The Methanol Market to stroll through innovations at a CAGR of 5.9% from 2021 to 2031

Methanol is also known as wood alcohol, wood spirit, or methyl alcohol. It contains the methyl group linked with the hydroxy group. It is formerly manufactured by destructive distillation of wood, and is a primary alcohol. It is also considered as the building block for hundreds of everyday materials, including construction materials, paints, and plastics.

The methanol market is not a standalone industry but rather depends upon several end-use sectors. Growth of end-use industries directly impacts the growth of this market. Over the past few decades, growth of automotive, chemical, and construction industries has contributed significantly to the growth of the market.

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As a result of widespread lockdowns and transportation restrictions, the COVID-19 pandemic had a substantial effect on market growth in 2020. The crisis had a substantial impact on world economy due to lockdowns and suspension of critical businesses such as manufacturing and service industries. However, industrial activity and economic growth is projected to return back to desirable growth over the coming months and years. Methanol demand is anticipated to witness a certain rise owing to its high demand from various end-use industries.

Key Takeaways from Market Study

Global demand for methanol is forecasted to reach a value of US$ 60.4 Bn by the end of 2031.
China is anticipated to remain one of the key markets for methanol, accounting for around 47.9% share in 2021.
The formaldehyde segment is anticipated to witness a CAGR of 6.7% over the decade.
The U.S. market is expected to expand at a significant growth rate of 5.3% through 2031.
By end-use industry, the chemicals segment is set to remain a key sector and account for more than 55% market share in 2021.
"Key market players are focusing on heavy investments in R&D along with expansions, acquisitions, capacity expansions," says a Persistence Market Research analyst.methanol-market

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Competitive Landscape

The global methanol market is a semi-fragmented market with a significant presence of key manufacturers in the market.

Some of the key market players included in the report are SABIC, BASF SE, MITSUBISHI GAS CHEMICAL COMPANY, INC., Mitsui & Co., Ltd., BioMCN, Celanese Corporation, Petroliam Nasional Berhad (PETRONAS), Metafrax Group, Saudi International Petrochemical Company (Sipchem), Methanol Chemicals Company (Chemanol, Deepak Fertilizers and Petrochemicals Corporation Limited, Qatar Fuel Additives Company, Gujarat Narmada Valley Fertilisers & Chemicals, Anhui Ruibai New Material Co., Ltd., Brunei Methanol Company Sdn. Bhd., Zagros Petrochemical Company, UCP Chemicals AG and many others.

Key market participants are expected to maintain a competitive environment across the world. Market participants are focusing on expansion through acquisitions, collaborations, and by entering into emerging economies. Key market players are investing in R&D to introduce new products into the market.

In March 2021, Fairway Methanol LLC, is a joint venture between Mitsui & Co. Ltd and Celanese Corporation, announced the expansion of its facilities to increase its methanol production.
Conclusion

The global methanol market is projected to witness a significant growth rate owing to growing construction, chemical, and pharma sectors, and increasing per capita expenditure.

Rising urbanization is boosting construction, pharma, automobile, and electronics industries, which expected to drive demand for methanol over the coming years. Rise in automobile production along with expansion of manufacturing industries are major driving factors for market growth.

Numerous industry participants are focusing on expansions and partnerships to increase their global footprint. Key players are also increasing their investments in R&D and expanding their production facilities to cater growing demand from end users.

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This release was published on openPR.