The report “Asia Methanol Market – By Application (Formaldehyde, Acetic Acid, MTBE, DME, MTO, Gasoline Blending & Combustion and Others) and By Country (China, Japan, South Korea, Taiwan, India, Malaysia and Others- Forecast (2016 – 2022)”, published by IndustryARC, estimates that the market will grow at a furious pace, thanks to the rapid economic growth of India and China.
Methanol is light, colorless and considered as one of the most simplest alcohols in existence. The efforts undertaken by the methanol industry over the last few decades has led to the establishment of various uses such as a fuel, anitfreeze and as a vital component in biodiesel production. Methanol demand largely arises from the chemical industry, for producing chemicals, and the automotive industry, as fuel for certain vehicles. Methanol producers have witnessed a steady rise in demand from Asia owing to a significant rise in consumption for energy and chemical derivative purposes. Singapore is one of the major methanol suppliers whereas Thailand is a huge importer. Thus, the Asia Methanol Market is well-positioned to register a strong amount of growth during the forecast period of 2016-2022.
Scope & Regional Forecast of the Asia Methanol Market
During the 20th century, the Asia Methanol Market played a relatively small role when compared to its European and North American counterparts. But during the last decade, China and India’s rapid economic growth has led to major revolution in methanol pricing and demand. The vast coal reserves in the two Asian countries has led to a major rise in coal-based methanol.
The major growth drivers of the Asia Methanol Market are considered to be its usage as a fuel type in the automotive sector and the demand for chemicals. With climate change awareness spreading at a rapid pace, the focus of the public and governments has shifted to the tightening of emissions and manufacture of eco-friendly products. Such a huge change in priorities has prompted the Asia Methanol Market to pro-actively innovate and develop products that meet that the latest safeguards.
Segmentations & Key Players Involved in the Asia Methanol Market
The Asia Methanol Market can be broken down into various segmentations on the basis of –
Country: China, Japan, South Korea, Taiwan, India, Malaysia and Others.
Application: Formaldehyde, Acetic acid, Methanol-to-Olefins (MTO), Dimethyl ether (DME), Gasoline Blending & Combustion and Others.
Some of the key players involved in the Asia Methanol Market are as follows:
- Methanex Corporation
- Petroliam Nasional Berhad
- Sinopec Corp
- China National Offshore Oil Corporation
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