The global Methanol Market size is projected to reach USD 38.98 billion by 2025, registering a 2.9% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Exceptional blending capacity and high octane rating of the product are the key factors driving the consumption of methanol as fuel.
Methanol, also known as methyl alcohol or wood alcohol, is a light, colorless, volatile, and flammable liquid with an odor similar to that of ethanol or drinking alcohol. It is one of the most extensively used industrial chemicals and acts as a precursor during the production of formaldehyde, acetic acid, Methyl Tert-Butyl Ether (MTBE), Dimethyl Ether (DME), biodiesels, olefins, and others.
Japan accounts for approximately 7% of the overall methanol production in Asia and relies on imports to meet the local demand, owing to the low in-house production capacity of the country. However, various Japan-based manufacturers, including Mitsubishi Gas Chemicals have been picking up pace in terms of production and are benefitting by stable market prices.
Increasing demand for acetic acid, formaldehyde, and DME are considered as the key drivers for the growth of the methanol Industry in Asia Pacific. In addition, the supply and demand of the product across Asia Pacific is projected to be stable during the forecast period, with slight turbulence caused by the U.S. and China trade war.
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The significant demand for methanol in North America is driven by a strong supply of the product to cater to the rising demand for MTBE, acetic acid, and formaldehyde. In 2018, the market was stable, backed by the steady supply of natural gas at low costs. Also, increasing biodiesel projects to be commissioned till 2021 is among the other prominent drivers fueling the regional demand for methanol in near future.
Further key findings from the report suggest:
- Methanol to Olefins (MTO) segment is anticipated to expand at a CAGR of 6.6%, in terms of revenue, from 2019 to 2025 as they are used in large quantities for the production of propylene and ethylene, used for producing synthetic rubber, synthetic plastic, pharmaceuticals, and textile dyes
- The U.S. methanol market is anticipated to reach 7,769.5 kilotons by 2025. Development of shale gas has encouraged manufacturers to step up their efforts to increase their production capacity
- Asia Pacific is expected to account for the largest market share in terms of volume as well as revenue, over the forecast period. Factors such as rising affordability and rapid industrialization in countries such as China, India, and Japan are expected to drive the regional demand
- Some of the key market participants are Zagros Petrochemical Company, BASF, Celanese Corporation, Mitsui & Co., Ltd, Saudi Arabia Basic Industries Corporation (SABIC), Methanex Corporation, Petroliam Nasional Berhad, and Valero Marketing & Supply Company
- Prominent market players engage in developing novel production technologies and expansion of their plant capacities to gain competitive advantage
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Key Topics Covered
Chapter 1 Methodology and Scope
1.1 Market segmentation & scope
1.2 Market definition
1.3 Information procurement
1.3.1 Purchased database
1.3.2 Gvr’s internal database
1.3.3 Secondary sources
1.3.4 Third party perspective
1.3.5 Primary research
1.4 Information analysis & data analysis models
Chapter 2 Market Summary
2.1 Methanol market – Industry summary & key buying criteria
Chapter 3 Methanol Market Trends: Industry Outlook
3.2 Key industry trends
3.2.1 Raw material trends
3.2.2 Technology trends
3.2.3 Application trends
3.2.4 Regulatory trends
3.3 Value chain analysis
3.3.1 Sales channel analysis
3.4 Market dynamics
3.4.1 Market driver analysis
18.104.22.168 Growing demand for biodiesel
22.214.171.124 Rising popularity of MTO process
3.4.2 Market restraint analysis
126.96.36.199 Health concerns due to exposure of methanol
3.4.3 Opportunity assessment
188.8.131.52 Increasing consumption of biodiesel in the maritime industry
184.108.40.206 Rising trend of fuel blending
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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