Methanol is a colorless, extremely flammable, poisonous, and volatile liquid with the chemical formula CH3OH. It is the most basic alcohol, consisting of one carbon atom, three hydrogen atoms, and one oxygen atom. Methanol is also known as wood alcohol since it was initially manufactured by the destructive distillation of wood. Methanol is a common solvent, fuel, and feedstock for the synthesis of compounds such as formaldehyde, acetic acid, and methyl tert-butyl ether (MTBE). It is also employed as a denaturant for ethanol, rendering it unfit for human consumption, and as an antifreeze in cooling systems for automobiles and other uses. 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.
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Coal is a significant methanol producer, accounting for up to 40% of global methanol output. The usage of coal as a feedstock in the methanol market has increased dramatically in recent years. This is largely due to increased natural gas prices and the availability of low-cost coal. Coal-to-methanol (CTM) technology is also gaining popularity since it enables for the manufacture of methanol from cheap coal fuel while maintaining a reasonably high conversion efficiency. Furthermore, CTM technology’s better environmental performance has made it an appealing alternative to existing methanol manufacturing procedures. As a result, coal is projected to remain an important feedstock for the methanol market in the coming years.
MTO (Methanol-to-Olefins) and MTP (Methanol-to-Propylene) are processes that use methanol to create olefins and propylene, respectively. Catalytic conversion of methanol to a mixture of olefins or propylene and other byproducts, which can subsequently be isolated and purified, is involved in these processes. In recent years, the demand for olefins and propylene, which are essential building blocks in the creation of plastics, fibres, and other chemicals, has been gradually increasing. MTO and MTP provide an alternate method for producing these compounds from methanol, which is a low-cost feedstock.
Olefins sub-derivatives are predicted to expand at the fastest CAGR. This expansion is mostly due to rising demand for plastic products such as films and bottles in a variety of end-use sectors. Furthermore, rising demand for olefins as a feedstock in the production of detergents, paints, and other products is expected to boost market expansion. Furthermore, rising demand from the transportation sector due to their use as gasoline additives is likely to boost the market growth.
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The solvent end-use industries are predicted to be the primary drivers of growth in the global methanol market. This is mostly owing to increased demand for solvents from a variety of industries, including pharmaceuticals, paints, coatings, inks, adhesives, and cleaning agents. Because of its low toxicity, low cost, and low volatility, methanol is employed as a solvent in several sectors. It is also utilized as a feedstock in the manufacture of formaldehyde, acetic acid, and methyl tert-butyl ether (MTBE). During the projected period, the increasing demand for solvents from the aforementioned industries is expected to boost the worldwide methanol market.
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.
