Methanol, commonly known as methyl alcohol, is a chemical molecule made up of one carbon atom, two hydrogen atoms, and one oxygen atom (CH3OH). It is a clear, colorless liquid with a strong odor that is very combustible. Methanol is used to make a wide range of industrial and commercial products, including formaldehyde, acetic acid, methyl tert-butyl ether (MTBE), and many others. It’s also utilized as a fuel, both directly in some engines and as a component in others. It is also utilized as a solvent and as a raw material in the production of other compounds.
The global methanol market size is estimated to grow from USD 24.0 billion in 2020 to USD 26.6 billion by 2025, at a CAGR of 5.5% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of methanol ranging from automotive to pharmaceutical industry. Increasing demand from APAC will further drive the growth of the global methanol market.
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Coal is estimated to account for the fastest growth in the methanol feedstock segment from 2021 to 2026. Coal is considered to be the sustainable alternative raw material for large-scale methanol production which is one the important reason for the increase in demand of coal as feedstock of methanol.
Methanol-to-olefins/methanol-to-propylene (MTO/MTP) is estimated to account for the fastest growth in the methanol derivatives segment from 2021 to 2026. The growth is due to the rise in MTO/CTO plants in China to produce olefins through methanol, as the demand for olefins is growing in the petrochemical industry. The growing demand for methanol is highly attributed to its increasing demand in the automotive and construction end-use industries.
Celanese Corporation (Texas), BASF SE (Germany), Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) among others are the leading methanol manufacturers, globally. These companies adopted expansion, joint venture, and merger & acquisition as their key growth strategies between 2016 and 2020 to earn a competitive advantage in the methanol market.
Celanese Corporation (Texas) is the largest player in the methanol market, globally. Celanese Corporation is one of the primary providers of chemical solutions and specialty materials used in various industries and consumer applications. The company has its presence across North America, Europe, and Asia, with 31 global production facilities and nine strategic affiliate production facilities. It advanced the expansion of the Fairway Methanol production unit and progressed the global acetic acid reconfiguration for high return projects that are expected to deliver over USD 100 million of annual productivity savings when complete.
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BASF SE (Germany) is the second-largest player of the methanol market, globally. BASF SE has 396 facilities worldwide, which indicates its strong geographic footprint. Research activities funded by the BASF Group promote the targeted development and enhancement of key technologies and the establishment of new business areas. Research areas are determined based on strategic relevance for BASF, above and beyond existing business areas. BASF has well-diversified operations that mitigate risks associated with overdependence on a single or a few segments. The chemicals segment comprises the company’s business with the necessary chemicals and intermediates. Its portfolio of products includes plasticizers, solvents, glues, alkylene oxides, caustic soda, urea, impregnating resins, neopentylglycol, propionic acids, and formic acids.
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