The global methanol market size is expected to grow from USD 24.0 billion in 2020 to USD 26.6 billion by 2025, at a CAGR of 5.5% during the forecast period. Methanol are used across industries, such as Construction, Automotive, Electronics, Appliances, Paints & Coatings, Insulation, Pharmaceuticals, Packaging (PET bottles) and Solvents. In the methanol market, automotive is the key end-use industry owing to the wide applications of these methanol.
The use of methanol as a fuel in ships is growing in response to international regulatory changes and cost advantages relative to other fuels. Methanol is sulfur-free, has low emissions, is three to four times cheaper than marine distillate fuel, and has a higher score on the International Martine Organization’s (IMO) energy efficiency design index (EEDI) than LNG or diesel. It has emerged as an attractive and economically viable alternative fuel, as governments and stakeholders around the world are seeking to reduce their dependency on conventional fuels. Methanol is a clean-burning marine fuel that can cost-effectively meet the shipping industry’s increasingly stringent emissions regulations. Methanol is a cost-effective alternative as a marine fuel in terms of fuel storage and bunkering infrastructure costs. As it is in liquid form, only minor modifications are needed for the current bunkering infrastructure to handle methanol. Similarly, the cost to convert fuel vessels to run on methanol is significantly low compared to the conversions of alternate fuels. Owing to this, the use of methanol as a marine fuel is growing globally, and it is used in several projects and commercial activities around the world.
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The solvents end-use industry is expected to register the highest CAGR in the global methanol market
The solvents will continue to highest growing industry in the Methanol market. Due to the huge demand from the pharmaceutical, construction, and paints & coating end-use industries. Methanol is the most used solvent in the construction and paint & coating industries. Methanol is used as a laboratory solvent, which is useful for HPLC, UV/VIS spectroscopy, and LCMS due to its low UV cutoff.
APAC is expected to hold the largest market share in the global methanol market
Asia Pacific accounted for the largest share of the Methanol market in 2020. Factors such as the rapidly increasing consumption of methanol in the automotive, construction and phramacutical industries in countries such as China, Japan, India, South korea and Australia have led to an increased demand for Methanol in the Asia Pacific region.
Celanese Corporation (Texas), BASF SE (Germany), Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) are the leading methanol manufacturers, globally.
Celanese Corporation (Texas) is the largest player in the methanol market, globally. Celanese Corporation is one of the primary providers of chemical solutions and specialty materials used in various industries and consumer applications. The company has its presence across North America, Europe, and Asia, with 31 global production facilities and nine strategic affiliate production facilities. It advanced the expansion of the Fairway Methanol production unit and progressed the global acetic acid reconfiguration for high return projects that are expected to deliver over USD 100 million of annual productivity savings when complete.
BASF SE (Germany) is the second-largest player of the methanol market, globally. BASF SE has 396 facilities worldwide, which indicates its strong geographic footprint. Research activities funded by the BASF Group promote the targeted development and enhancement of key technologies and the establishment of new business areas. Research areas are determined based on strategic relevance for BASF, above and beyond existing business areas. BASF has well-diversified operations that mitigate risks associated with overdependence on a single or a few segments. The chemicals segment comprises the company’s business with the necessary chemicals and intermediates. Its portfolio of products includes plasticizers, solvents, glues, alkylene oxides, caustic soda, urea, impregnating resins, neopentylglycol, propionic acids, and formic acids.
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