The Methanol Market size is estimated at 99.03 Million tons in 2024, and is expected to reach 118.81 Million tons by 2029, growing at a CAGR of greater than 3.5% during the forecast period (2024-2029).
The COVID-19 pandemic drastically curtailed industrial activities due to imposed government bans and restrictions in 2020 and the first half of 2021, limiting the growth of the methanol market. The chemical industry was struggling due to scarce raw material supply, limited working hours/labor strength, reduced demand, and constrained financials. However, the chemical and petrochemical industries have been on track for recovery since the retraction of the pandemic in mid-2021. The exponential rise in demand for chemicals across various end-user industries is expected to contribute to the growth of the methanol market.
The methanol market is fragmented, with top players holding insignificant shares in order to affect market demand individually. Some major players in the market (in no particular order) include SABIC, Proman, Ningxia Baofeng Energy Group Co. Ltd, Methanex Corporation, and ZPCIR, among others.
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