Rising Demand for Petrochemicals Boosting Methanol Industry Growth

Factors such as the increasing need for methanol for the production of petrochemicals, including formaldehyde, dimethyl ether, acetic acid, olefins, methyl methacrylate, methyl tert-butyl ether/tert-amyl methyl ether, and solvent; and rising demand for methanol-based fuel as an alternative fuel for automobiles are projected to propel the growth of the methanol market at a significant rate during 2021-2030. According to P&S Intelligence, the market generated around $20 billion in 2020. Moreover, the market is witnessing a trend of surging R&D activities on new and sustainable manufacturing procedures of methanol.

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One of the prime factors propelling demand for methanol is the rising need for petrochemicals, as it is the key component in the manufacturing of several petrochemical products. The demand for these products is expected to increase to meet the need of end-use industries, including automotive and construction, which are witnessing significant growth around the globe. Also, rapid globalization is generating opportunities for petrochemical organizations to open their production units in different locations to maintain profitability, which, in turn, drives the need for methanol as a raw material for the manufacturing of petrochemicals.

The industry segment of the methanol market is classified into automotive, chemical, construction, electronics, pharmaceutical, paint & coating, packaging, and others. Out of these, the automotive category accounts for a significant share in the market. This is ascribed to the rising need for vehicles across the globe and the surging interest for an alternative source of clean fuel for automobiles. Moreover, there is a high need for a methanol-derived formaldehyde resin for the production of interior-molded components of vehicles to increase fuel efficiency and minimize weight.

Additionally, based on the application segment, the methanol market is classified into formaldehyde, dimethyl terephthalate, methanol to olefins/methanol to propylene, MTBE/TAME, DME, acetic acid, MMA, solvent, biodiesel, and others. Among these, the formaldehyde category is projected to witness significant growth in the coming years. This can be ascribed to its several applications, including in making building materials and household products. Furthermore, it is used for producing interior-molded components of vehicles on a large scale, and as a preservative in biological materials to eradicate the growth of pathogens and bacteria.

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Geographically, the APAC methanol market is projected to record the highest CAGR during the forecast period. This can be attributed to the surging demand for petrochemicals in the region. Moreover, the rising need for methanol derivatives, owing to the growing chemical and construction sectors, and with the expanding petrochemical industry and the surging usage of methanol-based fuel in regional countries, the demand for methanol is rising. Furthermore, increasing construction activities, surging electronics industry, growing automobile production in countries, such as Japan, China, and India, are boosting the market growth in the region.

Thus, the increasing need for methanol for the production of petrochemicals and the rising demand for methanol-based fuel as an alternative fuel for automobiles are expected to propel the market growth in the forecast period.

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This release was published on openPR.