The Global Market for Methanol is Forecast to Reach 138.5 Million Tons by 2024

Rising Use of Methanol as Safe and Clean Marine Fuel Drives Global Consumption Patterns, According to a New Report by Global Industry Analysts, Inc.

           

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Methanol market. The global market for Methanol is forecast to reach 138.5 million tons by 2024, driven by the emerging new use of methanol as safe, cost-effective, clean and environment friendly marine fuel.  

The global methanol market is expected to register steady growth in the upcoming years, driven by new and emerging applications, like Methanol-to-Olefin (MTO) and marine fuel. MTO has become a significant end-use segment for methanol, with demand for the chemical witnessing stupendous growth. Another emerging application is the use of methanol as a marine fuel. Methanol is a clean burning fuel that could serve as a potential alternate fuel for the ships. The use of methanol as a fuel would enable vessels to adhere to International Maritime Organization’s deadline for reducing marine fuel sulfur content to around 0.5% around the globe by the year 2020. The favorable growth prospects of methanol resulted in the rise in capacity expansions in several countries, including China, United States, Iran, among others.

Fuel applications are likely to drive the overall methanol market and take away share from the traditional end-use applications of the chemical derivatives, such as Formaldehyde and Acetic acid. Formaldehyde would, however, continue to dominate the methanol market by the end of the analysis period. Since formaldehyde demand is dependent on the construction industry, the positive near-term outlook for the construction industry, led by the modest recovery in the United States, coupled with steady gains in construction spending in developing countries, including China and India, could have considerable impact on the formaldehyde market.

Methanol production has been steadily increasing, with Asia-Pacific, in particular China, presently dominating global production. As stated by the new market research report on Methanol, China represents the single largest market for methanol, worldwide, and continues to register strong growth led by the rising demand from MTO, acetic acid, DME, and methanol blending in gasoline markets. In the coming years, methanol’s promising prospects in fuel applications is set to have a significant impact on methanol demand trends in China. Besides China, India and South Korea are enabling Asia Pacific to maintain its lead in the methanol market, backed by heavy investments by major players in these countries.

Key players in the market include Atlantic Methanol Production Company LLC, OCI N.V., PJSC Metafrax, LyondellBasell Industries NV, Methanex Corporation, Methanex Chile Limited, Methanex New Zealand Ltd., Methanol Holdings (Trinidad) Limited, Mitsubishi Gas Chemical Company Inc., Mitsui & Co. Ltd., PETRONAS, Qatar Fuel Additives Company Ltd., Repsol, Saudi Basic Industries Corporation, Saudi International Petrochemical Company, and Statoil ASA, among others.

The research report titled “Methanol: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, capacity expansions, plant closures and resumptions, mergers and acquisitions, and other strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of consumption in thousand tons for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. Key end-use segments analyzed in the report include Formaldehyde, Acetic Acid, MTBE/TAME, DME, Gasoline Blending/Combustion Biofuels, and Others (Including MTO/MTP, Methylamines, Chloromethanes, Methyl Methacrylate, DMT, and Solvents among Others).

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