Mar 23, 2022   SOURCE: BusinessWire

Global Methanol Market Forecast to 2028 - Growing Adoption of Methanol as Blended Fuel in Transportation Industry Presents Opportunities - ResearchAndMarkets.com

The "Methanol Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Derivative End-User Industry" report has been added to ResearchAndMarkets.com's offering.

The methanol market is projected to reach US$ 41,974.76 million by 2028 from US$ 28,114.27 million in 2021; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.

Methanol, also known as methyl alcohol, is the simplest from the long series of alcohols, prepared by directly combining carbon monoxide gas and hydrogen in the presence of a catalyst. Methanol is used in fabricating different products such as adhesives, paints and coatings, carpet underlay, wood panels, methanol, fuel system, components, brake pads, paper towels, cosmetics, carpeting, furniture, and cabinets.

Based on derivative, the global methanol market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO) / methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. The formaldehyde segment is anticipated to grow at the highest CAGR during the forecast period. Formaldehyde is a colorless poisonous gas synthesized through methanol oxidation. It is used as an antiseptic, disinfectant, and general-purpose chemical reagent in laboratory applications. Formaldehyde is also widely used in the pharmaceuticals industry in the production of vaccines, anti-infective drugs, and hard-gel capsules. Moreover, formaldehyde finds applications as a preservative in food, medicines, and cosmetics.

Based on geography, the market is segmented into North America, Europe, Asia Pacific, South and Central America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share of the market. Asia-Pacific is one of the major consumers of methanol due to the rise in petrochemicals production in the region. China is the global leader in methanol consumption owing to a sharp rise in the use of methanol in fuel products. The compound is used in the large-scale production of petrochemicals, and the rise in petrochemicals demand is propelling the methanol market growth in this region. Moreover, the use of petrochemicals in end-user industries, such as construction and automotive, is the primary factor driving the methanol market.

The ongoing COVID-19 pandemic has negatively influenced the growth of the methanol market owing to disruptions in construction activities and halt in expansion or new construction of plants and factories. Also, industries such as construction, paints and coating, electronics, and packaging have been affected by sudden disruptions in operational efficiencies and value chains due to the sudden shutdown of national and international boundaries for travel and trade. However, the growing demand for methanol products in the pharmaceuticals industry is anticipated to drive market growth in the coming years.

Reasons to Buy

  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global methanol market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Market Dynamics

Drivers

  • Increasing use of Methanol as Feedstock in Various Applications
  • Rising Application of Methanol in Construction Activities

Restraints

  • Detrimental Effect of Methanol on Human Health

Opportunities

  • Growing Adoption of Methanol as Blended Fuel in Transportation Industry

Future Trends

  • Rising Trend of Green Methanol

Companies Mentioned

  • Methanex Corporation
  • OCI N.V.
  • BASF SE
  • SABIC
  • Mitsubishi Gas Chemical Company, Inc.
  • HELM AG
  • Cleanse Corporation
  • Zagros Petrochemical Company
  • Mitsui & Co., LTD
  • Lyondellbasell Industries Holdings B.V

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