Methanol Market Size Worth $41.97Bn, Globally, by 2028 at 5.9% CAGR - Exclusive Report by The Insight Partners

NEW YORK, March 16, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Methanol Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Derivative [Formaldehyde, Acetic Acid, Methanol-to-Olefins (MTO) / Methanol-to-propylene (MTP), Methyl Tertiary-Butyl Ether (MTBE), Methyl Methacrylate (MMA), Biodiesel (Gasoline Blending), Dimethyl Ether (DME), and Others] End-User Industry (Automotive, Construction, Electronics, Packaging, Pharmaceuticals, Paints and Coatings, and Others)", the global methanol market is projected to reach $41.97 Bn by 2028 from $28.11 Bn in 2021; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.

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Methanol Market: Competition Landscape and Key Developments

METHANEX CORPORATION; OCI N.V.; BASF SE; SABIC; MITSUBISHI GAS CHEMICAL COMPANY, INC.; HELM AG; CELANESE CORPORATION; ZAGROS PETROCHEMICAL COMPANY; MITSUI AND CO., LTD.; and LYONDELLBASELL INDUSTRIES HOLDINGS B.V. are among the key players in the market. These market players are highly focused on developing high-quality products through innovative methods to meet the customer's requirements.

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The methanol market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. The building and construction, and automotive industries are strong contributors to the market growth in the region. In India, the construction industry is the second-largest revenue segment after agriculture, accounting for ~11% of the country's GDP. According to the Asia-Pacific Research and Training Network on Trade (ARTNeT), Thailand is a major automobile exporting country in Asia, and FDIs from Japan mainly drive this sector in Thailand. The Chinese automobile sector is growing rapidly and is poised to make its impression in the international trade arena soon, on the back of the strong component manufacturing industry.

Growing Construction Activities to Open Lucrative Growth Opportunities for Methanol Manufacturers during Forecast Period:

Methanol, also known as methyl alcohol is used as feedstock in the manufacturing of plastic pipes, paints and coatings, carpet underlay, wood panels, and crane ropes for the construction industry. Moreover, formaldehyde-based resins, one of the its derivatives, are widely used to manufacture composite and engineered wood products used in cabinetry, countertops, moldings, shelving, stair systems, flooring, wall sheathing, support beams, and trusses. Also, glue adhesives used as bonding agents for building blocks are made of formaldehyde-based chemistry. Methyl alcohol is used as a solvent for paints and varnishes as it is easily soluble compared to ethanol. Rapidly growing building constructions in developing and developed economies are boosting the demand for building construction-related materials. As per the National Bureau of Statistics of China, the country's real estate development witnessed 38.3% growth from January to April 2021, compared to the same months in 2020. The country's real estate industry estimated ~1 trillion investments in construction activities in 2021. Therefore, such a surge in building construction activities is bolstering the demand across the world.

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Methanol Market: Segmental Overview

The market, by derivative, is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO)/methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. The methanol-to-olefins (MTO) / methanol-to-propylene (MTP) segment is txpected to register the highest CAGR during the forecast period. Methyl alcohol is one of the major components for olefins (MTO) production, such as ethylene and propylene. These olefins are widely used for manufacturing synthetic rubber, synthetic plastic, pharmaceuticals, and textile dyes.

Based on end-user industry, the market is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and others. The market for the electronics segment is expected to grow at the highest CAGR during the forecast period. Portable electronic devices such as personal digital assistants (PDAs), laptops, and headphones are vital tools for the masses in their daily lives. Rechargeable batteries used to power these portable electronic devices could be improved in terms of power density. There is also an essential need for efficient, renewable, and more environment-friendly power sources. The direct methanol fuel cell (DMFC) is a suitable alternative to rechargeable battery technology. The use of passive direct fuel cells for portable electronic devices are anticipated to propel the electronics segment growth during the projection period. 

Impact of COVID-19 Pandemic on Methanol Market:

The methanol market faced unprecedented challenges in 2020 after the onset of COVID-19. The significant decline in the growth of several industries impacted the demand in the global market. However, as the economies of several countries are resuming to normal and companies from the manufacturing industries are regaining their operations to normalcy, the demand is anticipated to rise in the coming years. Besides, the previously postponed construction projects are ready to resume, which is providing further opportunities for the market players.

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