Large number of application areas is fueling the market for...

Large number of application areas is fueling the market for methanol

Posted 2022-11-04 10:34:53

The global methanol market is likely to showcase a growth of around 4% during the forecast period. The large investment in the construction sector to boost and improve the infrastructure projects coupled with growing urbanization is propelling the construction activities. This, in turn, increases the demand for construction and building materials, as a result, increases the demand for methanol derivatives, and so does the demand for methanol.

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The global methanol market is rising owing to its large and increasing demand from methanol derivatives producers due to the rising market of appliances, automotive, construction, electronics, fuel, paint, pharmaceutical, and marine. The aforementioned industries and demand are increasing owing to rising consumer disposable income, growing population, and increasing government investment to improve the infrastructure in order to boost the economic growth. With the growth in these sectors, the demand for chemical products like formaldehyde, acetic acid, and MTBE among others is increasing, thus increasing the consumption of methanol. Additionally, several companies are manufacturing products that can run on methanol fuels. For instance, Thermax Ltd. has developed a 5 KW methanol-based reformer on a Direct Methanol Fuel Cell (DMFC). This module is being tested to replace DG sets in mobile towers. These factors are likely to propel the market of methanol.

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Based on feedstock, the market is categorized into natural gas, coal, and others. Among these, natural gas has a prominent share in the methanol market. This can be mainly attributable to the large use of natural gas to produce methanol due to the abundance of natural gas globally and it also results in low-cost methanol production.

Based on derivatives, the market is categorized into formaldehyde, acetic acid, MTBE, MMA, DMT, methanethiol, methylamines, methyl chloride, gasoline blending & combustion, biodiesel, DME, fuel cells, methanol-to-olefins, and others. Among these, formaldehyde has a considerable share in the methanol market. Formaldehyde is an important raw material in the production of a wide range of products like particleboard, plywood, and fiberboard; glues and adhesives; permanent-press fabrics; paper product coatings; and certain insulation materials. Further, it is used in the production of food, paints & coatings, and disinfectants. Therefore, with rising construction activities in the region demand for the aforementioned products would also increase, thus increasing the consumption of formaldehyde.

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For a better understanding of the market adoption of methanol, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase substantial growth during the forecast period. This is mainly ascribed to the large base of the chemical industry. The region is the largest producer of chemicals across the globe. This has helped the region to capture a prominent position in the market.

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Global Methanol Market Segmentation

Market Insight, by Feedstock

• Coal

• Natural Gas

• Others

Market Insight, by Derivatives

• Formaldehyde

• Acetic Acid

• Methyl Tert-Butyl Ether (MTBE)

• Methyl Methacrylate (MMA)

• Dimethyl Terephthalate (DMT)