May 03, 2021
As cited by the business intelligence report titled ‘GLOBAL Methanol Market 2019-2027’, available with Market Study Report LLC, global methanol market is predicted to expand with a compound annual growth rate of 5.42% over the forecast period of 2019-2027.
Widespread application of methanol as a marine fuel coupled with rising adoption of MTO (Methanol-to-Olefins) technology are bolstering global methanol market growth. Ongoing technological advancements in biorefining, strategic alliances among industry leaders, and innovative product launches are adding considerable traction to the market expansion.
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In addition, escalating demand for petrochemicals as well as conventional transportation fuels along with favorable government initiatives aimed at promoting the adoption of methanol as an alternative fuel source are stimulating global methanol market outlook.
On the contrary, shifting consumer preferences towards bioethanol or fuel grade ethanol from methanol, scarcity of raw materials, imposition of stringent regulatory norms, and volatile product prices are obstructing business development.
Elaborating on the geographic scope, the market is bifurcated into Latin America, Europe, North America, Middle East & Africa, and Asia-Pacific.
Among these, Asia-Pacific methanol market accounted for the largest market share in 2018 and is anticipated to hold to the upward growth trajectory throughout the analysis timeframe. Surging demand for methanol and its derivatives across several industry verticals is fueling the regional market growth.
Moving on to competitive landscape, Valero Marketing and Supply Company, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemicals Corporation (MCC), Methanol Holdings (Trinidad) Ltd., Zagros Petrochemical Company (ZPC), Teijin Ltd., BASF SE, Petroliam Nasional Berhad (Petronas), Qatar Fuel Additives Company Ltd., Celanese Corporation, Methanex Corporation, and Mitsui & Co. Ltd. are the leading players operating in global methanol market sphere.