Methanol Market Size to Expand Significantly by the End of 2026
The use of methanol in automotive and construction sector has grown significantly in the recent years. As methanol can be blended with gasoline it is being used in internal combustion engines of the vehicle as well as aircrafts. Methanol was also being used as an anti-freezing agent in the cooling system of cars, however, it was later replaced with alternatives such as ethylene glycol and propylene. But it is still used as windshield water fuel. Methanol is also used in a trans-esterification stage in the manufacturing process of biodiesel.
Methanol is also being increasingly used in paints and adhesives. However, the high cost of processing to convert methane into liquid is hampering its demand. Meanwhile, increasing demand for biofuels and various new policies with an aim to control emission is leading to the growing use of methanol in various industries. Automotive manufacturers are also focusing on using bio-diesels like methane that is environmentally friendly and also weigh less as compared to its synthetic counterparts.
Key players in the global methanol market are Mitsubishi Chemical Holdings Corporation, SABIC, Mitsui Chemicals, Inc., BASF SE, Methanex Corporation, and Celanese Corporation. The leading companies are also investing in the research and development to come up with an efficient, and cost-effective way to produce methanol in order to fulfill the growing demand for various applications.
Global Methanol Market to Witness Steady Growth during the Forecast Period 2017-2026
As per the new report by Transparency Market Research (TMR) the global methanol market is expected to witness steady growth, registering 5.4% CAGR during the forecast period 2017-2026. The global methanol market is also projected to reach US$ 131,344.3 million revenue by the end of 2026.
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The global methanol market is segmented on the basis of end use, feedstock type, and region. By the end use, the market is divided into MTO/MTP, dimethyl ether, biodiesel, gasoline blending, MMA, MTBE, acetic acid, formaldehyde, and others. Formaldehyde is projected to witness growth in the global methanol market during the forecast period 2017-2026.
In terms of the feedstock type, the market segment includes coal, natural gas, and other feedstock. Among these, natural gas is expected to witness the highest growth in terms of market volume.
APEJ to Dominate the Global Methanol Market
Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global methanol market during the forecast period 2017-2026. In APEJ, China is expected to account for high methanol demand. APEJ is also witnessing increasing demand for methanol and its derivatives in automotive, construction, furniture and textile industry. Moreover, stringent regulations on emission are contributing towards the production of eco-friendly products. There has also been a rise in the production of methanol for energy consumption in the region. Meanwhile, in Latin America, the market is dominated by Brazil, Argentina, and Mexico.
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The rapid development of sectors such as agricultural, chemical, automotive, construction is driving the demand in the region. The rise in natural gas supply through hydraulic fracturing in North America is contributing to the growth of methanol in the region. Meanwhile, the methanol market in Europe is expected to remain volatile due to the dependency of the region on imports to satisfy its domestic demand. However, Germany is one of the largest methanol markets in Europe. Owing to the availability of cheap feedstock for production of methanol in Germany.