Global Methanol Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Technology, Demand & Supply, End Use, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030
Global Methanol demand stood at 84.55 Million Tonnes in 2020 and is forecast to reach 135.60 Million Tonnes by 2030, growing at a healthy CAGR of 4.97% until 2030. Methanol is used in a wide variety of applications in the Construction Industry, Automotive, Electronics, Fuel, Paint and Pharmaceutical Industry. With the onset of Covid-19 in the March 2020, the demand of methanol has shrunk, and the prices are lower in comparison to previous months. The largest manufacturer of methanol, Methanex Corporation has closed its operations and the imports of the methanol from the largest importer of Methanol i.e. China also came to halt due to shutdown of the Methanol producing Industries. But as the impact of Coronavirus on the economy is expected to decrease over the coming months, the demand of methanol is also expected to gain stability.
Methanol is a polar solvent also known as Wood Solvent. It is volatile, colorless and light liquid which has properties similar to Ethanol, but it is more toxic. It is used in the manufacture of fuel, solvent and antifreeze. The use of methanol still remains popular in the manufacture of formaldehyde, MTO (Methanol to Olefins) and Acetic Acid. About 65% of the total methanol is produced by Natural and 35% by Coal. With the rise in pollution, the need for the environment friendly fuel is increasing every year. Methanol is the best alternatives to reduce carbon footprints. Methanol blending is one of the practices that is gaining popularity because it is approximately 240 times safer than Biodiesel.
Due to a recent out break of COVID-19 in last year the market suffered a setback since the imposed lockdown halted the consistent flow of the production of methanol. The chemical industry was halted for a while before regaining its composure in the next year. The methanol production was halted by the major market giants concerned for the health and wellness of their employees in the production units thereby affecting the market drastically.
In comparison to 2015, the demand of methanol in Energy saving applications has reached approximately 45% in 2020. Some players have gone for capacity expansions to accommodate for the sudden surge in Methanol demand in Asia-Pacific. Methanol consumption is reportedly the highest in China and the APAC region was the fastest growing region among all. Methanol’s multi-faceted application across several industries is expected to push demand for the product to unprecedented levels during the forecast period.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
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