Global Methanol Market Report and Forecast 2023-2028

Global Methanol Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global methanol market reached a volume of approximately 84.7 MMT in 2022. Aided by the augmented demand for clean energy sources and its diverse applications across myriad industries, the market is projected to further grow at a CAGR of 3.9% between 2023 and 2028 to reach a volume of 105.7 MMT by 2028.

Methanol, often referred to as wood alcohol, is a versatile liquid chemical used primarily as an industrial solvent, antifreeze in radiators, fuel, and denaturant for ethanol. Its flammable, biodegradable, and colourless nature combined with its application as a potential alternative fuel source is bolstering the global methanol market growth. Besides, the chemical’s potential in producing other chemicals such as formaldehyde, acetic acid, and a variety of other chemicals signifies its integral role in industrial production.

The heightened global emphasis on sustainable and cleaner energy solutions has carved a substantial demand for methanol. As nations ardently push for reduced carbon emissions, methanol emerges as a cleaner alternative for traditional fuels in various applications. Methanol-based fuel cells in automotive applications are gaining traction, given their efficiency and reduced environmental footprint.

Furthermore, the vast landscape of methanol's applications is staggering. In the plastics industry, it's a primary feedstock for producing olefins, which subsequently lead to the production of polymers used in plastics, textiles, and packaging. The construction sector, with its insatiable demand for adhesives, sealants, and insulating materials, invariably leans on methanol-derived products. Additionally, the pharmaceutical industry taps into methanol’s potential as a solvent, exemplifying its diverse usability.

Another factor boosting the methanol market size is its role in biodiesel production. With biofuels gaining prominence as a sustainable energy alternative, methanol's use as a transesterification agent in biodiesel production has surged.

In essence, the global methanol market, riding on its multifaceted applications and its potential as an alternative fuel, stands on the cusp of significant growth. As industries pivot towards sustainable practices, and as research and development intensifies in green technologies, methanol's role becomes ever more pivotal, promising a vibrant methanol market outlook in the years to come.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Formaldehyde
• Methanol to Olefins (MTO)
• Fuel Applications
• Methyl Tert-Butyl Ether (MTBE)
• Acetic Acid
• Methyl Methacrylate (MMA)
• Methylamines
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global methanol market. Some of the major players explored in the report by Expert Market Research are as follows:

• 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

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.