Methanol Market to Hit US$ 41,974.76 Mn by 2028 | Excusive Research By The Insight Partners

According to The Insight Partners new market research study on "Methanol Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Derivative and End-User Industry" the market is expected to grow from US$ 28,114.27 million in 2021 to US$ 41,974.76 million by 2028. It is expected to grow at a CAGR of 5.9% from 2021 to 2028.

Growing Use of Methanol as Blended Fuel in Transportation Industry to Boost Methanol Market Growth During 2021-2028

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The ongoing COVID-19 pandemic has negatively influenced the growth of the methanol market owing to disruptions in construction activities and halt in expansion or new construction of plants and factories. Also, industries such as construction, paints and coating, electronics, and packaging have been affected by sudden disruptions in operational efficiencies and value chains due to the sudden shutdown of national and international boundaries for travel and trade. However, the growing demand for methanol products in the pharmaceuticals industry is anticipated to drive market growth in the coming years.

METHANEX CORPORATION; OCI N.V.; BASF SE; SABIC; MITSUBISHI GAS CHEMICAL COMPANY, INC.; HELM AG; CELANESE CORPORATION; ZAGROS PETROCHEMICAL COMPANY; MITSUI AND CO., LTD.; and LYONDELLBASELL INDUSTRIES HOLDINGS B.V. are among the well-established players operating in the global methanol market.

Based on derivative, the methanol market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO) / methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. The formaldehyde segment held the largest market share in 2020. The growth of the market for this segment is attributed to the extensive application of formaldehyde resins in the automotive sector. Moreover, formaldehyde finds its application as a preservative in food, cosmetics, and medicines. Consequently, owing to the broad application scope of formaldehyde, the segment is anticipated to witness massive demand from numerous industries during the projection period.

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Methanol is used as feedstock for manufacturing various construction-related materials such as plastic pipes, paints and coatings, carpet underlay, wood panels, and crane ropes. Moreover, formaldehyde-based resins, one of the methanol's derivatives, are widely used to manufacture composite and engineered wood products used in cabinetry, countertops, moldings, shelving, stair systems, flooring, wall sheathing, support beams, and trusses. Also, glue adhesives used as bonding agents for building blocks are made of formaldehyde-based chemistry. In addition, methanol is used as a solvent for paints and varnishes as it is easily dissolvable compared to ethanol. Hence, methanol and its derivates are extensively used while producing a range of building construction-related materials. Rapidly growing building constructions in developing and developed economies are increasing the demand for building construction-related materials.

As per the National Bureau of Statistics of China, the country's real estate development witnessed 38.3% growth from January to April 2021 compared to the same months in 2020. The country's real estate industry estimated around 1 trillion investments in construction activities in 2021.

The overall methanol market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the market.

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