Methanol Market Expected to Reach $54.6 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Methanol Market," The methanol market was valued at $35.3 billion in 2021, and is estimated to reach $54.6 billion by 2030, growing at a CAGR of 5.06% from 2022 to 2030.

Methanol also known as methyl alcohol, wood spirit, wood alcohol which is light, odorless, volatile, and flammable. Methanol is gaining significant popularity in day-to-day applications where it is used in aerosols, clothing, fertilizer, decorative laminates, urethane foam, carpeting, solvents, fragrances, fiberglass insulation binder, and others. The properties such as low production cost as the production of methanol is cheaper compared to alternative fuels is estimated to propel the methanol industry demand in the upcoming years. Methanol offers increased energy security as it is manufactured from different carbon-based feedstocks such as biomass.   

The methanol market is segmented on the basis of feedstock and end-use industry. By feedstock, it is classified into coal, natural gas, and others. By end-use industry, it is classified into automotive, construction, electronics, appliances, paints and coatings, insulation, pharmaceutical, packaging, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Celanese Corporation, BASF SE, Methanex Corporation, SABIC, Petroliam Nasional Berhad (PETRONAS), Mitsubishi Gas Chemical Company, Inc., Valero, Mitsui & Co., Ltd., Zagros Petrochemical Co., and Methanol Holdings (Trinidad) Limited.

The report focuses on the global methanol market and the major products & applications, where methanol is used. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for methanol in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL METHANOL MARKET

• Sales of methanol are directly proportional to the demand from chemicals, pharmaceutical, appliances, chemicals industry. However, various sectors such as chemicals, construction, automotive were negatively impacted by the COVID-19 pandemic that has affected the production and demand for methanol due to disrupted supply chain.
• COVID-19 impacted almost all industries and the methanol producing companies have ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labors due to the fear of contracting coronavirus has led to sluggish demand.
• Furthermore, social distancing norms, closed borders, and production constraints across various countries such as China, India, U.S. have affected the global methanol market.

Key findings of the study

• On the basis of feedstock, the natural gas sub-segment emerged as the global leader in 2021 and coal sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• On the basis of end-use industry, the automotive sub-segment emerged as the global leader in 2021 and appliances sub-segment is predicted to show fastest growth in the upcoming years.
• On the basis of region, Asia-Pacific registered the highest methanol market share and is projected to maintain the same during the forecast period.