Methanol Market witnessing substantial growth, with a projected value of USD 66.2 billion at a CAGR of 5.83% | Market.us study
The Methanol Market’s expansion is driven by APAC, with China and India’s construction and automobile sectors playing a crucial role. The market has seen substantial growth owing to China’s position as a leading consumer and producer of derivatives.
New York, April 17, 2023 (GLOBE NEWSWIRE) — In 2022, the Global Methanol Market was valued at USD 39.2 billion. Between 2023 and 2032, this market is estimated to register the highest CAGR of 5.83%. It is expected to reach USD 66.2 billion in the forecast year of 2023-2032.
Methanol, also called methyl alcohol or even methyl hydrate, is the simplest alcohol. It is light, colorless, and volatile, with a distinctive alcoholic smell. Methanol can be used in many industrial sectors as a solvent or industrial fuel. It is also used extensively in paints and coatings, automotive, packaging pharmaceuticals, electronics, insulation, and other industries.
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- By Feedstock, the natural gas segment held the largest market share in 2022
- By Derivative, methanol-to-propylene is expected to grow at the highest rate of CAGR over the forecast period.
- By Application, During the forecast period, the construction industry is anticipated to hold the market’s largest share of methanol.
- Asia Pacific region dominated the methanol market with a 38.5% share in 2022.
The Methanol market has been growing in popularity because it is an alternative to ethanol. Methanol is cheaper to produce and has a lower risk of inflammability than gasoline-based fuels. Methanol is able to meet domestic fuel needs because it can be made from different feedstocks, such as coal and natural gas. Methanol can be blended with gasoline, which replaces harmful octane boosters.
Factors affecting the growth of the Methanol Market
Several factors can affect the growth of the Methanol Market. Some of these factors include:
- Increase in Automobile and Construction: The rising demand for methyl alcohol from the construction and automotive industries is expected to drive up the market globally.
- Growing Interest in Clean Energy: Growing interest in using methanol as a marine fuel because of its positive effects on the environment, availability, affordability, and ability to be used safely and successfully.
- Government Initiative: Government efforts to reduce the global carbon footprint and improve engine performance are driving the Methanol Market. Market growth is expected to be driven by government initiatives to reduce the global carbon footprint.
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Top Trends in Global Methanol Market
Heavy fuels like gasoline and diesel are the primary cause of environmental pollution all over the world, resulting in numerous climate shifts and global warming. It is anticipated that the effects of climate change will be significantly slowed down if the fuel industry switches to methanol and fuels containing it. The benefits of using methyl alcohol as a transportation fuel include the production of fuel from renewable feedstock and high-octane fuels that reduce toxic emissions when combined with gasoline. The transportation sector’s emissions of carbon dioxide would significantly decrease as a result of the product’s widespread adoption.
The construction and automotive industries’ rising demand for methyl alcohol is anticipated to drive up the global Methanol Market. A lot of chemicals and compounds, like adhesives, plastics, textiles, and materials for insulation, start with methyl alcohol. Plastics are an essential component of automobiles because they reduce the vehicle’s overall weight and boost its fuel economy. Plastics are utilized in development for all that from line to extend ropes. The rising demand for adhesives in the furniture and consumer goods industries will help the market.
The Methanol Market’s growth is dominated by APAC. The growth of the construction and automobile industries in China and India will contribute to the expansion of the market. Since China is a major consumer and manufacturer of derivatives, the market has grown significantly. The methanol market is expanding strongly in North America. This is because there is a demand for fueling applications like making green fuels and mixing fuels. The expanding petrochemical industry also helps the market. As a result, consumers will have a greater preference for environmentally friendly goods and a higher demand for European automobiles. Industrialization and increased construction activity are expected to cause growth in the Middle East, Africa, and Latin America. Indian officials are pushing for methanol use in automobiles and cooking fuel. This will promote sustainable development, as it is an environmentally friendly option.
The competitive landscape of the Methanol Market has also been examined in this report. Some of the major players include Methanex Corporation, HELM AG, Southern Chemical Corporation, SABIC, Mitsubishi Gas Chemical Company, Inc., Zagros Petroleum, PETRONAS, Mitsui & Co., Ltd., Celanese Corporation, BASF SE, Simalin Chemical Industries Pvt. Ltd., Other Key Players.
Recent Development of the Methanol Market
- Fairway Methanol LLC was established in March 2021 through a 50-50 partnership with Mitsui & Co., Ltd. Fairway Methanol LLC purchased and efficiently used CO2 emitted by nearby plants (up to 180,000 tonnes annually) and has since expanded its facilities.
- Methanex Corporation and Mitsui O.S.K. Lines (MOL), announced that they reached a Key Commercial Terms agreement for the purchase and sale of an equity holding in Methanex’s Waterfront Shipping subsidiary (WFS). This will also allow the formation of a strategic partner. MOL will buy a 40% minority share in WFS for USD 145 million. WFS will remain a key component of Methanex’s global supply chain capabilities. Methanex will hold the remaining 60% stake.
