According to the report “Asia Methanol Market – By Application (Formaldehyde, Acetic Acid, MTBE, DME, MTO, Gasoline Blending & Combustion and Others); By Geography( China, Japan, South Korea, Taiwan, Malaysia, India and Others) – With Forecast (2015 – 2020)”, published by IndustryARC, the asia methanol market is estimated to reach $31.6 Billion by 2020 at a high CAGR.
Browse 33 Market Tables, 31 Figures spread through 105 slides and an in-depth TOC on “Methanol Market in Asia”
The Asia methanol market in 2014 was $20.7 billion, dominated by China accounting for 81% market share in terms of revenue. China is the most encouraging market for methanol market owing to the increasing demand from end applications. China, among all the countries is the promising market with rising demand from Methanol-to-Olefins (MTO) and acetic acid applications.
In 2014, China is the largest methanol producer in Asia with more than 450 Methanol plants with more than 57.1 million metric tons capacity. China majorly exports its methanol to Indonesia, South Korea, Malaysia and Thailand. The country imports most of the methanol from the Iran, Saudi Arabia and Oman due to availability of methanol at low cost.
Methanol is used as alternative fuel due to its low cost and easy to manufacture. Though China has many methanol plants, the methanol production in domestic market is unable to meet the market and is depending on the imports. High demand for gasoline blends, formaldehyde and MTO is driving the demand for methanol in China.
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Japan Has No Domestic Production Because Of Less Reasonable Feedstock In Terms Of Price.
Japan imports methanol mainly from Saudi Arabia and New Zealand among which more than half of the demand is met from the Saudi Arabia. Major applications for methanol in South Korea are formaldehyde, acetic acid and MTBE. Increased storage operations by Methanex had increased the imports of methanol in South Korea. In Taiwan, methanol derivative manufacturers directly deal with the methanol importer instead of third party concern. Chang Chun and Lee Chang Yung Chemical Industry Corporation (LCYCIC) are the major producers of formaldehyde in Taiwan with downstream applications such as UF resin, paraformaldehyde and others. Acetic acid and formaldehyde applications had the major share in 2014 for Taiwan methanol market.
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The Major Players in Asia Methanol Market Include:
- Petroliam Nasional Berhad
- Methanex Corporation
- China National Offshore Oil Corporation
- Sinopec Group
The various applications studied in the report from methanol market perspective include:
- Acetic Acid
- Gasoline Blending & Combustion
The overall market is also presented from the perspective of key countries such as:
- South Korea
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