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Methanol Market - Growth, Trends, and Forecast (2020 - 2025)

Methanol Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 210 pages
  • ID: 5778197
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The market for methanol is expected to register a CAGR of around 5% during the forecast period. One of the major factors driving the market studied is the increasing demand for methanol-based fuel. On the flipside, hazardous impacts on health as a result of exposure to methanol are expected to hinder the growth of the market.

- Formaldehyde dominated the market and is expected to grow at a healthy during the forecast period, owing to the increasing applications in the construction, automotive, and personal care industry.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.

Key Market Trends
Rising Demand for Methanol based Fuel

- Methanol is considered as a gasoline component for the purpose of internal combustion and other engines, either directly or in combination with gasoline, in the form of ether (MTBE) in gasoline and fatty acid ester (FAME) in diesel. Methanol contains a number of physical properties, which makes it ideal for the transportation sector.
- Methanol fuel is used in China as various blends, ranging from M5 to M100. Whereas, in Europe and North America, the blending of fuel is limited up to a few percentages in gasoline. Mid-level or high-level fuel blends of alcohol could enable manufacturers for designing high-efficiency engines, to compensate for the low energy density of methanol.
- Methanol has an ability to reduce emissions of carbon monoxide, hydrocarbons, and nitrogen oxides, as compared to gasoline. However, formaldehyde emissions tend to increase especially at cold-starts.
- China alone produces 65% of the world’s methanol and utilizes this fuel for transport. Other countries, including Israel, Italy, Japan, and South Korea, majorly use methanol as a fuel.
- Additionally, the United States is continuously focusing on increasing the methanol-based fuel consumption rate in its transportation sector.
- Australia has adopted the use of GEM blended fuels (gasoline, ethanol, and methanol), and it blends almost 56% of methanol.
- Israel planned to cut the usage of oil in transportation up to 60% by 2025. It is investing on a large scale, for supporting startups that are developing biofuel technologies.
- As a result of the aforementioned factors, methanol-based fuel has been driving the methanol market, globally, and the market studied is estimated to grow during out the forecast period.

Asia-Pacific Region to Dominate the Market

- The Asia-Pacific region dominated the global market share. With the growing petrochemical industry and increasing usage of methanol-based fuel in countries, such as China, India, and Japan, the usage of methanol is increasing in the region.
- China is the leading producer of paints and coatings across the world. The country accounted for more than 20 million metric tons of coatings production, which is close to 30% of the global coatings output. It currently produces more than half of the Asia-Pacific coatings, and is home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share. This production is expected to contribute to the demand for numerous derivatives, such as formaldehyde, acetic acid, and MMA, and is expected to boost the demand for methanol.
- As per the Guizhou government, by the end of 2019, Southwest China’s Guizhou province had set a goal of launching 10,000 methanol vehicles, among which 7,000 vehicles were set to run in Guiyang.
- Furthermore in India, the government is pushing the usage of methanol as fuel in vehicles and as cooking fuel, to promote sustainable development with less damage to the environment.
- Under the Methanol Economy program by NITI Aayog, the production capacity is expected to increase up to 20 metric ton of methanol annually, by 2025, using Indian high ash coal, stranded gas, and biomass.
- Moreover, the outbreak of COVID-19 have led to a halt of operations in many sectors of various countries. Automotive, manufacturing, and construction sectors are estimated to witness declines in terms of growth and outputs, owing to the lockdown called by the governments for a brief period.

Competitive Landscape
The global methanol market is partially fragmented in nature, with the top eight players accounting for about 41.63% of the global production capacity. Some of these major players include Methanex Corporation, SABIC, Zagros Petrochemical Co., Yankuang Group, and Proman AG, among others.

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