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Methanol Market to Exhibit 4.6% CAGR till 2027; Rising Usage in Marine Industry Worldwide to Augment Growth

July 30, 2020 | Chemicals & Materials

The global methanol market size is expected to reach USD 40.48 billion by 2027. It is expected to gain traction from its increasing usage in the marine industry instead of heavy fuel oils. Apart from that, the urgent need to reduce pollution is further surging the demand for methyl alcohol as it helps in reducing global warming and climate changes. Fortune Business Insights™ mentioned this information in a new report, titled, “Methanol Market Size, Share & COVID-19 Impact 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, 2020-2027. The report further states that the market stood at USD 28.50 billion in 2019. It is set to exhibit a CAGR of 4.6% during the forecast period between 2020 to 2027.


HELM AG Joins Hands with Proman & SCC to Develop New Company


In June 2018, SCC, Proman AG, and HELM AG announced that they would develop a joint venture called HELM Proman Methanol AG. This newly developed company will be a leading player in the methanol marketing industry. It will be based in Switzerland with two of its principal offices in Singapore and Houston.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552


Rising Demand for Fuel Bending Applications will Favor Growth


Methanol is considered to be a perfect precursor to several compounds and chemicals, such as insulation materials, adhesives, textiles, and plastics. Out of these, plastics play a crucial role in the automobile industry as they are capable of lowering the weight of the vehicles. They possess similar properties to metals and hence, are able to enhance the fuel efficiency.


Apart from that, methyl alcohol is experiencing high demand for fuel blending applications. Coupled with this, the increasing usage of adhesives in the manufacturing of consumer goods and furniture would contribute to the methanol market growth in the near future. However, the consumption or inhalation of this chemical may result in the accumulation of acid in blood, death, and blindness. This factor may hamper the market growth.


Key Players Focus on Expansion & Acquisition Strategies to Intensify Competition


The companies present in the global market are currently striving to gain a competitive edge by implementing acquisitions and expansion strategies. Some of them are also developing brand new methanol manufacturing plants in various countries across the globe to generate more sales.


Fortune Business Insights™ presents a list of all the companies operating in this market. They are as follows:



  • Methanex Corporation

  • HELM AG

  • Southern Chemical Corporation

  • SABIC

  • Mitsubishi Gas Chemical Company, Inc.

  • Zagros Petroleum

  • PETRONAS

  • Mitsui & Co., Ltd.

  • Celanese Corporation

  • BASF SE

  • Simalin Chemical Industries Pvt. Ltd.

  • Other Players


A Significant Industry Development-



  • April 2019: Celanese Corporation, a prominent chemical and specialty materials manufacturer declared its plan to expand its methanol production capacity. The second phase expansion plan was approved by the Fairway Methanol LLC. It will be done at the company’s acetyl intermediates manufacturing facility in Texas. The facility is a joint venture between the company and Mitsui & Co., Ltd. The latter is headquartered in Japan.


Further Report Findings-



  • In 2019, Asia Pacific generated USD 17.94 billion in terms of revenue. This growth is attributable to the expansion of the construction and automotive industries in this region.

  • North America is expected to exhibit significant growth owing to the rising production of green fuel and the adoption of fuel bending.

  • Based on derivatives, the acetic acid segment procured 5.4% in terms of this market share in 2019.


The market can be segmented in the following way:











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion) and Volume (Million ton)



Segmentation



By Feedstock



  • Natural Gas

  • Coal

  • Biomass & Renewables



By Derivatives



  • Formaldehyde

  • Acetic Acid

  • MTBE

  • DME

  • Gasoline Blending

  • Biodiesel

  • MTO/MTP

  • Solvent

  • Others



By Application



  • Construction

  • Automotive

  • Electronics

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe)

  • Asia-Pacific (China, Japan, India, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East& Africa (GCC and Rest of Middle East & Africa)



 

Global Methanol Market
  • PDF
  • 2019
  • 2016-2018
  • 220

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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