Global methanol market revenue is estimated to hit USD 91.53 billion by 2026, growing at a 9.8% CAGR, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
Methanol is recognized as one of the world’s largely produced chemicals, which is manufactured in bulk by utilizing feedstocks such as coal and natural gas. An estimated 200,000 kilotons of methanol is consumed on a daily basis either as transportation fuels or for producing other chemicals. Apart from a sizable chunk of producers, the global methanol industry constitutes of thousands of service providers, distributors, downstream manufacturers, and technology innovators.
Methanol is counted among the largest industrial chemicals and is considered as an essential building block for a number of other chemical compounds. The report cites that the rise in formaldehyde manufacturing is primarily responsible for driving methanol demands across the world. Methanol is a crucial ingredient in formaldehyde production, which is then modified to manufacture plastics, resins, and glues. Moreover, it is also largely utilized in acetic acid production, which is used to manufacture polyester fibers & PET products.
One of the most rapidly growing end-use verticals, in present scenario of the global methanol industry is the methanol to olefins (MTO) market segment. Propylene & ethylene are two olefins that are in massive demand, in the plastic industry. Opportunities for the growth of MTO have primarily surfaced across China, where it is generally produced through steam cracking of naphtha & ethane.
End-use applications of methanol further serve other applications across direct sectors such as construction, packaging, textiles, furniture, coatings, and paints. However, the overall demand for methanol market is considerably complicated as it depends on a number of factors such as fuel prices, fuel consumption, environmental policies, chemical demand, biofuel mandates, and construction markets.
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From a regional perspective, the APAC is the most dominant methanol market, and is followed by North America & Europe. In APAC, the Northeast Asian region leads the methanol production. The region is known for going against the grain when it comes to methanol production; while production has been stagnant in a majority of regions ever since the turn of the century, in Northeast Asia it has gained immense significance due to high demand from China.
Meanwhile, regions such as the Middle East are classified as low-cost regions having competitive production, where the region basically acts as a swing supplier for the European & North American markets.
The global methanol market contains a massive number of domestic & international companies, making it highly fragmented. Some of the most prominent industry players include Methanol Production Company, Methanex Corporation, BASF SE, Eastman Chemical Company Petronas, and SABIC.
The global methanol market report examines the major growth drivers and end-application areas that would be fueling market demands over the forecast timeframe. The report also highlights regional trends while listing prominent regional & industrial contenders that are likely to influence the commercialization scope of the global market.