Methanol Market Size to Reach USD 34.05 Billion by 2028 | Rising Methanol Demand for Chemicals Industry in Asia Pacific According to Brandessence Market Research

LONDON, Oct. 13, 2022 /PRNewswire/ -- The Global Methanol Market was valued USD 26.58 Billion in 2021 and is all set to surpass USD 34.05 Billion by 2028, exhibiting a CAGR of 3.60% during the forecast period 2022-2028.

Methanol Market: Market Scope

The global methanol market is going to see a significant growth in its market share in the coming years as it has been on a growth trajectory for a very long time. This will further mean that the automotive sector is going to drive the market growth considerably. The market is going to see growth with the upscale in the production happening in the automotive sector.

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Methanol Market: Competitive Analysis 

Methanex Corporation, HELM Proman Methanol AG, SABIC, Yanzhou Coal Mining Co., Zagros Petrochemical Company, Celanese Corporation, BASF SE, PETRONAS, Mitsubishi Gas Chemical Company Inc., Mitsui & Co., Ltd., LyondellBasell Industries B.V., OCI N.V., Metafrax Chemicals, SIPCHEM are among the key players leading the market. The key to their business currently is keeping up with the regulations related to the environment and coming up with ways to create products that are sustainable.

Other Key Players:

• Valero
• Methanol Holdings (Trinidad) Limited
• Others

Methanol Market: Segmentation Analysis

On the basis of feedstock, the natural gas segment is going to lead the methanol market and is going to grow at a good rate. The increase in the demand for the natural gas as the feedstock from the end-use industries like the construction, electronics, automotive, pharma, solvents, packaging, appliances and insulation is going to propel the market growth.

On the basis of the derivative, it is the formaldehyde segment which is going to account for the biggest share in the market in the coming years. The resins which are manufactured with the use of formaldehyde are used largely in the manufacturing of glues for the use in the plywood, particle board, furniture and other production in the industry of construction. The growth in the construction sector in the developing economies is going to see an increase in the demand for the formaldehyde from methanol.

On the basis of sub-derivatives, it was the UF/PF resins which accounted for the biggest share of the methanol market. The growth of the furniture industry is going to drive the market for the resins of the UF. There is a rise in the demand for the wood panels and the plywood which is increasing the demand for the UF resins. The PF resins are used widely in the applications of high technology of the aerospace and electronics. There is an excessive use of the UP/PF resins in many applications and that has considerably increased the demand it has as a sub-derivative of the methanol.

On the basis of the end-use industries, it is the automotive segment which has been accounting for the largest share of the market in the last few years. This is because of the increase in the demand for the development of vehicles and the demand mounting in the consumer goods like the automobiles. There is an increase in the preference of the high-cost, high-performance methanol which is driving the need as it improves quality of life.

By Feedstock:

• Biomass & Renewables
• Coal
• Natural gas

By Derivatives:

• MTO/MTP
• Formaldehyde
• Solvent
• Acetic acid
• Biodiesel
• Others

By Sub-derivatives:

• Gasoline additives
• Acetate Esters
• Olefins
• Polyacetals
• UF/PF resins
• VAM
• MDI
• PTA,
• Fuels
• Acetic anhydride
• Others

By End-User:

• Construction
• Pharmaceuticals
• Electronics
• Paints & Coatings
• Automotive
• Others

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Methanol Market: Regional Analysis

Methanol market regional analysis suggests that the Asia Pacific region is going to be the biggest share in the market. The factors which increase the consumption rapidly in the automotive construction and the electronics industries such as India, Korea, Australia and China is driving the production.

Methanol Market: Key Drivers

Methanol growth is going to happen due to the demand for the petrochemicals as it is used at a large scale in the petrochemicals production. There is a growth in the emerging countries for the petrochemicals production where there is an application in the end-use industries like the automotive as well as construction industry which is the major force for driving the methanol market. Further, methanol is one of the forerunners for many chemical products and is referred to generally as the primary petrochemicals.

The production of the olefins from the methanol is becoming a big driver for growth in the industry of petrochemical. In the last two or three decades, methanol is being converted to olefins. In this process, the methanol is converted first into the DME and then it gets converted to the hydrocarbons. These hydrocarbons are then further converted into plastics with the by-product being water in large amounts. Ethylene as well as propylene are big feedstocks of polythene and polypropylene. The demand for ethylene is less than the demand for propylene.

The conventional technologies that are used in the olefins production processes are currently not working in the demand fulfillment. The MTO technologies which involve this product are most economical and also fulfil the requisite demand or olefins in this market. There are various plants of MTO in countries like China that use coal in the form of feedstock. This is because of the demand for plastic in the end-use industries.

Methanol Market: Key Trends

Methanol trends suggest that there is a growth in the interest recently in the clean-burning fuels and there are regulatory changes to that effect which play an important role in the encouragement of the new applications for methanol in the form of a fuel because of it having lower emission levels. The interest growth of methanol in the form of marine fuel due to its environmental benefits is huge and the cost effectiveness and safety of the product works in its favor quite a lot. The production cost gets influenced by the cost and availability of the raw materials including the natural gas and coal along with the capital costs, freight costs and the policies of the government. The methanol production which uses any source that is carbon based is one of the more capital-intensive processes.

These are players which must identify raw materials first for securing the uninterrupted and economical supply for the longest period. After the major research and development is ensured, the time required and the investments needed are then calculated at the pre-phase of every project. The plant construction further needs investments. The post phases like the maintenance and the installation of the technology in addition to the others further need a huge amount of capital. There are a few uncounted costs too like repairing which cause an escalation in costs. Further, there are challenges when it comes to the environment and also politics which are currently hindering the market when the product is used as fuel. 

On Special Requirement Methanol Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Methanol Market: Recent Developments

• WasteFuel Launched Methanol Module to Speed Up Waste-to-Green Fuel Production

On September 20th, 2022, WasteFuel, a California-based developer of bio-refineries focused on converting municipal solid waste into low-carbon fuels, launched the WasteFuel methanol module, A new technology that helps to significantly increase the utilization of organic waste to produce green methanol. Methanol has quickly emerged as the most cost-effective fossil fuel alternative for shipping companies worldwide. Major shipping companies like Maersk, CMA CGM, COSCO, Stena Line, and Proman have committed to using methanol to power their ships.

• SGG has established an e-Methanol business in Australia.

On June 20th, 2022; E-methanol is part of an emerging class of e-fuels (also called Power-to-X) that are produced entirely from renewable energy and CO2 extracted from the air. Others include e-methane (synthetic natural gas or renewable methane) and e-kerosene (for aviation fuel). A major benefit of working with e-fuels is carbon neutrality. The CO2 released when they are used is completely offset by the CO2 extracted from the air to produce them.

• Indian Oil Launched Methanol-Blended Petrol on a Pilot Basis in Assam

On May 2nd, 2022; Indian Oil Corp (IOC) introduced M15 petrol, a 15 percent blend of methanol in petrol on a trial basis in Assam's Tinsukia district. Union Minister of State for Petroleum and Natural Gas Rameshwar Teli launched the M15 Petrol in the presence of NITI Aayog member VK Saraswat and IOC Chairman SM Vaidya. Teli said blending the fuel with methanol would provide relief from rising prices.

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