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According to Fortune Business Insights the global methanol market was valued at USD 31.26 billion in 2023 and is projected to reach USD 46.32 billion by 2032, growing from USD 32.70 billion in 2024 at a compound annual growth rate (CAGR) of 4.5% during the forecast period. The global methanol market is set to grow astonishingly backed by the rising shift of the transportation industry towards methanol-powered vehicles. The main reason for this is that methyl alcohol reduces the emissions of carbon dioxide in the atmosphere.
Methanol is a colorless, volatile, and flammable liquid with a smell similar to ethanol. Due to its toxicity, it is often blended with ethanol to create denatured alcohol for industrial use. Its growing use as a feedstock in producing chemicals like solvents and plastics, along with the shift toward sustainable fuels, is expected to boost market growth. Its versatility supports a wide range of applications in a rapidly evolving global market.
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Segmentations:
Formaldehyde Segment to Grow Rapidly Fueled by Increasing Demand from Multiple Industries
Based on derivatives, the market is segregated into solvent, MTO/MTP, biodiesel, gasoline blending, DME, MTBE, acetic acid, formaldehyde, and others. Out of these, the acetic acid segment held 5.4% in terms of methanol market share in 2019. The formaldehyde segment is likely to be the largest throughout the forthcoming years owing to their high demand from a wide range of industries, such as textile, automobile, and construction.
Report Coverage:
The research report studies decisive segments of the methyl alcohol industry containing regions, end-users, technologies, types, and applications. It elaborates the performance and significance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. In addition to this, it will help our clients to accurately determine the market size to guide them in choosing the right segment for their business growth.
Drivers & Restraints:
Surging Usage as a Precursor in Plastics and Textiles to Bolster Growth
The high demand for the product from the construction and automotive industries is set to surge its usage across the globe. The chemical compound is often used in insulation materials, adhesives, textiles, and plastics as a precursor. However, the consumption of inhalation of this chemical can result in death, accumulation of acids in blood, and blindness. It may obstruct the methanol market growth in the near future.
Regional Insights:
Asia Pacific to Remain at Forefront Stoked by Expansion of Construction Industry
Geographically, in 2020, Asia Pacific held USD 17.60 billion in terms of revenue. It is set to be the major contributor to the growth of the industry because of the rapid expansion of the construction and automotive industries. In North America, on the other hand, the higher demand for this chemical compound from green fuel manufacturers would propel growth. Europe is likely to grow considerably on account of the expansion of the automotive industry.
Competitive Landscape:
Key Players Focus on Forming Joint Ventures with Others to Intensify Competition
The global market contains many companies, out of which, most of them are participating in acquisitions, mergers, and joint venture strategies. A few others are focusing more on expanding their production capacities to meet the high consumer demand.
List of the Companies Profiled in the Market:
Methanex Corporation (Canada)
HELM AG (Germany)
Southern Chemical Corporation (U.S.)
SABIC (Saudi Arabia)
Mitsubishi Gas Chemical Company, Inc. (Japan)
Zagros Petroleum(Iran)
PETRONAS (Malaysia)
Mitsui & Co., Ltd. (Japan)
Celanese Corporation (U.S.)
BASF SE (Germany)
Simalin Chemical Industries Pvt. Ltd. (India)
Other Players
KEY INDUSTRY DEVELOPMENTS:
June 2018: Southern Chemical Corporation (SCC), Proman AG, and Helm AG formed a joint venture named Helm Proman Methanol AG to accelerate their methanol-based marketing activities. The newly formed company is headquartered in Switzerland. SCC will hold 5% share, while Proman AG will hold 38% and Helm AG will have 57% shares.
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