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Scope of the Report
|Market Value (2022)||USD 39.2 Billion|
|Market Size (2032)||USD 66.2 Billion|
|CAGR (from 2023 to 2032)||5.83%|
|Asia Pacific Revenue Share||38.5%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
During the forecast period, there will be an increase in the demand for methanol to make dimethyl ether and methyl tert-butyl ether (MTBE), as well as an increase in the use of methanol as a fuel in automobiles. The Methanol Market is being driven by government initiatives to improve engine performance and reduce the global carbon footprint. Government efforts to reduce the world’s carbon footprint are expected to drive Methanol Market expansion.
Methyl alcohol is used primarily as a solvent, fuel source, alternative, or pesticide. It is found in food, fruits, and the human body, other than in commercial production. Consuming alcohol that is contaminated might cause poisoning. Inhaling or consuming it can cause blindness, acid accumulation in the blood, and even death. Other health effects include nausea, vomiting, and heart and respiratory failure. These factors are likely to hinder the growth of the market for methyl alcohol.
Methanol is used to make biodiesel. A lot of people use biodiesel, a renewable fuel made from plant oils and animal fats. Methanol is used as a catalyst to make biodiesel. Methanol is also used to make light olefins, which are the building blocks of plastic, in the production of plastic products. The process of converting methanol into olefins is called “methanol-to-olefins.” Additionally, boats, automobiles, trucks, and other vehicles can be fueled with methanol. Due to its clean burning characteristics, methanol is a net carbon-neutral fuel, resulting in lower emissions of greenhouse gases. Methanol is a sustainable, clean fuel.
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Report Segmentation of the Methanol Market
The market is divided into natural gas, coal, biomass, and renewables based on feedstock. During the forecast period that was anticipated, the natural gas segment held the major market share. Natural gas is produced by partially oxidizing or steam reforming it into syngas, which can be used to produce methanol, as part of the production process. Due to its low production costs and high output, this segment dominates the market.
Formaldehyde, acetic acid, DME (motrolyte), MTBE, DME (diesel), gasoline blending (biodiesel), biodiesel (methanol-olefins)/methanol-to-propylene (MTO), solvent, and other derivatives can be used to divide the market. Over the forecast period, MTO/MTP is anticipated to expand at the highest rate of CAGR. Polyolefin, polyethylene, and polypropylene thermoplastics are made with methyl alcohol. These thermoplastics are popular in many industries, including automotive and construction, due to their versatility and other advantages. The rising demand for polyolefin from numerous end-use industries will drive this market.
The market can be divided into three categories those are construction, automotive, and electronics. During the forecast period, the construction sector is anticipated to hold the largest share of the market for methanol in terms of application. Products like adhesives, foams, plastics, plywood subfloors, and adhesives all make use of methanol. The construction industry makes extensive use of these products, so demand is expected to rise. The automotive market is expected to experience significant expansion over the forecast period as a result of rising demand for plastics and fuels containing methanol.
Methanol is an important source of a wide range of chemicals. These chemicals include formaldehyde, acetic acid, MTBE, methanethiol, and a variety of others. Methanol is in high demand all over the world due to the construction and automobile industries. Several compounds are produced from methanol as a source. Methanol and its derivatives are used to make plastics, adhesives, textiles, resins, and other goods.
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Based on Feedstock
- Natural Gas
Based on Derivative
- Acetic Acid
- Gasoline Blending
Based on Application
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Market Key Players:
Listed below are some of the most prominent Methanol industry players:
- Methanex Corporation
- HELM AG
- Southern Chemical Corporation
- Mitsubishi Gas Chemical Company, Inc.
- Zagros Petroleum
- Mitsui & Co., Ltd.
- Celanese Corporation
- BASF SE
- Simalin Chemical Industries Pvt. Ltd.
- Other Key Players
- Bio Methanol Market is likely to record a promising CAGR of 36.2%, valued at USD 117.9 million by 2022 and to reach USD 2566.60 million by 2032.
- Renewable methanol market size was estimated at USD 622.26 million in 2022 and is expected to reach USD 1.05 billion in 2023.
- Automotive fuel cell system market was valued at around USD 1.8 billion in 2021, and it is expected to reach USD 14.2 billion by 2027, registering a CAGR of 40.06% during the forecast period.
- Biofuels Market revenue was USD 120.4 billion, this market is estimated to register at a CAGR of 8.9%.
- Catalyst market was valued at USD 24.4 Bn in 2022, and it is expected to grow to USD 36.4 Bn in the forecast period 2023-2032 with an anticipated CAGR of 4.2%.
- Lysine market was worth USD 7,362.9 million in 2022. It is projected to grow at 6.4% CAGR over the forecast period. The projected market size will be USD 13,691.9 Million resp.
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