NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
methanol market size is estimated to grow by USD 6.3 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
over 3.32% during the forecast period. Rising demand for
formaldehyde and its derivatives is driving market
growth, with a trend towards increasing demand for
methanol in chemical industry. However, fluctuating methanol
prices poses a challenge. Key market players include BASF SE,
Celanese Corp., Chevron Corp., Coogee, ENERKEM Inc., Eni SpA, GNFC
Ltd., INEOS AG, LyondellBasell Industries N.V., Methanex Corp.,
Mitsubishi Gas Chemical Co. Inc., Mitsui and Co. Ltd., Oberon Fuels
Inc., OCI NV, PETRONAS Chemicals Group Berhad, Proman GmbH, Saudi
Arabian Oil Co., Simalin Chemical Industries Pvt. Ltd., Thermo
Fisher Scientific Inc., and Zagros Petrochemical Co..
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Methanol Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.32%
|
Market growth
2024-2028
|
USD 6.3
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.1
|
Regional
analysis
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 77%
|
Key
countries
|
China, South Korea,
Japan, US, and India
|
Key companies
profiled
|
BASF SE, Celanese
Corp., Chevron Corp., Coogee, ENERKEM Inc., Eni SpA, GNFC Ltd.,
INEOS AG, LyondellBasell Industries N.V., Methanex Corp.,
Mitsubishi Gas Chemical Co. Inc., Mitsui and Co. Ltd., Oberon Fuels
Inc., OCI NV, PETRONAS Chemicals Group Berhad, Proman GmbH, Saudi
Arabian Oil Co., Simalin Chemical Industries Pvt. Ltd., Thermo
Fisher Scientific Inc., and Zagros Petrochemical Co.
|
Market Driver
Methanol is a vital chemical feedstock in the industry, serving
as the foundation for producing various petrochemicals. These
include formaldehyde, acetic acid, and MTBE, which are essential in
creating plastics, adhesives, resins, solvents, and other important
products. The MTO process is increasingly used to generate olefins
like ethylene and propylene from methanol, which are crucial in
plastic manufacturing. Additionally, methanol is a primary
feedstock for producing DME, a clean-burning fuel alternative and
aerosol propellant. Formaldehyde, derived from methanol, is a key
chemical in construction, automotive, and healthcare industries for
resins, adhesives, and disinfectants. The escalating demand for
petrochemicals, olefins, and other chemicals across various sectors
is boosting the need for methanol as a crucial feedstock, fueling
the expansion of the global methanol market.
The Methanol Market is experiencing significant trends in
various sectors. In the transportation industry, methanol is
gaining popularity as a clean-burning fuel for methanol refuelling
infrastructure. MTBE, a methanol derivative, is used as an
oxygenate in gasoline. Methanol is also used as a feedstock for
producing biodiesel. In the chemical industry, methanol is used in
producing formaldehyde for building materials like insulation and
resins. Its high strength and resistance to water and heat make it
ideal for construction sector applications. Methanol is also used
as a solvent in various industries, including electronics,
pharmaceuticals, and appliances. Regulatory changes and natural gas
reserves have influenced methanol pricing and supply/demand
dynamics. Companies like Methanex Corporation, Petroliam, OCI,
Fairway Methanol, Mitsui, and WFS are key players in the global
methanol industry. The formaldehyde segment dominates the market,
but methanol's use as a fuel-grade ethanol and in marine
applications is growing. The Methanol Institute provides market
analysis and industry insights. Overall, the methanol market is
dynamic and evolving, driven by diverse end-use industries and
regulatory changes.
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Market Challenges
• Methanol is a
crucial chemical produced primarily from natural gas and coal
feedstocks. The price of methanol is directly linked to the
volatility of natural gas and coal prices, leading to unpredictable
production costs and market fluctuations. Demand and supply
imbalances, economic factors, energy policies, and technological
advancements influence methanol's price. Supply disruptions, such
as natural disasters or unplanned plant shutdowns, can also impact
methanol availability and prices. As a key feedstock for various
petrochemicals, methanol's price is often correlated with
downstream product prices. Environmental regulations and carbon
reduction initiatives may affect methanol demand and pricing.
Additionally, methanol's role as an alternative fuel and its
applications in renewable energy technologies are influenced by
evolving environmental policies. These factors are expected to
present challenges to the global methanol market during the
forecast period.
• The Methanol
Market faces challenges in various end-use industries such as
solvents, pharmaceuticals, appliances, packaging, insulation, and
derivatives like formaldehyde in the construction sector.
