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(EstateNewsWire.com, April 30, 2024 ) The report "Methanol Market by Feedstock (Natural Gas, Coal), Derivative (Formaldehyde, MTO/MTP, Gasoline, MTBE, MMA, Acetic Acid, DME, Biodiesel), Sub-Derivative, End-use Industry (Automotive, Construction, Electronics), and Region - Global Forecasts to 2028" The global methanol market was valued at USD 30.9 billion in 2023 and is projected to reach USD 38.0 billion by 2028, growing at 4.2% cagr during the forecast period.
Browse in-depth TOC on "Methanol Market”
656 - Market Data Tables
60 - Figures
487 - Pages
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Based on feedstock, natural gas accounted for the largest market share of the overall market
The increasing demand for natural gas as a feedstock from end-use industries such as automotive, construction, electronics, solvents, pharmaceuticals, appliances, packaging, and insulation is propelling the growth of this market. As it provides the carbon and hydrogen necessary for the synthesis of methanol, natural gas is an essential feedstock for the manufacturing of methanol. It is an attractive option for large-scale methanol production since it is an abundant and affordable supply of hydrocarbons.
Based on derivative, the formaldehyde segment accounted for the largest market share of the overall market share
The growing construction sector in developing economies of Asia Pacific, South America, Africa, and some parts of Europe is expected to increase the demand for formaldehyde from methanol. The formaldehyde is important segment of the methanol value chain. Through the process of oxidation, formaldehyde can be produced from methanol. Formaldehyde is a crucial intermediate chemical that has numerous uses in the plastics, resins, textile, and pharmaceutical industries.
Based on the sub-derivative, the UF/PF resins segment accounted for the largest market share of the overall market
Excellent adhesive qualities, high strength, and resistance to water, heat, and chemicals are all characteristics of UF/PF resin. It is widely utilised in many different applications, such as coatings, adhesives, laminates, moulded products, and wood-based panels (such as particleboard, plywood, and MDF). The synthesis of UF/PF resin uses formaldehyde that is generated from methanol, highlighting the potential of methanol as a feedstock in the production of chemical goods with added value.
Based on end-use industries automotive segment accounted for the largest market share of the overall market
The growth in the automotive industry is due to the increasing demand for vehicle development and mounting demand for consumer goods such as automobiles. Methanol is added to petrol as an additive to boost performance and cut pollutants. Its oxygenating qualities improve combustion, lower carbon monoxide and hydrocarbon emissions, and lessen engine knock. Additionally, used for petrol antifreeze contain methanol.
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Asia Pacific accounted for the largest share of the Methanol market
China, Japan, India, South Korea and Australia have led to an increased demand for Methanol in the Asia Pacific region. Factors such as the rapidly increasing consumption of methanol in the construction, automotive and electronics industries has boosted the market growth. One of the important methanol user in the Asia Pacific region is India. The manufacturing of formaldehyde, acetic acid, and biodiesel in India is what predominantly drives the country's methanol usage. Methanol is widely used in India's chemical sector, particularly in the manufacture of resins and solvents.
Methanol Market Key Players
Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yankuang Energy Group Company Limited (China), Zagros Petrochemical Company (ZPC) (Iran), Celanese Corporation (Texas), BASF SE (Germany), and PETRONAS (Malaysia), Mitsubishi Gas Chemical Company Inc. (Japan), Mitsui & Co., Ltd. (Japan), LyondellBasell Industries B.V. (U.S), OCI N.V. (Netherlands), Metafrax Chemicals (Russia), SIPCHEM (Saudi Arabia) are among the key players leading the market.
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