Methanol, also known as methyl alcohol or wood alcohol, is a colorless, flammable liquid with the chemical formula CH3OH. It is the simplest alcohol and is used in various industrial applications, including the production of chemicals, solvents, and formaldehyde. Methanol is also employed as a fuel or fuel additive, and it serves as a feedstock for the synthesis of other chemicals. While it has multiple industrial uses, it is important to note that methanol can be toxic and should be handled with care.
The report “Methanol Market by Feedstock (Natural Gas, Coal), Derivative (Formaldehyde, MTO/MTP, Gasoline, MTBE, MMA, Acetic Acid, DME, Biodiesel), Sub-Derivative, End-use Industry (Automotive, Construction, Electronics), and Region – Global Forecasts to 2028”, The Methanol Industry size is expected to grow from USD 30.9 billion in 2023 to USD 38.0 billion by 2028, at a CAGR of 4.2% during the forecast period. Methanol is used in various industries, such as Construction, Automotive, Electronics, Appliances, Paints & Coatings, Insulation, Pharmaceuticals, Packaging (PET bottles), and Solvents, among others.
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By feedstock, the coal segment accounted for the fastest-growing of the methanol market during 2023 to 2028
The coal segment, by feedstock, market accounts for the fastest growth. Many countries are shifting towards coal feedstock due to high prices and limited reserves of natural gas in certain areas. For the manufacturing methanol from coal, it is mixed with air separator O2 and then put through coal gasification to create crude syngas. Methanol manufacturing using coal as a feedstock is a carbon-intensive process that can produce a lot of greenhouse gas emissions. Utilizing cleaner and more environmentally friendly feedstocks for the manufacturing of methanol has received increased attention in recent years in an effort to reduce environmental impact.
By derivative, the MTO/MTP segment accounted for the fastest-growing share of the methanol market during 2023 to 2028
The MTO/MTP segment, by derivative, market accounts for the fastest growth. The growth is due to the rise in MTO/CTO plants in China to produce olefins through methanol, as the demand for olefins is growing in the petrochemical industry. The chemical industry has paid close attention to the MTO and MTP processes because they offer an alternate method of producing olefins from non-petroleum feedstocks like methanol. The growing demand for methanol is highly attributed to its increasing demand in the automotive and construction end-use industries.
By sub derivative, the olefins segment accounted for the fastest-growing share of the methanol market during 2023 to 2028
The olefins segment, by sub derivative, market accounts for the fastest growth. The growth is due to an increase in production of methanol and high feedstock availability. Methanol is alternative source to produce light olefins which is currently high in demand in various applications. Olefins are essential raw materials for the manufacturing of various plastics, synthetic fibres, rubber, and other petrochemical goods, with ethylene and propylene playing a particularly important role. Olefin production from methanol offers an alternative feedstock method, hence diversifying the sources of these important chemical building blocks.
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By end-use industry, the solvent segment accounted for the fastest-growing share of the methanol market during 2023 to 2028
The solvent segment, by end-use industry, market accounts for the fastest growth. This growth is due to the huge demand from the various end-use industries. Methanol is used as a laboratory solvent, which is useful for HPLC, UV/VIS spectroscopy, and LCMS due to its low UV cutoff. Methanol is commonly used as a solvent in industrial processes, such as those involving the production of chemicals, medications, and electronics. It is helpful for cleaning, degreasing, and extracting items since it can dissolve a wide variety of organic compounds, including oils, resins, polymers, dyes, and dye molecules. The solvent qualities of methanol make it useful in formulas for paint and coatings, printing inks, and cleaning agents.
Asia Pacific is the largest region in the Methanol market.
Asia Pacific accounted for the largest share of the methanol market in 2022. Factors such as the rapidly increasing consumption of methanol in the various end-use industries in countries such as China, Japan, India, South Korea and Australia have led to an increased demand for Methanol in the Asia Pacific region.In the Asia Pacific region, methanol use as an alternative fuel has drawn attention. There is a growing need for methanol as a fuel, particularly in transportation and power generation, and it can be used solely as fuel or combined with petrol in some situations.
The leading methanol manufacturers include Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yankuang Energy Group Company Limited (China), and Zagros Petrochemical Company (ZPC) (Iran) and others.
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