Global Methanol Market Report 2023: Increasing Demand for Chemicals in Asia-pacific Drives Growth

DUBLIN, June 28, 2023 /PRNewswire/ -- The "Global Methanol Market by Feedstock (Natural Gas, Coal), Derivative (Formaldehyde, MTO/MTP, Gasoline, MTBE, MMA, Acetic Acid, DME, Biodiesel), Sub-Derivative, End-use Industry (Automotive, Construction, Electronics), and Region - Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.

The global Methanol market is expected to grow from USD 30.9 billion in 2023 to USD 38.0 billion by 2028, at a CAGR of 4.2% from 2023 to 2028.

Increasing demand for methanol for various derivatives such as formaldehyde, MTO/MTP, gasoline, among others is propelling the growth of this market.

By feedstock, the coal segment is estimated to be the fastest-growing segment of methanol market during 2023 to 2028

Based on feedstock, the coal is estimated to be the fastest-growing segment during the forecast period. For large scale methanol production, coal can be one of the sustainable raw materials. The easy availability and low cost are another factors that are driving the coal feedstock demand.

By derivative, the MTO/MTP segment is estimated to be the fastest-growing segment of methanol market during 2023 to 2028

Based on derivative, the MTO/MTP is estimated to be the fastest-growing segment during the forecast period. The demand of olefins is increasing in petrochemical industry. MTO is used to manufacture olefins thus the demand for MTO plants is also increasing in countries such as China. Propylene production is the main goal of the MTP process, a particular variation of the MTO process. It includes the same procedures as the MTO method for converting methanol into propylene.

By sub derivative, the olefins segment is estimated to be the fastest-growing segment of methanol market during 2023 to 2028

Based on sub derivative, the olefins is estimated to be the fastest-growing segment during the forecast period. In the construction industry there is high demand of olefins. The production of chemical and polymer products such as plastic, detergent, glue, rubber, and food packaging extensively uses olefins as a raw material. By using methanol as a feedstock rather than conventional fossil fuel-based sources, the MTO and MTP processes offer other ways to produce olefins.

By end-use industry, the solvent segment is estimated to be the fastest-growing segment of methanol market during 2023 to 2028

Based on end-use industry, the solvent is estimated to be the fastest-growing segment during the forecast period. Due to the significant growth in the construction industry, Asia Pacific dominates the methanol market in the solvents end-use industry segment. Methanol is frequently used as a solvent in laboratories for numerous analytical and research reasons. Methanol is frequently used in the laboratory because of its affordability and compatibility with numerous analytical procedures.

The methanol market in Asia Pacific region is projected to witness the highest CAGR during the forecast period

Asia Pacific region is projected to register the highest CAGR in the methanol market from 2023 to 2028. The increasing demand for UF/PF resins and increasing methanol usage as an emerging fuel for automobiles are the key factors expected to drive the demand for methanol during the forecast period. China has been the Asia Pacific region's biggest consumer of methanol. The nation's rapid industrialisation, expanding infrastructure, and growing chemical industry have generated a considerable need for methanol. Applications include the manufacturing of formaldehyde, acetic acid, olefins, and fuel blending have driven methanol consumption in China.

Premium Insights

• Growing Demand for Fuel and Downstream Petrochemical Products to Drive Methanol Market
• MTO/MTP Segment to Register Highest Growth During Forecast Period
• Coal Segment and China Accounted for Largest Shares in Asia-Pacific Methanol Market in 2022
• China and Canada to Offer Lucrative Opportunities During Forecast Period

Market Dynamics

Drivers

• Increasing Demand for Chemicals in Asia-Pacific
• Growing Demand from Automotive and Construction Industries

Restraints

• Preference for Fuel-Grade Ethanol

Opportunities

• Use of Methanol as Alternative Fuel in Marine and Manufacturing Industries

Challenges

• Capital-Intensive Environment
• Volatility in Feedstock Prices

Companies Mentioned

• Atlantic Methanol Production Company LLC
• Basf Se
• Celanese Corporation
• China Risun Group Limited
• Coogee Chemicals
• Deepak Fertilisers & Petrochemicals Corp. Ltd.
• Enerkem
• Gujarat Narmada Valley Fertilizers & Chemicals Limited
• Helm Proman Methanol Ag
• Lyondellbasell Industries Holdings B.V.
• Metafrax Chemicals
• Methanex Corporation
• Mitsubishi Gas Chemical Company Inc.
• Mitsui & Co., Ltd.
• Oberon Fuels
• Oci N.V.
• Petroliam Nasional Berhad (Petronas)
• Qatar Fuel Additives Company
• Rashtriya Chemicals & Fertilizers Ltd.
• Rosneft
• Sabic
• Sipchem
• Viromet S.A.
• Yankuang Energy Group Company Limited
• Zagros Petrochemical Company

For more information about this report visit https://www.researchandmarkets.com/r/q92ohk

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SOURCE Research and Markets