New York, July 6. 2022 (GLOBE NEWSWIRE) — The global methanol market is expected to grow at a CAGR of 6% and reach a valuation of US$77.6 billion by the end of 2032. Market growth is attributed to growing demand for building and construction, automotive and transportation, and chemical companies.
Methanol is emerging as an alternative fuel for marine and manufacturing industries. Increased awareness of low-emission fuels and regulatory changes are driving new methanol applications as fuel. Methanol is added to fuel with the aim of reducing harmful gas emissions from vehicles. The growing trend towards carbon neutrality and sustainability has compelled companies to promote fuel blending. Rising fuel blending targets and increasing government initiatives to promote fuel blending are expected to benefit alternative fuels, including methanol, over the next few years.
Key insights from market research
- The formaldehyde segment is estimated to experience a CAGR of 6.9% over the assessment period (2022-2032).
- The chemical end-use industry is estimated to remain a lucrative segment in the methanol market and grows at a CAGR of 5.8% during the forecast period.
- The United States is expected to create an additional US$3.5 billion opportunity by 2032.
- In the commodities segment, natural gas is expected to grow at a CAGR of 6.2% over the decade.
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“Major companies are focusing their research and development efforts to develop and explore new applications of methanol, which is expected to open up new opportunities in the global methanol market,” says an analyst at Persistence Market Research.
The global methanol market has been identified as a fragmented industry due to a large number of players operating in this space. Some of the major market players included in the report are Celanese Corp, BASF SE, SABIC, METHANEX Corporation, Petroliam Nasional Berhad (PETRONAS), Zagros Petrochemical Company, Mitsui & Co. Ltd, Deepak Fertilizers and Petrochemicals Corporation Limited, MITSUBISHI GAS CHEMICAL COMPANY , INC., Gujarat Narmada Valley Fertilizers & Chemicals, Saudi International Petrochemical Company (Sipchem), Qatar Fuel Additives Company, Methanol Chemicals Company (Chemanol), BioMCN, Metafrax Group, PT. Kaltim Methanol Industri (KMI), Brunei Methanol Company Sdn. Bhd., UCP Chemicals AG, Anhui Ruibai New Material Co., Ltd. and Ningxia Baofeng Energy Group Co., Ltd.
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Several leading methanol manufacturers are developing new production plants or increasing the production capacity of existing plants to meet the growing demand for methanol and take advantage of the high market potential.
Due to growing demand from various end-use industries such as building & construction, automotive & transportation, chemicals, and many others, the methanol market is expected to grow rapidly in East Asia. East and Europe.
East Asia is expected to be the largest consumer of methanol. High production of methanol products in countries like China and Japan justifies the regional market share.
There is an increasing demand for various methanol derivatives at unprecedented rates across the world. Additionally, there is a strong growth in demand for various methanol derivatives and fuel blends in India.
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More valuable information about the offer
Persistence Market Research, a research and advisory firm, has released a new market research report on the global methanol market that contains industry analysis from 2017-2021 and opportunity assessment for 2022-2032.
The report provides in-depth analysis of the market across different segments i.e. raw material source (natural gas, coal and others), application (formaldehyde, alternative fuels, acetic acid, MTBE, methyl methacrylate, DMT, methanethiol , methylamine, methyl chloride, fuel cells, olefins and others), end-use industry (automotive and transportation, building and construction, chemicals, semiconductors and electronics, pharmaceuticals, packaging, textiles and others) and region . The report also provides supply and demand trends along with an overview of the parent market.
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