Methanol's adhesive qualities and high strength, resistance to
water and heat make it a preferred choice. However, methanol's
production is heavily reliant on petroleum and natural gas, making
it vulnerable to price volatility in the global methanol pricing
market. Key players in the global methanol industry include
Petroliam, OCI, MMSA, Methanol Institute, Fairway Methanol, Mitsui,
and WFS. Strategic partnerships, equity holdings, and methanol
facility expansions are common strategies to address methanol
supply and demand imbalances. Methanol's derivative, formaldehyde,
dominates the market in the construction sector. However, the
automotive industry's shift towards electric vehicles may impact
methanol demand. Carbon dioxide and hydrogen are potential
alternatives for methanol production, posing a threat to
traditional methanol production methods. Methanol Market Analysis
indicates that the market's dynamics are influenced by key
commercial terms such as methanol pricing, strategic partnerships,
and equity holdings. Companies are focusing on innovation to
address these challenges and maintain their market position.
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challenges - Request a sample report!
Segment Overview
This methanol market report extensively covers market
segmentation by
- Derivative Type
- 1.1 Formaldehyde
- 1.2 Gasoline
- 1.3 Acetic acid
- 1.4 DME
- 1.5 MTO/MTP and others
- End-user
- 2.1 Automotive
- 2.2 Construction
- 2.3 Paints and coatings
- 2.4 Electronics
- 2.5 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Formaldehyde- Methanol is a crucial chemical
with formaldehyde as one of its primary derivatives. Formaldehyde
is produced by oxidizing methanol and is extensively used in
various industries. In the construction sector, formaldehyde-based
resins like urea-formaldehyde, phenol-formaldehyde, and
melamine-formaldehyde are employed in manufacturing building
materials such as insulation foam, laminates, and fiberboards.
These materials find applications in flooring, wall panels, and
ceilings. The automotive industry utilizes formaldehyde-based
resins for producing interior components like dashboards, door
panels, and other trim parts. Formaldehyde is also used in its
liquid form, formalin, as a disinfectant and preservative in
embalming, medical equipment sterilization, and cosmetics. The
Asia-Pacific region is the largest
consumer of formaldehyde due to its extensive use in construction,
automotive, and furniture industries, particularly in countries
like China, India, and Southeast Asian nations. The
diverse applications of formaldehyde are anticipated to fuel the
demand for methanol, thereby driving the growth of the formaldehyde
segment of the global methanol market during the forecast
period.
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geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
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The global fuel cells market for the automotive industry is
experiencing significant growth due to increasing demand for clean
energy and advancements in fuel cell technology. Key players are
investing in research and development to enhance fuel efficiency
and reduce costs, propelling market expansion. The global acetic
acid market is driven by its widespread applications in industries
such as food and beverages, textiles, and chemicals. Growing demand
for acetic acid derivatives like vinyl acetate monomer and purified
terephthalic acid is boosting market growth, supported by rapid
industrialization and urbanization.
Research Analysis
The Methanol Market is a significant player in the global
chemical industry, with various applications ranging from fuel
production to building materials. Methanol is produced from natural
gas reserves through a process called methanol synthesis. It is
used as a raw material in the production of MTBE (Methyl Tertiary
Butyl Ether), a gasoline additive, and formaldehyde, used in
building materials and resins. Methanol is also used as a
fuel-grade ethanol in blends and as a clean-burning fuel in marine
applications. Regulatory changes and the shift towards cleaner
energy sources have boosted the demand for methanol as a fuel. The
global methanol industry is represented by organizations like the
Methanol Institute, which focuses on promoting the use of methanol
as a fuel and a chemical feedstock. The methanol market is
influenced by factors such as methanol pricing, supply and demand,
and regulatory frameworks. Methanol's energy density makes it an
attractive alternative to traditional fuels, and its versatility as
a chemical feedstock further enhances its value.
Market Research Overview
Methanol is a versatile and essential chemical with various
applications in industries such as building materials, electronics,
solvents, pharmaceuticals, and packaging. The global methanol
market is driven by the demand for derivatives like formaldehyde in
the construction sector, known for its adhesive qualities, high
strength, and resistance to water and heat. Methanol is also used
as a fuel-grade component in MTBE for gasoline and as a
clean-burning fuel in marine applications. Methanol production is
primarily derived from natural gas, with some production from coal
and biomass. Regulatory changes and the depletion of natural gas
reserves have led to fluctuations in methanol pricing and
supply/demand dynamics. The Methanol Institute and MMSA are key
organizations that provide industry insights and analysis. Methanol
is used as a feedstock in the production of formaldehyde, which
dominates the formaldehyde segment. Other end-use industries
include automotive, resins, and chemicals. Key commercial terms for
methanol include strategic partnerships, equity holding, and the
construction of methanol facilities. Carbon dioxide and hydrogen
are often used as by-products in the methanol production process.
Major methanol producers include Petroliam, OCI, Methanex
Corporation, Fairway Methanol, Mitsui, and WFS. The methanol market
is expected to grow due to increasing demand for clean-burning
fuels and the expansion of methanol refuelling infrastructure.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Derivative Type
-
- Formaldehyde
- Gasoline
- Acetic Acid
- DME
- MTO/MTP And Others
- End-user
-
- Automotive
- Construction
- Paints And Coatings
- Electronics
- Others
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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company. Their research and analysis focuses on emerging market
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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