The global methanol market size is expected to grow from USD 30.7 billion in 2021 to USD 36.3 billion by 2026, at a CAGR of 3.4% during the forecast period. Asia-Pacific is the leading market of methanol, in terms of value and volume, and this trend is projected to continue till 2021. The countries in this region such as China, India, Japan, and South Korea are witnessing a high growth in the use of methanol in automotive, construction, and solvents end-use industries. This growth is mainly due to the increasing demand for methanol in gasoline blending, high growth in MTO/MTP plants in China, and rising construction activities in Asia-Pacific, increasing expansions and joint ventures & agreements of key market players in the region. The demand of methanol is highly dependent on the increasing production of feedstocks, and growth in methanol production in China. Furthermore, rapid R&D activities on the use of methanol as an alternative fuel for vehicles also paved the way for the growth of the methanol market in the region. China is the largest market and fastest-growing market in the region. This trend is estimated to continue during the forecast period.
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China is the largest and fastest-growing market of methanol globally. The chemical industry in China is the country’s third largest industry and accounts for about 10.0% of the country’s GDP. This value is about 52.1% of the value of the chemical manufacturing sector value of Asia. The country is the largest manufacturer of methanol globally because of its substantial feedstock reserves and drives about 35.0–40.0% of the global demand for chemicals. It is responsible for more than half of the chemical sales of Asia including methanol. The industry has undergone massive globalization and consolidation with heavy capital investments and development projects to maintain its position in the competitive global market. The core of the industry is a combination of innovation and customer service. Coal reserves in China are far abundant than petroleum and gas reserves. Therefore, coal has become the most important feedstock for methanol production in China. Additionally, China’s innate talent to tap the new innovative technologies introduced in the market, for low cost energy production, has enabled it to surpass even the U.S. and become the world’s leading energy-efficient market.
MTO/MTP is the third-largest, and fastest-growing derivative in the methanol market. Methanol-to-olefins/methanol-to-propylene (MTO/MTP) applications are gaining momentum, and are expected to grow in the near future. By 2021, MTO/MTP will become the largest derivative of methanol, in terms of both value and volume. This usage is driven solely by China. Ethylene and propylene are the major feedstocks of polyethylene and polypropylene, respectively. MTO technologies are the most economic, and are fulfilling the need for olefins in the market. There is huge number of MTO plants in China, which are using coal as the major feedstock. Therefore, the rise in MTO plants in China, and huge production of olefins from methanol in the country is the major driver for the massive growth of the methanol market in MTO/MTP derivative.
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Olefins is estimated to account for the fastest growth in the methanol sub-derivatives segment from 2021 to 2026. The growth is due to high demand of olefins in end-use industries such as building and construction industry. The increase in production of methanol and high feedstock Availability will increase the demand for methanol based sub-dervatives such as olefins.
The solvents will continue to a highest growing industry in the Methanol market, due to the huge demand from the pharmaceutical, construction, and paints & coating end-use industries. Methanol is the most used solvent in the construction and paint & coating industries. Methanol is used as a laboratory solvent, which is useful for HPLC, UV/VIS spectroscopy, and LCMS due to its low UV cutoff.
Joint ventures & agreements and expansions are some of the key strategies undertaken by key companies such as Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) in the methanol market. These strategies have helped to enhance production and increase the demand for methanol in the Asia-Pacific region.
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