Increasing Demand for Olefins Sub-Derivative will Complement Growth of the Methanol Market During 2021-2026, MarketsandMarkets™ Report

MarketsandMarkets expects the global methanol market size to grow from USD 24.0 billion in 2020 to USD 26.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The growth of the construction, automotive and electronics industries plays a key role in driving the methanol market.

Methanol manufacturers are the most important players in the value chain as they produce and provide various derivatives and sub-derivatives of methanol based on their required properties for the specific end-use applications. The end-use industries such as construction, automotive, electronics, appliances, solvents, paints & coatings, pharmaceuticals, insulation, packaging (PET bottles), and others use these derivatives and sub-derivatives. This provides additional value to the chain.

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Automotive is the largest market of methanol, with a 24.6% share, globally. Alcohol-based fuels have been used in automotive applications, for many years. Methanol can be used directly in internal combustion engines of vehicles and aircraft, showing similar efficiency to diesel engines. Earlier, methanol was used as an anti-freezing agent in a car’s cooling system, but then it has been replaced with more effective alternatives, such as propylene or ethylene glycol. However, it is still popular as a windshield water fuel. Methanol is a desirable choice as a transportation fuel due to its efficient combustion, ease of distribution, and wide availability worldwide.

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Methanol is used large-scale production of petrochemicals. The growth in petrochemicals demand in APAC is driving the methanol market. The use of petrochemicals in end-use industries such as automotive and construction is the main driving force for the methanol market. In the petrochemical industry, organic chemicals with the largest production volume are methanol, ethylene, propylene, butadiene, benzene, toluene, and xylenes. Ethylene, propylene, and butadiene, along with butylene, are collectively called olefins. Methanol is a forerunner to a variety of chemical products and is generally referred to as primary petrochemical.

Celanese Corporation (Texas), BASF SE (Germany), Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) among others are the leading methanol manufacturers, globally. These companies adopted expansion, joint venture, and merger & acquisition as their key growth strategies between 2016 and 2020 to earn a competitive advantage in the methanol market.

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