(I-BusinessNews.Com, August 15, 2019 ) According to the latest report by IMARC Group, titled ÂMethanol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024Â, the global methanol market size reached US$ 24.7 Billion in 2018. Methanol, also known as wood alcohol, is a colorless liquid produced via the reaction of syngas and hydrogen in the presence of a catalyst. It is miscible in water, alcohol, ether, ketones and most other organic solvents. Methanol can be manufactured from a variety of carbon-based feedstock such as natural gas, coal and biomass (e.g., wood). The easy availability of these materials has facilitated its production across the globe. In recent years, the demand for methanol has escalated as owing to its wide utilization as a paint and varnish remover, as a chemical intermediate, and in the preparation of enamels, plastics, and films.
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Global Methanol Market Trends:
Methanol has diverse applications in various industries ranging from energy and chemical to wastewater treatment. In the energy sector, methanol finds application in the manufacturing of Dimethyl ether (DME), a clean fuel that can be utilized as a substitute to propane. In the chemical industry, it is used to produce formaldehyde and acetic acid, which are further employed in the production of adhesives, paints, plywood, solvents, foams, plastics, explosives and antifreeze. It is also used in wastewater treatment plants in the denitrification process. Apart from this, owing to the cost-effectiveness of methanol, along with a lower rate of evaporation and radiant heat energy, it offers the possibility of replacing fossil fuels, thereby lowering the emissions of greenhouse gases. Owing to these properties, governments of several countries are promoting the use of methanol as a cleaner alternative for transportation and cooking fuels. Looking forward, the market value is projected to reach US$ 48.3 Billion by 2024, expanding at a CAGR of 11.1% during the forecast period (2019-2024).
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Market Breakup by Application:
2. Dimethyl Ether
6. Acetic Acid
On the basis of the application, formaldehyde represents the largest application segment, accounting for the majority of the global market share. It is followed by gasoline, acetic acid, chloromethanes, dimethyl ether and Methyl Tert-Butyl Ether (MTBE)/Tertiary Amyl Methyl Ether (TAME).
Performance of Key Regions:
2. Asia Pacific (Excluding China)
4. North America
5. Latin America
6. Middle East and Africa
Region-wise, China exhibits a clear dominance in the market. Other major regions include Asia Pacific (excluding China), Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being Methanex Corporation, Southern Chemical Corporation, Saudi Arabian Basic Industries Corp, Mitsubishi Gas Chemical and Zagros Petrochemical Company.
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