Global Methanol Market Report and Forecast 2024-2032

Methanol is a highly organic chemical which is used to manufacture numerous downstream products that are witnessing a heightened demand from various industry verticals. Increasing demand for methyl methacrylate (MMA) to produce crucial industrial components such as impact modifiers and illuminated display lights, is generating a greater demand, influencing the methanol market growth. In addition, the thriving advertising sector and advancements in the electrical and electronics industry are expected to bolster the methanol demand. Meanwhile, methanol is also witnessing rising penetration in the pharmaceutical sector, owing to the heightening demand for methanol to produce anti-cancer, anti-viral, and anti-bacterial pharma components.

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Global Methanol Market Growth

Based on application, the formaldehyde segment is anticipated to account for a significant share of the methanol market. Methanol is used in the production of formaldehyde, which finds increased usage across several industry vertical, including  production of consumer products like furniture, carpeting, paper towel, and cosmetics. In addition, the demand for formaldehyde in the automotive sector for manufacturing fuel system components and brake pads, among others and in the construction sector for producing plywood and particle board is expected to expand the methanol market in the forecast period.

Global Methanol Market Share by Region

The Asia Pacific region is anticipated to provide lucrative opportunities for the market expansion of methanol in the forecast period. The increasing use of methanol derivatives such as acetic acid, formaldehyde, and MMA, among others, across industries is contributing to the expansion of the market for methanol. The growing demand for methanol in fuel applications in the transportation sector is anticipated to be a key trend invigorating the methanol market growth in the Asia Pacific region in the forecast period.

China currently represents a significant market for methanol, owing to its increased demand in methanol gasoline blending and dimethyl ether (DME), its use as a clean transportation fuel, and the country’s ability to produce abundant quantities domestically. In China, methanol is priced at a lower value compared to wholesale gasoline, and the country is focusing on the mass production of methanol capable vehicles, including fleets of taxis and buses.

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Global Methanol Market Segmentation

Diverse Application Potential of Methanol to Spearhead the Growth of the Methanol Market

The market for methanol is being driven by its increasing applications across various end use industries. Methanol derivatives like formaldehyde, acetic acid, and MMA are used in the production of a variety of compounds and substances. For instance, fundamental chemical products like olefins can be produced via a methanol-to-olefin (MTO) process, along with various organic compounds like dimethyl ether (DME), a potential substitute for diesel oil, which is used for better combustion performance. In addition, the increasing usage of acetic acid in the production of paints and adhesives, which are commonly utilised in the construction sector, is adding to the methanol market growth.

Further, the growing use of methanol in manufacturing formaldehyde also supports the market growth, as formaldehyde is used in the healthcare sector to produce vaccines. The market is also supported by the rising demand in other application sectors including the energy sector, wherein methanol is used in the manufacturing of methyl tertiary butyl ether (MTBE), and methyl methacrylate (MMA), among others.

The increasing use of methanol as a fuel in the automotive and aviation sectors is expected to drive its demand in the coming years. This can be attributed to the benefits of reduced fuel costs, efficient combustion, and low flammability associated with the use of methanol as a fuel alternative. The market for methanol is likely to also benefit from the increased development of methanol-based transportation systems to promote the adoption of bio-methanol products obtained from timber, agricultural waste, and other renewable resources.

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Key Players in the Global Methanol Market

The report gives a detailed analysis of the following key players in the global methanol market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Methanex Corporation

• Zagros Petrochemical Company

• Mitsubishi Gas Chemical Company, Inc.

• Celanese Corporation

• PROMAN

• SABIC

• OCI NV

• LyondellBasell Industries N.V. 

• Yankuang Group Co., Ltd

• BASF SE

• Eastman Chemical Company

• China National Petroleum Corporation (CNPC)

• PETRONAS Chemicals Group Berhad

• Gujarat Narmada Valley Fertilizers & Chemicals Limited

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report

Methanol Market Report Snapshots

Methanol Market Size

Methanol Market Growth

Methanol Market Share

Methanol Companies