methanol market to exceed US $ 38,901 million by 2028 |
LONDON, Dec.15 2021 (GLOBE NEWSWIRE) – Methanol has a wide range of applications, including its use as a fuel and as a chemical feedstock in other critical industrial production and manufacturing processes. With a plethora of renewable feedstocks available, ranging from municipal waste biomass to carbon exhaust and renewable energy, methanol has proven to be a versatile, affordable and stable energy source well suited to a use in transport and industry. It clearly has the potential to help reduce greenhouse gas emissions and is used in place of fossil fuels. Furthermore, Methanol is mainly used as an industrial solvent in the production of inks, resins, adhesives and dyes. It is also used as a solvent in the production of important pharmaceutical ingredients and products such as cholesterol drugs, streptomycin, vitamins and hormones.
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Dynamics of the global methanol market
Some of the factors driving the growth of the global methanol market include the growing concern to reduce emissions, the growing demand for petrochemicals as well as the increasing use as a fuel in automotive and refueling applications. In addition, the increasing adoption of methanol in construction as well as in the automotive industry is propelling the growth of the methanol market. In addition, the increasing uses of ethanol compared to methanol are a major drag on the growth of the market. The growing use of methanol as a fuel in the navy and railways represents a huge opportunity for the methanol market.
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The global methanol market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Due to the increasing adoption of methanol in the automotive, construction and electronics industries in countries such as India, China and Japan, the Asia-Pacific region has seen an increase in the demand for methanol. The demand for methanol in China has grown steadily since the 1980s and has accelerated in recent years as China embraces methanol as a clean alternative automotive fuel. In addition, rising prices for energy and non-renewable sources in global and Chinese markets continue to maintain the economic advantage of methanol, and China’s abundance of coal resources as a raw material has led China to become the world’s largest producer and consumer of methanol. Methanol is preferable to conventional gasoline in terms of reducing emissions of carbon dioxide, nitrogen and hydrocarbons. As a result, methanol is used in automotive and fueling applications in major North American and European economies.
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The raw materials segment is classified into natural gas, coal and others. In 2020, the natural gas segment held the largest market shares. Methanol is primarily produced on an industrial scale from natural gas by reforming the gas with steam, then converting and distilling the resulting synthesized gas mixture to produce pure methanol. As a result, a clear, water soluble, biodegradable liquid organic chemical is produced.
The derivatives segment is divided into formaldehyde, MTO / MTP, gasoline, MTBE, MMA, dimethyl terephthalate (DMT), acetic acid, dimethyl ether (DME), methylamines and others. In 2020, the formaldehyde segment acquired the maximum share. Methanol is a key ingredient used in the production of formaldehyde. It is used as a preservative in food, paints and cosmetics. Additionally, formaldehyde is a colorless, strong-smelling gas used in the manufacture of building materials and many household products.
The end user industry segment is further divided into construction, automotive, electronics and others. In 2020, the construction segment held the largest market share. Methanol is used as a raw material to produce chemicals such as acetic acid and formaldehyde, which are also used in construction products such as adhesives, foams, plywood sub-floors, solvents and Windshield washer fluid. In addition, the increase in commercial and residential construction activity is stimulating the methanol market.
Some of the major players in the methanol market are BASF, Qatar Fuel Additives Company Limited, Zagros Petrochemical Company, Mitsui & Co., Ltd, Petroleum National Berhad, Saudi Arabia
Basic Industries Corporation (SABIC), Celanese Corporation, Methanex Corporation, Valero Marketing & Supply Company, Mitsubishi Gas Chemical Co., Inc. and others.
- In March 2021, Fairway Methanol LLC, which was established through a 50-50 investment between Mitsui & Co., Ltd. and Celanese Corporation, decided to expand their facilities in order to increase methanol production by purchasing and efficiently using carbon dioxide (CO2) emitted by surrounding plants as a source.
- In January 2021, Mitsubishi Gas Chemical Company (MGC), Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries Engineering (MHIENG) joined forces with the National Gas Company of Trinidad and Tobago (NGC) and Massy Holdings (Massy), a joint venture in the Republic of Trinidad and Tobago, Caribbean Gas Chemical Limited (CGCL), to start commercial operations of a methanol and dimethyl ether (DME) plant.
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