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WASHINGTON, Sept. 28, 2023 (GLOBE NEWSWIRE) — The Global Methanol Market accounted for USD 30.20 Billion in 2022 and is expected to have USD 41.72 Billion by 2030 at a CAGR of 4.1% over the forecast period of 2023-2030.
The methanol market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry’s difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for this market in-depth, such as increased investment requirements, developing technology, and new laws.
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Some of the major variables, according to Vantage Market Research, are expected to speed up the expansion of the methanol market over the forecast period. The rising need for methanol as a feedstock for different applications, such as formaldehyde, acetic acid, and methyl tertiary-butyl ether (MTBE), is one of the important reasons fueling the expansion of the methanol market. This is because methanol is a versatile molecule with a variety of applications in the building, automotive, and chemical manufacturing industries. Methanol is also becoming more and more in demand as a suitable alternative to petrol and diesel due to the increased desire for clean-burning fuel substitutes. The increased use of methanol in the manufacturing of biodiesel, a renewable and environmentally friendly fuel alternative, is another factor driving the growth of the methanol market.
By 2030, we predict that the industrial segment will represent more than 39% of all sales. Due to a rise in demand across a number of industries, including electronics, automotive, and construction. Methanol is used extensively in these expanding sectors as a fuel, feedstock for the manufacture of formaldehyde, olefins, and other chemicals, as well as a solvent. Additionally, the use of environmentally friendly fuels and procedures in several sectors has expanded the usage of methanol as a fossil fuel substitute.
The Asia-Pacific region leads the world market for methanol. The strong demand for methanol in China and the region’s growing interest in alternative fuels are two variables that are responsible for this. China is now the world’s largest user of methanol, and it is anticipated that this trend will continue. To lessen their reliance on fuels derived from oil, several nations in the Asia-Pacific area are investing in the manufacture of methanol, which adds to the region’s supremacy. The Asia-Pacific area has also become a favorite place for the manufacture of methanol due to the availability of numerous natural resources, including coal, natural gas, and biomass. Finally, a consistent market for methanol as a feedstock is created by the region’s sizable and expanding chemical sector.
Top Companies in the Global Methanol Market
- Methanex Corporation
- OCI NV
- Celanese Corporation
- Mitsui & Co., Ltd.
- Petroliam Nasional Berhad (PETRONAS)
- Mitsubishi Chemical Corporation
- China National Chemical Corporation (ChemChina)
- Zagros Petrochemical Co.
- Valero Marketing and Supply Company
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Growing demand for formaldehyde and Acetic Acid to Drive the Market:
Formaldehyde and acetic acid are produced using methanol and are applied in a broad range of products, such as paints, coatings, textiles, and polymers. Methanol production has increased as a result of the strong demand, and producers are investing in new facilities and technology to keep up with the rising demand. Growth in the market is also being fueled by the usage of methanol as an alternative fuel in the transportation sector. The demand for methanol is rising as methanol fuel cell technologies advance by providing a sustainable and economically feasible option for the transportation industry.
Increasing Demand for Methanol in the Automotive Industry to Promote Market Growth:
Popular Over the course of the forecast period, the methanol market is anticipated to increase as a result of the rising usage of methanol as fuel in the automotive sector. Methanol may be used in place of petrol and diesel fuel, and hybrid and other alternative fuel cars are increasingly using it. This is so because it is less expensive and pollutant-emitting than traditional fuels. In addition, methanol is used as a feedstock to make acetic acid and formaldehyde, which are used in a range of industries, including textiles and polymers. Government rules aimed at decreasing greenhouse gas emissions are another factor driving the demand for methanol in the automobile industry. Methanol is being used more often by automakers and other stakeholders because it may assist in lowering the carbon impact of automobiles.
Top Trends in the Global Methanol Market
- According to Vantage Market Research (VMR), the need for renewable methanol is one trend in the methanol industry. Sustainable resources, including biomass, trash, and carbon capture and utilization, are used to make renewable methanol. The demand for renewable methanol as a low-carbon fuel and feedstock for the chemical sector is anticipated to skyrocket as the focus on lowering carbon emissions and fulfilling the climate change objective intensifies. Additionally, because it contains more energy and a higher-octane rating than regular petrol, renewable methanol is a good alternative for supplying the rising need for biofuels. Overall, the demand for sustainable and environmentally favorable fossil fuel substitutes is what is driving the movement toward renewable methanol.
