Prominent names in the global methanol market include Celanese Corporation, SABIC, Mitsui Chemicals Inc., Methanex Corporation, BASF SE, and Mitsubishi Chemical Holdings Corporation. Leading companies in this market are investing substantially in research and development to devise efficient and cost-effective techniques to produce methanol. This will help boost the production of methanol to serve the demand for the rising applications of methanol. Joint ventures and strategic alliances are some other growth strategies adopted by leading vendors in the global methanol market.
A report by Transparency Market Research projects the global methanol market to rise at a CAGR of 5.4% for the forecast period between 2017 and 2026. At this pace, the global methanol market is likely to become worth US$131,344.3 mn by the end of 2026.
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global methanol marketIn terms of end use, the formaldehyde segment is likely to witness substantial demand in the global methanol market over the forecast period between 2017 and 2026. Among the key segments based on feedstock type, natural gas is likely to witness the leading growth vis-à-vis volume. Asia Pacific except Japan is anticipated to continue to remain the most lucrative market for methanol during the forecast period between 2017 and 2026. The growth of this market is attributed to the growing demand for methanol and its derivatives in several industry sectors such as automotive, textile, construction, and furniture.
The application of methanol and its derivatives in construction and automotive sector has increased significantly over the past few years. Methanol can be blended with gasoline and thus finds application in internal combustion engine of vehicles as well as aircrafts. Some other applications of methanol include anti-freezing agent in the cooling mechanism of cars, windshield water fuel, and for trans-esterification stage in the manufacture of biodiesel. Methanol is increasingly finding application in paints and adhesives.
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Apart from this, the extensive application of formaldehyde across several industry sectors such as automotive, construction, pesticides and fertilizers, paints and coatings, and furniture is a key factor acting in favor of the methanol market. Formaldehyde is used in the manufacture of amino resins, as resins based on formaldehyde display phenomenal moisture resistance and adhesive strength. Formaldehyde also finds application in fuel production as it is a cheaper alternative to oil, which is indirectly stoking the demand for methanol.
The vast resources of natural gas in regions such as North America, Latin America, and the Middle East and Africa are aiding the production of methanol. Natural gas is a one of the key feedstock used in the production of methanol. Unconventional supply of natural gas along with its economical cost factor is leading towards its adoption as feedstock for methanol.
On the flip side, high cost involved in the conversion of methane into liquid is limiting the applications of methanol. This is holding back the growth of the global methanol market to some extent. Meanwhile, rising demand for biofuels and environment conservation policies that are aimed to control emissions is leading to the rising applications of methanol across various industries. The rising demand for bio-diesels such as methane that is environment friendly and is less detrimental to the environment as compared to its synthetic counterparts is also acting in favor of the methanol market.
The review presented is based on the findings of a TMR report, titled “Methanol Market (Feedstock Type– Natural Gas, Coal, Others Feedstock; End Use – Formaldehyde, Acetic Acid, MTBE, MMA, Gasoline Blending, Biodiesel, Dimethyl Ether, MTO/MTP, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”
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