Methanex Corporation, Mitsubishi Gas Chemical Company, Inc., Zagros Petrochemical Company, Celanese Corporation, and Proman, among others, are the major players in the global market for methanol.
As per the analysis by Expert Market Research, the global methanol market grew at a CAGR of around 5.5% in the historical period of 2017-2021. The market is further anticipated to witness a healthy growth in the forecast period of 2022-2027, driven by the diverse applications of methanol.
Methanol (CH3OH) is also known as ‘wood alcohol’. It is a volatile, flammable, light, and poisonous liquid alcohol, which is biodegradable in nature. It is a water-soluble liquid with a mild alcoholic odour and is colourless. Also, liquid methanol offers an exceptional approach to conveniently and safely storing and transporting energy. It is a liquid chemical generally used in the making of everyday products containing plastic, solvents, fuel, and cosmetics, among others. The biodegradability and clean combustion, coupled with a low boiling temperature, also contribute to increased product utilisation across industries.
The growing applications of methanol in various end-use industries are aiding the methanol market growth. Methanol converted into acetic acid, formaldehyde, and MMA are used in the production of a range of substances and compounds. For example, fundamental chemical products such as olefins are likely to be manufactured via a methanol-to-olefin process, along with numerous organic compounds such as dimethyl ether, a potential replacement for diesel oil which is employed for its improved combustion act.
Acetic acid is employed in the production of paints and adhesives, which are usually employed in the construction industry. The rising usage of methanol in producing formaldehyde has also propelled the market growth, as formaldehyde is used in the healthcare industry to produce vaccines. The increased development of a methanol-based transportation system to encourage the adoption of bio-methanol products obtained from agricultural waste, timber and other renewable resources is likely to benefit the global methanol market.
The market is also fuelled by the increasing demand from other application industries utilising the energy industries, wherein it goes into the fabrication of methyl tertiary butyl ether, and methyl methacrylate, among others. Furthermore, the increasing use of methanol as fuel in the automotive and aviation sectors is expected to aid its demand in the upcoming years. This can be attributed to reduced fuel costs, efficient combustion, and low flammability associated with the use of methanol as a fuel alternative.
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Methanex Corporation is a global leading supplier and producer of methanol to main international markets all over the Asia Pacific, North America, Europe, and Latin America. Its global operations are supported by huge worldwide storage facilities along with a supply chain of terminals, and the world’s largest dedicated convoy of methanol ocean tankers. The company deeply cares about the people as well as the environment and aims to create a positive impact on every individual’s life.
Zagros Petrochemical Company is a leader in production, sales, and value creation and is committed to sustainable development. The complex is constructed in a way to utilise the extreme energy produced in the synthesis reactors and at the same time use the reused energy in the restoring unit to supply the required power. To aid the corporation in competing in international markets, 30 hectares of territory were assigned for ZPC, and the fabrication complex was founded in Assaluyeh.
Mitsubishi Gas Chemical Company, Inc. is one of the leading Japanese chemical manufacturers. It manufactures various products that are useful to society. The company manufactures chemical products like xylene and methanol. The company also produces engineering plastics along with specialty chemicals. Mitsubishi also practices proprietary technologies to create new materials and valuable products needed by society.
|Headquarters:||Texas, United States|
Celanese is a worldwide leading chemical company in the fabrication of discriminated chemistry solutions along with speciality materials employed in primary consumer applications and industries. The company utilises the complete range of Celanese's global technology, chemistry, and commercial expertise to generate worth for the consumers, shareholders, employees, and the corporation. As the company associates with the consumers to resolve their most crucial business demands, it also thrives to create a positive influence over their communities and the humanity through The Celanese Foundation.
Proman is a worldwide leading company that deals in methanol, and natural gas-derived products and services. It began as a project management company which focused on the construction of huge industrial projects. The company is currently expanding into Mexico, and is a multi-regional, multi-asset, expanded energy manufacturer with fertiliser and methanol production facilities in Tobago and Trinidad, Oman, and the United States.
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.