market has been segmented by Feedstock, Derivative and End-Use Industry.
Based on Feedstock, the market has been segmented into renewable resources, natural gas, oil, coal, and others.
Based on Derivative, the market has been segmented into methyl tert butyl ether, methyl methacrylate, dimethyl ether, methanol to olefins, formaldehyde, acetic acid, gasoline, solvents, and others.
Based on End-Use Industry, the market has been segmented into water treatment, electrical and electronics, transportation, pharmaceuticals, building and construction, packaging, paints and coatings, and others.
Based on Region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
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APAC accounted for the largest share of the Methanol Market in 2017 and is expected to continue its dominance during the forecast period. This growth can be attributed to the expansion plans of the automotive industry in developing nations of India and China on account of the rising demand for vehicles. Additionally, the new rollout of policies by the Indian government for commercializing the use of coal-based Methanol in heavy commercial vehicles such as trucks and buses instead of diesel can bode favorably for the market. Development of industrial parks in the states of Odisha, Jharkhand, Madhya Pradesh, Chhattisgarh, and Telangana for production of methanol will be lucrative for the industry over the forecast period.
North America is another prominent market for methanol due to its increasing use in water treatment facilities in the dentrification process as it helps in reducing the volume of hazardous effluents discharged. According to the Methanol Institute around 200 water treatment facilities in the US use Methanol in the dentrification process.
The Europe Methanol Market is set for a massive growth spurt owing to the extraction of natural gas. Heavy investments in waste-to-methanol projects to curb emission levels can augur favorably for the market. For instance, the Netherlands had infused USD 246 million for conversion of 360,000 tons of waste to 270 million liters of green methanol.
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