The global methanol market is set to grow astonishingly backed by the rising shift of the transportation industry towards methanol-powered vehicles. The main reason for this is that methyl alcohol reduces the emissions of carbon dioxide in the atmosphere. This information is given by Fortune Business Insights™ in a new report, titled, “Methanol Market Size, Share & Industry Analysis, By Feedstock (Natural Gas, Coal, Biomass & Renewables), By Derivative (Formaldehyde, Acetic Acid, MTBE, DME, Gasoline Blending, Biodiesel, MTO/MTP, Solvent, and Others), By Application (Construction, Automotive, Electronics, and Others) and Regional Forecast, 2025-2032" The global methanol market size was valued at USD 31.26 billion in 2023. It is projected to grow from USD 32.70 billion in 2024 to USD 46.32 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period.
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Segmentation Analysis:
Formaldehyde Segment to Grow Rapidly Fueled by Increasing Demand from Multiple Industries
Based on derivatives, the market is segregated into solvent, MTO/MTP, biodiesel, gasoline blending, DME, MTBE, acetic acid, formaldehyde, and others. Out of these, the acetic acid segment held 5.4% in terms of methanol market share in 2019. The formaldehyde segment is likely to be the largest throughout the forthcoming years owing to their high demand from a wide range of industries, such as textile, automobile, and construction.
Regional Analysis:
Rising Production of Green Fuels to Favor Growth in North America
Geographically, in 2019, Asia Pacific procured USD 17.94 billion in terms of revenue. It is anticipated to be the major contributor to the market growth backed by the persistent expansion of the construction and automotive industries. China is a significant consumer and manufacturer of methanol derivatives. North America, on the other hand, is set to exhibit high growth stoked by the rising fuel blending and the increasing production of green fuels in this region.
Drivers & Restraints:
High Demand from Automotive & Construction Industries to Aid Growth
Heavy fuels, namely, diesel and gasoline are considered to be the major causes of environmental pollution. They often result in global warming and rapid changes in climate. Hence, the fuel industry is inclining towards methanol-infused fuels to lower the severe climatic conditions. Methyl alcohol is also used extensively as a transportation fuel owing to its possession of multiple properties. When mixed with gasoline, it reduces the toxic emissions. Apart from that, its high demand from construction and automotive industries would also contribute to the methanol market growth in the coming years. However, the outbreak of the COVID-19 pandemic is expected to affect the market negatively as the manufacturers have shut down their plants temporarily.
Competitive Landscape:
Key Players Focus on Forming Joint Ventures with Others to Intensify Competition
The global market contains many companies, out of which, most of them are participating in acquisitions, mergers, and joint venture strategies. A few others are focusing more on expanding their production capacities to meet the high consumer demand.
Fortune Business Insights profiles some of the prominent companies operating in the Methanol Market. They are as follows:
- Methanex Corporation (Canada)
- HELM AG (Germany)
- Southern Chemical Corporation (U.S.)
- SABIC (Saudi Arabia)
- Mitsubishi Gas Chemical Company, Inc. (Japan)
- Zagros Petroleum(Iran)
- PETRONAS (Malaysia)
- Mitsui & Co., Ltd. (Japan)
- Celanese Corporation (U.S.)
- BASF SE (Germany)
- Simalin Chemical Industries Pvt. Ltd. (India)
- Other Players
Key Industry Development:
- September 2024- Methanex agreed to acquire OCI Global’s international methanol business for $2.05 billion, expanding its global presence.
- July 2024- Methanex’s Geismar 3 plant in Louisiana began production with a 1.8 million-tonne capacity and one of the industry’s lowest emission profiles.
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