Growing demand for methanol-based bio-fuel is one of the significant factors influencing market growth.
The global Methanol Market is expected to reach USD 30.74 Billion by 2028, according to a new report by Reports and Data. Methanol is used as an alternative fuel for transportation, owing to its ease of distribution and availability, and combustion-efficiency across the globe. It is a high octane fuel that allows effective performance in internal combustion (IC) engines. Engines optimized for methanol-fuel could deliver an energy-efficiency gain of around 50.0% over a standard gasoline engine in a light-duty automobile. Moreover, it can be used in IC engines as a substitute for diesel fuels. It has been found that Heavy-duty dual-fuel engines functioning on diesel and methanol fuels can enhance efficiency and substantially reduce emissions for buses, trucks, and off-road vehicles.
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Top Leading Players: SABIC, LyondellBasell Industries Holdings BV, Methanex Corporation, PETRONAS, Methanol Holdings Limited, BASF SE, Celanese Corporation, Mitsubishi Gas Chemical Company Inc., Mitsui & Co. Ltd., and Enerkem, among others.
Demand of Methanol:
Methanol, also known as wood alcohol, is a versatile chemical used in a wide range of industrial applications, including as a feedstock for chemical synthesis, a solvent, and a fuel. The demand for methanol has been growing steadily over the years due to several factors.
- Chemical production: Methanol is a key feedstock for the production of numerous chemicals such as formaldehyde, acetic acid, and olefins. As the demand for these chemicals increases, the demand for methanol also increases.
- Energy: Methanol is also used as a fuel for vehicles and in fuel cells. The demand for methanol as a fuel is increasing due to its clean-burning properties and potential to reduce greenhouse gas emissions.
- Construction: Methanol is used in the construction industry as a solvent for adhesives, coatings, and paint. The demand for methanol in this sector is expected to increase due to the growth of the construction industry worldwide.
- Emerging markets: As developing countries continue to grow their economies, the demand for methanol as a feedstock for chemicals and as a fuel is expected to increase.
- Plastic recycling: Methanol can be used to recycle plastics, which is becoming increasingly important as concerns about plastic waste and pollution grow.
Overall, the demand for methanol is expected to continue to increase in the coming years due to the above factors. However, the supply of methanol is also dependent on the availability of feedstocks such as natural gas, coal, and biomass, which could impact its growth. Additionally, there are environmental concerns associated with the production and use of methanol, which may affect its long-term demand.
Further key findings from the report suggest:
- By type, non-renewable methanol dominated the market in 2018 and is estimated to grow at a rate of 2.4% in the forecast period. Methanol is a vital and versatile chemical for the chemical industry, primarily used in the production of chemicals, including solvents and anti-freezes, additives for gasoline, or biodiesel production process.
- By feedstock, natural gas contributed to a larger market share in the forecast period and is likely to grow at a rate of 2.7% in the forecast period.
- By application, formaldehyde accounted for the largest market share in 2018 and is anticipated to witness a growth rate of 2.3% in the period 2019-2027. It is an essential used in plywood for home construction, window/door insulation for modern airliners, and fuel system components for automobiles. Formaldehyde offers superior utility for consumers in the form of consistent quality, extended use, and reliable performance & safety.
- By industry vertical, the automotive industry dominated the market in 2018 and is expected to witness a CAGR of 2.5% in the forecast period.
- The market in the Asia Pacific region held the largest market share in 2018 and is likely to experience a growth rate of 3.0% in the period 2019-2027. The market dominance of the APAC is attributed to the surging demand for methanol and its derivatives from the end-user industries in the region.
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The global Methanol market is segmented into:
Type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- No-Renewable Methanol
- Renewable Methanol
Feedstock Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Coal
- Natural Gas
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Formaldehyde
- Acetic Acid
- Methyl Tert-Butyl Ether (MTBE)
- Dimethyl Ether (DME)
- Fuel Blending
- Olefins
- Biodiesel
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Automotive
- Construction
- Electronics
- Paints & Coatings
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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