Posted on 14 Dec 2018
Global Methanol Market to Reach 107 Million Tons by 2024
Methanol, also known as wood alcohol, is a volatile, combustible, colourless and noxious liquid with the chemical formula CH3OH. It is a polar liquid at room temperature and exhibits excellent blending properties. Methanol also has a high octane and oxygen content due to which it produces a cleaner burning gasoline which helps to lower the emissions caused by vehicle exhaust.
Methanol finds broad range of applications in various industries. It is extensively used as a denaturing and anti-freezing agent. It is also used as an industrial solvent for resins and inks, adhesives to wood items, and dyes. Methanol holds a key position in the chemical industry where it is extensively used in the production of formaldehyde, acetic acid, di-methyl terephthalate (DMT) and some other solvents. Additionally, in the energy industry, it can be used either solely as a vehicle fuel or can be blended with gasoline to produce a fuel which is more efficient as compared to the conventional gasoline. According to Expert Market Research, the global methanol market reached a volume of 84 Million Tons in 2018 and is further expected to reach 107 Million Tons by 2024.
Global Methanol Market: Volume Demand Forecast 2018-2024 (in Million Tons)
Source: Expert Market Research
Key findings from the report:
- Methanol serves a number of application domains which include formaldehyde, dimethyl ether, gasoline, chloromethane, MTBE/TAME, acetic acid, DMT/others, MTO/MTP, solvents, methylamines and methyl methacrylate. In 2018, formaldehyde production represented the most popular application segment, accounting for nearly 30% of the total share.
- Region-wise, China dominated the market with a share of around half of the total global demand. China was followed by Asia (excluding China), Europe, North America and Latin America.
- On a competitive front, the global methanol market is fragmented and consists of a number of small and big players operating in the market. In 2018, Methanax represented the world’s largest methanol producer followed by SCC, SABIC, MGC, Mitsubishi, PETRONAS, IPCC and Mitsul.
Expert Market Research has analysed the global methanol market according to applications, major regions and top players:
Market breakup by Applications
- Formaldehyde
- Dimethyl Ether
- Gasoline
- Chloromethane
- MTBE/TAME
- Acetic Acid
- DMT/Others
- MTO/MTP
- Solvents
- Methylamines
- Methyl Methacrylate
Market breakup by Major Regions
- China
- Asia (excluding China)
- Europe
- North America
- Latin America
Top players
- Methanax
- SCC
- SABIC
- MGC
- Mitsubishi
- PETRONAS
- IPCC
- Mitsul
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