The global methanol market stands at the forefront of transformative change, reflecting an ever-evolving landscape shaped by diverse industrial applications and its emerging role as a cleaner and more sustainable energy source. Methanol, a versatile chemical compound, serves as a fundamental cornerstone in numerous industries, extending its reach from chemical manufacturing to energy production, transportation, and beyond. The market for methanol has experienced robust growth, propelled by multifaceted factors spanning its indispensable role in various industrial processes to its increasing significance as an eco-friendly fuel alternative.
Methanol, commonly known as methyl alcohol, is a versatile molecule of chemicals that has several applications in a variety of sectors. As the need for cleaner, more sustainable energy sources grows. The Methanol Market is undertaking a revolutionary journey in the ever-changing landscape of industries, driven by growing trends and crucial insights set to redefine strategy across multiple sectors.
Trends in the Global Methanol Market
- In 2022, formaldehyde a primary derivative of methanol and holds significant importance in the chemical industry. It serves as a precursor in the production of various resins, plastics, adhesives, and coatings. Formaldehyde-based resins, like urea-formaldehyde and phenol-formaldehyde resins, find extensive use in wood products, construction materials, and automotive components.
- Chemical industry has the highest share in the global methanol market. The chemical sector is the primary consumer of methanol. Methanol serves as a key raw material for producing various chemicals, including formaldehyde, acetic acid, methyl methacrylate (MMA), methylamines, olefins, and more. These chemicals, in turn, are used in manufacturing plastics, resins, solvents, coatings, pharmaceuticals, and other chemical-based products. The chemical industry’s demand for methanol as a feedstock contributes substantially to its consumption.
- In 2022, China had the highest share in the methanol market, both in production and consumption. It’s a key player due to its extensive chemical manufacturing, energy demands, and robust industrial growth. Besides Southeast Asia countries like Indonesia, Malaysia, Thailand, and Vietnam are witnessing growing methanol consumption, primarily in the chemical and energy sectors.
Key Developments of Global Methanol Market
In December 2023, Sumitomo Chemical has completed construction of a pilot plant at its Ehime Works in Niihama City, Ehime Prefecture, Japan, to build a highly efficient method for manufacturing methanol from CO2 and has begun operations.
In December 2023, Maersk A/S (Maersk) launches the first of 18 big methanol-enabled boats. Hyundai Heavy Industries (HHI) in South Korea developed the container vessel, which has a notional capacity of 16,000 containers (TEU) and is fitted with a dual-fuel engine that can run on methanol, biodiesel, and conventional bunker fuel.
Global Methanol Market Participants:
- BASF SE
- Celanese Corporation
- Haldor Topsoe
- LyondellBasell Industries Holdings B.V.
- Metafrax Chemicals
- Methanex Corporation
- MITSUBISHI GAS CHEMICAL COMPANY, INC.
- OCI
- PETRONAS Chemicals Group
- SABIC
- US Methanol LLC
- Yanzhou Coal Mining Company Limited
- Other Market Participants
Global Methanol Market Derivatives Outlook (Revenue & Volume, USD Million & Million Units, 2015 – 2031)
- Formaldehyde
- Acetic Acid
- Methyl tert-butyl ether (MTBE)
- Dimethyl Ether (DME)
- Methanol- to-olefins (MTO)
- Biodiesel
- Others
Global Methanol Market Distribution Channel Outlook (Revenue & Volume, USD Million & Million Units, 2015 – 2031)
- Direct
- Indirect
Global Methanol Market End User Industry Outlook (Revenue & Volume, USD Million & Million Units, 2015 – 2031)
- Construction
- Automotive
- Electronics
- Chemical
- Pharmaceutical
- Marine
- Others
Global Methanol Market Regional Outlook (Revenue & Volume, USD Million & Million Units, 2015 – 2031)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
