Methanol Market worth 54.16 Billion USD by 2021 | Key Players include Methanex Corporation, SABIC, PETRONAS, Mitsubishi Gas Chemical Company, and Mitsui & Co., Ltd.

According to recent research "Methanol Market by Feedstock (Natural Gas and Coal), Derivative (Formaldehyde, MTO/MTP, Gasoline, MTBE, and MMA), Sub-derivative (UF/PF Resins and Olefins), End-Use Industry (Construction, Automotive, and Electronics) and by Region - Global Trends & Forecasts to 2021", published by MarketsandMarkets™, The global methanol market is projected to reach USD 54.16 Billion by 2021, registering a CAGR of 12.4% between 2016 and 2021. This growth is fueled by the use of methanol as fuel in the automotive industry, increasing olefins production from methanol-to-olefin (MTO)/methanol-to-propylene (MTP) plants in China, and increasing petrochemicals demand, globally.

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Asia-Pacific is the leading market of methanol, in terms of value and volume, and this trend is projected to continue till 2021. The countries in this region such as China, India, Japan, and South Korea are witnessing a high growth in the use of methanol in automotive, construction, and solvents end-use industries. This growth is mainly due to the increasing demand for methanol in gasoline blending, high growth in MTO/MTP plants in China, and rising construction activities in Asia-Pacific, increasing expansions and joint ventures & agreements of key market players in the region. The demand of methanol is highly dependent on the increasing production of feedstocks, and growth in methanol production in China. Furthermore, rapid R&D activities on the use of methanol as an alternative fuel for vehicles also paving the way for the growth of methanol market in the region. China is the largest market and the fastest-growing market in the region. This trend is estimated to continue during the forecast period.

Joint ventures & agreements and expansions are some of the key strategies undertaken by key companies in the methanol market. These strategies have helped to enhance production and increase the demand for methanol in the Asia-Pacific region.

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The market for methanol is fragmented which includes different end-use industries. Rising demand for methanol from the automotive and construction industries and joint ventures done by the market players are paving the way for fulfilling the ever increasing demand from the end users. Besides joint ventures & agreements, companies adopted the strategy of expansions to expand their business. This strategy accounted for 42.9% of all developmental strategies adopted from 2011 to 2016. The key players have also invested in R&D as their growth strategy.

North America was the most active region from 2011 to 2016, in terms of strategic initiatives. Expansion was the most preferred strategy in this region. Methanex Corporation (Canada) made several expansions in the region to increase their market share and serve the customers better. The major manufacturers such as Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) among others are profiled in this report. These companies have adopted both organic and inorganic growth strategies such as joint ventures & agreements and expansions. Methanex Corporation (Canada) and Mitsui & Co., Ltd. (Japan) are the most active players in the methanol market. These companies witnessed the highest strategy adoptions, of the total market activities from 2011 to 2016 amongst other players in the methanol market.

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Methanex Corporation (Canada) is the most active player in the methanol market. It accounted for the largest share of all the developmental activities undertaken in the market. The company follows R&D investments, expansions, and joint ventures & agreements as the key growth strategies to enhance its presence in Asia-Pacific, Europe, the Middle East, and North America. Recently, the company started its methanol production plant with capacity of 1.0 million ton in Geismar, Louisiana. The plant was relocated from the Company's production site in Punta Arenas, Chile

Another company that has established a strong foothold in the methanol market is Mitsui & Co., Ltd. (Japan). The company is focused on both inorganic growth strategy and has enhanced its product portfolio with various developments such as joint ventures & agreements to meet the growing demand from its potential end users. Recently, the company had done a joint venture agreement with Celanese Corporation (U.S.), and started a new plant with annual production capacity of 1.3 million ton of methanol.

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