- The demand for methanol as a fuel for marine transportation is another trend that VMR anticipates will persist in the methanol market. Methanol is developing as a competitive alternative to conventional fossil fuels as more governments and shipping firms adopt renewable energy efforts to cut carbon emissions. Methanol-powered ships are more environmentally benign than those fueled by petroleum-based fuels since they emit much fewer greenhouse gases, sulfur oxides, and nitrogen oxides. Methanol is a desirable alternative for marine transport since it is affordable and easily accessible. As a consequence, it is anticipated that methanol consumption in the marine industry will keep growing during the ensuing years, propelling expansion in the market for methanol as a whole.
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Top Report Findings
- Based on Feedstock, natural gas, which is widely utilized to produce methanol, is the dominant category in this market. Natural gas is widely used as a feedstock because it offers a less expensive and more environmentally friendly option to coal and crude oil. Biomass, coal, and coke oven gas are additional sources of feedstock, but natural gas is the favored source due to its affordability and accessibility.
- Based on Derivatives, the dominant group in this market is formaldehyde, which is widely used in the production of textiles, plastics, and resins. The high reactivity and adaptability of formaldehyde in numerous sectors account for its dominance in this market. Acetic acid, dimethyl ether, and methylamines are a few more methanol derivatives; however, formaldehyde makes up the bulk of them.
- Based on Sub-Derivatives, methyl methacrylate, which is used to make polymethyl methacrylate (PMMA) or acrylic glass, is the dominant category in this market. Methyl methacrylate dominates this market because of the expanding use of PMMA in the building, automotive, and lighting sectors. Acetate, methyl chloride, and acrylonitrile are some further methanol sub-derivatives.
- Based on End-Users, the chemical industry, which uses methanol as a raw material or derivative for the production of various chemicals, is the dominant sector in this market. The substantial use of methanol in the production of polymers, fuels, solvents, and other chemical compounds accounts for the chemical industry’s dominance in the end-user’s category. The automobile, building, and electronics sectors are among more methanol end users.
Acetic Acid Category in the Methanol Market to Generate Over 47% Revenue
Vantage Market Research analyzed the market for Methanol to understand its recent situation and potential future growth factors. For better understanding, based on derivatives, the methanol market is categorized into: Formaldehyde, Acetic Acid, Gasoline, Methyl Tertiary Butyl Ether (MTBE), Dimethyl Ether (DME), Solvents, Others (including methylamines, methyl chloride, etc.)
By 2030, the acetic acid market sector will represent more than 47% of total sales, based on our projection, because acetic acid is increasingly used in the manufacturing of various chemicals, such as textiles, adhesives, and plastics. This category is expanding as a result of the rising demand for vinyl acetate monomer (VAM), a significant acetic acid derivative. Additionally, the growing demand for this category in the derivatives section of the methanol market is being fueled by the expanding usage of acetic acid in the pharmaceutical industry for the manufacture of drugs, solvents, and pesticides.
On the other hand, the demand for formaldehyde surged in 2022, accounting for the majority of sales, as it is frequently utilized as a preservative and disinfectant in sectors including healthcare, textiles, and wood processing. Formaldehyde is a main derivative of methanol. Additionally, it is utilized in the formation of polymers, resins, and other industrial compounds. Because of its adaptability, the formaldehyde category has a wide variety of uses and is thus highly sought after in a number of sectors. It has the largest market share in the methanol industry as a result due to a growth in its usage in bread goods. This is a result of its use in bread and other baked goods to stop mold growth and increase shelf life. The global expansion of Methanol in the food industry has also been facilitated by consumers choosing it as a natural preservative over conventional chemical additions.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Methanol Market Forecast Report (2023-2030).
Global Methanol Market Segmentation
- Natural Gas
- Municipal Waste
- Others (including carbon dioxide)
- Acetic Acid
- Methyl Tertiary Butyl Ether (MTBE)
- Dimethyl Ether (DME)
- Others (including methylamines, methyl chloride, etc.)
- Polyethylene Terephthalate (PET)
- Acetic Anhydride
- Dimethyl Terephthalate (DMT)
- Methyl Methacrylate (MMA)
- Others (including ethyl methacrylate, vinyl acetate, etc.)
- Paints and Coatings
- Others (including textiles, personal care, etc.)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
|Market Size in 2022||USD 32.1 Billion|
|Revenue Forecast by 2030||USD 43.68 Billion|
|CAGR||4.5% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Methanex Corporation, OCI NV, SABIC, Celanese Corporation, Mitsui & Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Mitsubishi Chemical Corporation, China National Chemical Corporation (ChemChina), Zagros Petrochemical Co., Valero Marketing and Supply Company|
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