Research Nester published a report titled “Methanol Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global methanol market in terms of market segmentation by feedstock, derivatives, application, end use industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global methanol market is anticipated to grow with a CAGR of 5.2% during the forecast period, i.e., 2021-2030. The market is segmented by feedstock into coal, natural gas, and others, out of which, the coal segment garnered the largest market revenue of USD 19017.2 Million in 2020, and is further expected to reach USD 32509.5 Million by the end of 2030. Further, the natural gas segment is expected to hold the second largest market share and further grow with a CAGR of 7% during the forecast period, backed by the increasing demand for natural gas globally. The total consumption of natural gas in the U.S., according to the statistics by the U.S. Energy Information Administration (EIA), reached 31014345 MMcf in the year 2019, up from 24086797 MMcf in the year 2010.
The global methanol market is expected reach USD 55110.5 Million by the end of 2030, up from a revenue of USD 29007.9 Million in the year 2020. Rise in demand for methanol from the end use industries for various end use applications is one of the major factors anticipated to drive the market growth in the coming years. The market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in the Asia Pacific is anticipated to hold the largest market revenue of USD 42063.4 Million by the end of 2030, up from a revenue of USD 21362.7 Million in 2020. The market in the region is primarily driven by country such as China, which is known to be the world’s largest producer of methanol. Further, the market in China is anticipated to reach a revenue of USD 31337.3 Million by the end of 2030.
Growing Utilization of Methanol in End Use Industries to Boost Market Growth
According to the statistics by the Alternative Fuels Data Center (AFDC) of the U.S. Dept. of Energy, nearly 6 Million gasoline gallon equivalents of 100% methanol and blends of 85% methanol and 15% gasoline were used as an alternative fuel in vehicles annually in the United States.
Methanol is used widely to manufacture biodiesel, dyes, explosives, and medicines among others. In the chemical industry, methanol is used to produce ethylene, propylene, and butene by a conversion process known as methanol to olefins (MTO). These chemical compounds are further used to manufacture essential polymers, such as high-density polyethylene (HDPE), low-density polyethylene (LDPE), and polypropylene (PP) among others. Methanol is also used as an ingredient for manufacturing pharmaceutical products, such as vitamins, hormones, cholesterol, and streptomycin among others. Owing to such wide applications of methanol, the market is expected to grow significantly in the coming years.
However, the availability of low-cost alternative is expected to operate as key restraint to the growth of global methanol market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global methanol market which includes company profiling of Celanese Corporation, SABIC, Zagros Petrochemical Company, Petroliam Nasional Berhad (PETRONAS), Mitsui & Co., Ltd., BASF SE, Atlantic Methanol, LyondellBasell Industries Holdings B.V., Methanex Corporation, Mitsubishi Gas Chemical Company, Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global methanol market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.