LONDON, May 15, 2017 /PRNewswire/ -- Methanol is a light, colorless, volatile, toxic and flammable liquid which has an odor very similar to ethanol.
It is the simplest of alcohols made chiefly by oxidizing methane and has a number of applications such as an anti-freeze agent, solvent, bio-fuel, etc. Due to an increase in the demand of methanol in its end-user industries, the global methanol consumption has grown at a CAGR of 7.7% during 2009-2016.
The report segments the global methanol market on the basis of its applications in various industries:
· The two key end-users of methanol are energy and chemical industries. In the chemical industry, it is largely used to manufacture formaldehyde which accounts for the largest share of its total global consumption.
· Other chemicals include acetic acid, di-methyl terephthalate (DMT) and some solvents. In the energy sector, methanol is used as a solvent for carrying fuels and in the methanol-to-olefin (MTO) process.
· It is also used to manufacture methyl tertiary butyl ether, tertiary amyl methyl ether (TAME), di-methyl ether (DME) and bio-diesel among other chemicals.
· Some other applications of methanol include the production of gasoline, chloromethane, methylamines, methyl methacrylate.
The report also provides a regional break-down of the global methanol market:
· China currently represents the largest consumer of methanol accounting for nearly half of the total global demand.
· China was followed by Asia (excluding China), Europe, North America and Latin America.
· The analysis of the global import and export data finds that the United States represented the largest importer of methanol followed by China, Netherlands, Japan, Republic of Korea, India, Germany, Taipei, Belgium and Brazil. Saudi Arabia, on the other hand, represents the largest exporter of methanol.
· The report has also analyzed some of the key global players in the methanol market and finds that Canada based Methanax is currently the world's largest methanol producer followed by SCC, Sabic, MGC and Zagros.
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