Methanol Market Growing to Exhibit a Remarkable CAGR of 4.47% By 2029

Global Methanol Market was valued at USD 29.20 billion in 2021 and is expected to reach USD 41.43 billion by 2029, registering a CAGR of 4.47% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario. Methanol, also known as methyl alcohol, wood spirit, or wood alcohol, is the most basic member of the alcohol family of chemical molecules. Methanol is now made by mixing carbon monoxide gas with hydrogen directly in the presence of a catalyst. Traditionally, it was made by distilling wood in a harmful manner.

Recent Development

In March 2021, Fairway Methanol LLC, which was formed through a 50-50 partnership between Mitsui & Co., Ltd and Mitsui & Co., Ltd, has decided to expand its facilities in order to increase methanol production (up to 130,000 tonnes per year) by purchasing and effectively utilising CO2 emitted from nearby plants (up to 180,000 tonnes per year).

In July 2021, Methanex Corporation and Mitsui O.S.K. Lines (MOL) announced that they have reached an agreement on Key Commercial Terms for the purchase and sale of an equity holding in Methanex's Waterfront Shipping (WFS) subsidiary and the formation of a strategic partnership. For USD145 million, MOL will purchase a 40% minority stake in WFS. WFS will continue to operate as a significant component of Methanex's worldwide supply chain capabilities, with Methanex holding the remaining 60% majority stake.

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Some of the major players operating in the Methanol market are:

Methanex Corporation (Canada)
Proman (Switzerland)
SABIC (Saudi Arabia)
Yanzhou Coal Mining Company Limited (China)
ZPCIR (Iran)
Celanese Corporation (Texas)
BASF SE (Germany)
Petroliam Nasional Berhad (PETRONAS) (Malaysia)
Mitsubishi Gas Chemical Company Inc. (Japan)
Mitsui & Co., Ltd. (Japan)
LyondellBasell Industries B.V. (U.S)
OCI N.V. (Netherlands)
Metafrax Group (Russia)
SIPCHEM Company (Saudi Arabia)

Global Methanol Market Scope

The methanol market is segmented on the basis of type, derivatives, sub- derivatives and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Natural Gas
Coal
Derivatives

Formaldehyde
Acetic Acid
MTBE
MMA
Gasoline Blending, Biodiesel
DME
TAME
DMT
MTO/MTP
Sub-Derivatives

Gasoline additives
Olefins
UF/PF resins
VAM, Polyacetals
MDI
PTA
Acetate Esters
Acetic anhydride
Fuels
End-Use Industry

Construction
Automotive
Electrical & Electronics
Pharmaceuticals
Packaging
Paints and Coatings
Agriculture

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Methanol Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

High Demand for Methanol

Methanol is utilized in large-scale petrochemical manufacturing. The methanol market is being driven by the rising demand for petrochemicals. The primary driver of the methanol industry is the usage of petrochemicals in end-use sectors such as automotive and construction. Methanol, ethylene, propylene, butadiene, benzene, toluene, and xylenes are the organic chemicals with the highest production volume in the petrochemical industry. Olefins are made up of ethylene, propylene, butadiene, and butylene. Methanol, often known as primary petrochemical, is a precursor to a wide range of chemical compounds. Methanol generation of olefins is expected to be a main driver of methanol growth in the petrochemical industry. MTO/MTP is the methanol market's third-largest and fastest-growing derivative sector. In China, there are a number of MTO factories that use coal as a main feedstock. The high demand for plastics such as polyethylene and polypropylene in end-use industries is fueling the fast expansion of MTO plants. As a result, the development in MTO plants across the globe, as well as the massive production of olefins from methanol, are the primary drivers of the methanol market.

Increased Demand of Clean-Burning Fuels
Growing interest in clean-burning fuels and regulatory changes are driving new applications for methanol as a fuel, thanks to its lower emissions. Methanol is gaining popularity as a maritime fuel because of its environmental benefits, global availability, economic competitiveness, and successful and safe use. Sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter emissions are all reduced by methanol. In China, strict air quality emission restrictions in regions like Shandong and Beijing are causing a phase-out of coal-fueled industrial boilers and kilns in favour of cleaner fuels, creating a developing market for methanol as an alternative fuel.

Opportunities

Expansion of Production Capabilities and Inclination towards Low-emission Fuels
Furthermore, key manufacturers are focusing on expanding their production capabilities to meet growing market demand and extend profitable opportunities to the market players in 2022 to 2029. Additionally, the increased interest in low-emission fuels will further expand the future growth of the methanol market.

Restraints/Challenges

Growing Use of Ethanol as an Alternative

For many years, alcohol-based fuels have been employed in automobile applications. Alcohols are hydrocarbon fuels that emit fewer pollutants than other fuels. Ethanol and methanol are two forms of alcohols that are utilized as fuels. Methanol is more dangerous to handle than ethanol because of its strong corrosiveness when it comes into touch with metals and requires an entirely new fuel delivery system. Ethanol is less harmful chemically than methanol and has a higher energy density per gallon. It has around 75% of the energy of gasoline per gallon, compared to 67% for methanol. Ethanol has a higher energy density than methanol while remaining a liquid, making it a viable option. The increased use for ethanol will further hamper the demand for methanol. As a result, this factor is projected to restrain the overall market's growth.

Requirement of Huge Capital

The availability and cost of raw materials, such as coal and natural gas, as well as freight costs, capital expenses, and government laws, all influence the cost of manufacturing. Methanol manufacturing from any carbon-based source is a high-capital process. To ensure a long-term and cost-effective supply, the players must first select the raw material. The required time and capital investments are calculated during the project's pre-phase after significant research and development and front end engineering and design (FEED) is ensured. The plant's construction also necessitates large sums of money. The post-production phases, such as technological maintenance and installation, as well as uncounted costs, such as repairing, necessitate a significant amount of cash. Therefore, this factor will challenge the methanol market growth rate.

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Methanol Market Regional Analysis/Insights

The methanol market is analyzed and market size insights and trends are provided by country, type, derivatives, sub- derivatives and end-use industry as referenced above.

The countries covered in the methanol market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth in this region is attributed to the presence of key manufacturers within the region.

On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the shift of consumer preference toward sustainable fuels in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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