Methanol is a colorless, volatile, and flammable liquid with a distinctive odor. It is a light, flammable liquid that evaporates quickly, making it a popular choice for a variety of industrial uses and products. Methanol is a basic chemical building block used in a wide range of products, including solvents, antifreeze, fuel cells, plastics, paints, adhesives, and pharmaceuticals. Methanol’s primary use is as a feedstock to produce formaldehyde, acetic acid, and other chemicals. It also manufactures other products, including biodiesel fuel, methanol fuel cells, and methanol-based gasoline. Demand for methanol has steadily increased in recent years due to its wide range of uses and low cost. It is expected that this trend will continue in the future as new applications and technologies emerge.
The Methanol Market size is expected to grow from USD 30.7 billion in 2021 to USD 36.3 billion by 2026, at a CAGR of 3.4% during the forecast period. Methanol are used across industries, such as Construction, Automotive, Electronics, Appliances, Paints & Coatings, Insulation, Pharmaceuticals, Packaging (PET bottles) and Solvents. In the methanol market, automotive is the key end-use industry owing to the wide applications of this methanol.
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Coal is estimated to account for the fastest growth in the methanol feedstock segment from 2021 to 2026. Coal is a sustainable alternative raw material for large-scale methanol production which is one of the important reason for the increase in demand of coal as the feedstock of methanol.
Methanol-to-olefins/methanol-to-propylene (MTO/MTP) is estimated to account for the fastest growth in the methanol derivatives segment from 2021 to 2026. The growth is due to the rise in MTO/CTO plants in China to produce olefins through methanol, as the demand for olefins is growing in the petrochemical industry. The growing demand for methanol is highly attributed to its increasing demand in the automotive and construction end-use industries.
Olefins are estimated to account for the fastest growth in the methanol sub-derivatives segment from 2021 to 2026. The growth is due to the high demand for olefins in end-use industries such as the building and construction industry. The increase in the production of methanol and high feedstock Availability will increase the demand for methanol-based sub-derivatives such as olefins.
Due to the rising need for solvents across a variety of end-use sectors, including paints & coatings, medicines, and printing inks, the end-use market for solvents is anticipated to experience considerable expansion. Methanol consumption in the end-use sector for solvents is anticipated to increase in response to the increased demand for solvents from the printing inks industry for high-quality inks. The production of resins and other chemical intermediates also uses methanol as a solvent, which is anticipated to further fuel the expansion of the solvents end-use industry.
Asia Pacific accounted for the largest share of the Methanol market in 2021. Factors such as the rapidly increasing consumption of methanol in the automotive, construction, and pharmaceutical industries in countries such as China, Japan, India, South Korea, and Australia have increased demand for Methanol in the Asia Pacific region.
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Due to its lower emissions, methanol is being used more and more in new applications as there is growing interest in clean-burning fuels and regulatory reforms. Methanol is gaining popularity as a maritime fuel due to its favorable environmental effects, widespread availability, low cost, and successful and secure application. Methanol lowers emissions of particulate matter, nitrogen oxides, and sulfur oxides (SOx, NOx). The commercialization of methanol as a marine fuel for cruise ships, ferries, tug boats, and barges is currently supported by pilot programs. Methanex Corporation has teamed up with the Ministry of Transport’s China Waterborne Transportation Research Institute (CWTRI) in China to assess the technical and practical criteria for using methanol as a marine fuel. A burgeoning market for methanol as an alternative fuel is being created in China as a result of strict air quality emission restrictions in regions like Shandong and Beijing that are forcing the phase-out of coal-fueled industrial boilers and industrial kilns in favor of cleaner fuels. As a liquid fuel, methanol has a competitive fuel price and very minimal infrastructure investment requirements.
Leading methanol manufacturers are Methanex Corporation (Canada), HELM Proman Methanol Pte Ltd AG, SABIC (Saudi Arabia), Celanese, BASF SE, Methanex Corporation, Mitsubishi Gas Chemical America, Valero, Mitsui & Co., Ltd., US Methanol Corporation , Yanzhou Coal Mining Co., Ltd. , ZAGROS PETROCHEMICAL CO. Company (ZPC) and others.
