Albany, NY -- (SBWIRE) -- 02/24/2017 -- Methanol Market: Snapshot

The global methanol market has undergone several changes over the past decade or so, brought on by the development of new application areas, a shift in the dominance of regional demand, and the establishment of several new production facilities.

Over a decade ago, China played a rather small role in the development of the methanol industry, with North America and Europe enjoying the top spot as far as demand was concerned. However, thanks to rapid economic growth in the country, China has now surpassed both Europe and North America in the consumption of methanol. The primary feedstock for methanol has almost always been natural gas. But with China now in the picture, its rich coal reserves and surge in demand for methanol have resulted in a sharp rise in the production of coal-based methanol. This has had a considerable impact on the global methanol market.

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The methanol market is projected to witness moderate growth in the coming years, as forecast by Transparency Market Research. In 2015, the global methanol market was valued at US$ 101.4 bn and is likely to reach US$145.6 bn by 2024, expanding at a CAGR of 4.2% therein.

Formaldehyde Top Application Area of Methanol

The growth observed in the methanol applications such as formaldehyde and acetic acid is expected to be slow over the coming years. Nevertheless, formaldehyde accounted for the leading share of 29.6% in the global methanol market in 2015, followed by acetic acid.

Formaldehyde is used in the manufacturing of building materials and certain household products. It is also employed in making wood products such as particleboards, plywood, and fiberboards. Acetic acid finds application in the manufacturing of terephthalic acid and vinyl acetate monomer.

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DME and gasoline are identified as highly lucrative application segments and both are projected to register a 4.8% CAGR from 2016 to 2024. While gasoline is primarily used as fuel in internal combustion engines, DME is used as an automotive fuel, in electric power generation, and in domestic appliances.

U.S. and China Emerge as Leading Contributors to Global Methanol Market

From a geographical standpoint, Asia Pacific dominates the global methanol market and accounted for a share of more than 65% in 2015. The increasing demand for methanol is attributed to its widespread application in formaldehyde, acetic acid, MTBE, DME, gasoline and other industries. China has been a major producer and consumer of methanol, which is driven by rising population and the soaring demand for fuel. India and ASEAN are forecast to offer considerable growth opportunities for the methanol market in the coming years.

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North America and Europe together accounted for more than 20% of the total consumption of methanol in 2015. The methanol market in these regions is anticipated to exhibit stable growth during the forecast period. In terms of country, the U.S. constituted a significant share in the global methanol market in 2015. Although formaldehyde and acetic acid have been the primary applications of methanol in the U.S. over the years, it has also been majorly used as a raw material for the manufacturing of various other products.

The methanol market in Latin America and the Middle East and Africa is expected to grow at a steady pace over the coming years due to the easy availability of raw materials in these regions. Latin America is projected to be a beneficial market for methanol by 2024 since it is a major exporter of methanol, primarily to North America and Europe.

Key players operating in the global methanol market include Methanex Corporation, Petroliam Nasional Berhad (PETRONAS), Reliance Industries Limited, AR-RAZI Saudi Methanol Company, RAMA Petrochemicals Ltd., and Gujarat Narmada Valley Fertilisers & Chemicals Limited.

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