Methanol Market| Industry Shares, Opportunities, Development Status, Key Findings and Growth Forecast to 2023
Research Reports
Dec 29, 2020
Methanol is a flammable liquid produced using fossil fuels and renewable resources. It can be used as an alternative to fuel in the transportation industry due to its high octane rating and good blending properties. The global methanol market report by Market Research Future (MRFR) outlines the various drivers, restraints, opportunities, and trends for the market in the period between 2018 and 2023 (forecast period)
Market Scope
The global methanol market is poised to touch a high valuation due to the use of methanol as a fuel in the automotive industry. Massive demand for lightweight vehicles due to restrictions imposed on passenger and commercial cars can drive the market demand exponentially. The consumption of methanol in automobiles for improved performance and fuel efficiency can bode well for the market.
The building & construction industry can drive the market demand due to the use of adhesives for joining components. The use of methanol resins for the manufacture of engineered wood products and composites can bode well for the global methanol market. A rise in infrastructural projects coupled with modernization efforts undertaken to upgrade cities combined with high living standards and expendable income levels of consumers can contribute to market growth.
The increasing use of methanol in healthcare, plastics, and water treatment can widen the scope of the global methanol market till 2023.
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Segmentation
The global methanol market has been segmented by feedstock, derivative, and end-use industry.
By feedstock, the market has been segmented into natural gas, renewable resources, oil, coal, and others.
Based on derivative, the market has been segmented into acetic acid, formaldehyde, methanol to olefins, dimethyl ether, gasoline, solvents, methyl methacrylate, methyl tert butyl ether, and others. The formaldehyde segment accounted for the largest share in the global methanol market in 2017. This can be credited to the usage of formaldehyde in industries of personal care, cosmetics, healthcare, automotive, and building & construction.
Based on end-use industry, the market has been segmented into packaging, paints and coatings, transportation, building and construction, electrical and electronics, pharmaceuticals, water treatment, and others.
Regional Analysis
North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA) are regions the center of interest in the global methanol market.
APAC accounted for the largest market share in 2017 and will dominate during the forecast period. The burgeoning automotive industry in China and India due to its large production hubs and high demand for vehicles can drive the global methanol market demand. Efforts by government to commercialize fossil fuel based methanol as a fuel alternative can bode well for the market. Recently, the Indian government is planning to commercialize coal-derived methanol for trucks and buses due to cost-effectiveness. It has decided to allocate coal blocks to oil marketing companies for developing industrial parks in states of Telangana, Madhya Pradesh, Chattisgarh, Odisha, and Jharkhand.
North America can also be lucrative for the global methanol market due to the establishment of various water treatment facilities. The use of methanol in the denitrification process can lower the volume of harmful effluents discharged. There are close to 200 water treatment facilities in the U.S. widening the scope for the market.
Europe can exhibit a decent growth rate due to the large healthcare industry and the large expenditure on healthcare by nations in the region. While the MEA can register a decent growth rate during the forecast period due to packaging, building & construction, and automotive.
Competitive Outlook
Solventis, Sipchem, BASF SE, Mitsubishi Gas Chemical Company Inc., Methanex Corporation, SABIC, Petroliam Nasional Berhad, Simalin Chemical Industries Limited, Valero Marketing and Supply Company, Zagros Petrochemical Company, Mitsui & Co. Ltd, and Celanese Corporation are prominent players of the global methanol market.
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About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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