Methanol, also known as methyl alcohol or wood alcohol, is a colorless, flammable liquid with a chemical formula CH3OH. It’s the simplest form of alcohol and is used as a versatile industrial chemical, solvent, and fuel source. Methanol is produced primarily from natural gas or biomass through a chemical process. It has applications in various industries, including fuel blending, chemical synthesis, plastics production, and as a cleaner-burning alternative fuel. However, it is toxic and should be handled with care due to its potential health hazards.
The global methanol market is projected to grow from USD 30.9 billion in 2023 to USD 38.0 billion by 2028, at a CAGR of 4.2% from 2023 to 2028. The growth of the construction, automotive, and electronics industries plays a key role in driving the methanol market.
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Based on feedstock, the coal segment is projected to be the fastest-growing segment during 2023 to 2028. The growth of this segment can be attributed as coal is considered to be the sustainable alternative raw material for large-scale methanol production. Coal is widely used in the areas where there is less availability of natural gas.
Based on derivative, the MTO/MTP segment is projected to be the fastest-growing segment during 2023 to 2028. The methanol derivative market is classified into formaldehyde, acetic acid, gasoline, biodiesel, methanol-to-olefins/methanol-to-propylene (MTO/MTP), methyl methacrylate (MMA), methyl tert-butyl ether (MTBE), dimethyl ether (DME), among others. Due to high demand of plastics such as polyethylene and polypropylene, the demand of MTO is increasing in various countries such as China.
Based on sub-derivative, the olefins segment is projected to be the fastest-growing segment during 2023 to 2028. The demand for olefins is increasing due to the large-scale methanol production and high feedstock availability in various regions.
Based on end-use industries, the solvent segment is projected to be the fastest-growing segment during 2023 to 2028. This growth is due to the increasing demand for solvents in the pharmaceutical, construction, and paints & coatings industries.
Based on region, Asia Pacific is projected to be the fastest-growing market for methanol during the forecast period. The demand for methanol market is increasing due to the continuous rise in the production of methanol for fuel additives, construction, and automotive applications in the region The excessive growth and innovation along with the industry consolidations, are expected to increase the demand of methanol in the region.
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Companies such as Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yankuang Energy Group Company Limited (China), and Zagros Petrochemical Company (ZPC) (Iran) fall under the winners’ category. These are leading players in the methanol market, globally. These players have adopted the strategies of acquisition, agreement, investment, joint venture, merger, product launch, expansion, divestment, and partnership to fulfil the rising demand for methanol on the regional as well as global levels.
