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The global methanol market size attained a volume of approximately 88.00 MMT in 2023. The market is further expected to grow at a CAGR of 3.80% between 2024 and 2032, reaching a volume of 123.10 MMT by 2032.
Base Year
Historical Year
Forecast Year
Value in MMT
2024-2032
Methanol Market Outlook
*this image is indicative*
Global Methanol Market Report Summary | Description | Value |
Base Year | MMT | 2023 |
Historical Period | MMT | 2018-2023 |
Forecast Period | MMT | 2024-2032 |
Market Size 2023 | MMT | 88.00 |
Market Size 2032 | MMT | 123.10 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 3.8% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 4.4% |
CAGR 2024-2032 - Market by Country | India | 5.1% |
CAGR 2024-2032 - Market by Country | Brazil | 4.5% |
CAGR 2024-2032 - Market by Application | Methanol to Olefins (MTO) | 4.7% |
Market Share by Country 2023 | Brazil | 2.6% |
Methanol is a highly organic chemical which is used to manufacture numerous downstream products that are witnessing a heightened demand from various industry verticals. Increasing demand for methyl methacrylate (MMA) to produce crucial industrial components such as impact modifiers and illuminated display lights, is generating a greater demand, influencing the methanol market growth. In addition, the thriving advertising sector and advancements in the electrical and electronics industry are expected to bolster the methanol demand. Meanwhile, methanol is also witnessing rising penetration in the pharmaceutical sector, owing to the heightening demand for methanol to produce anti-cancer, anti-viral, and anti-bacterial pharma components.
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Based on application, the formaldehyde segment is anticipated to account for a significant share of the methanol market. Methanol is used in the production of formaldehyde, which finds increased usage across several industry vertical, including production of consumer products like furniture, carpeting, paper towel, and cosmetics. In addition, the demand for formaldehyde in the automotive sector for manufacturing fuel system components and brake pads, among others and in the construction sector for producing plywood and particle board is expected to expand the methanol market in the forecast period.
The Asia Pacific region is anticipated to provide lucrative opportunities for the market expansion of methanol in the forecast period. The increasing use of methanol derivatives such as acetic acid, formaldehyde, and MMA, among others, across industries is contributing to the expansion of the market for methanol. The growing demand for methanol in fuel applications in the transportation sector is anticipated to be a key trend invigorating the methanol market growth in the Asia Pacific region in the forecast period.
China currently represents a significant market for methanol, owing to its increased demand in methanol gasoline blending and dimethyl ether (DME), its use as a clean transportation fuel, and the country’s ability to produce abundant quantities domestically. In China, methanol is priced at a lower value compared to wholesale gasoline, and the country is focusing on the mass production of methanol capable vehicles, including fleets of taxis and buses.
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Methanol (CH3OH) is a light, volatile, flammable, and poisonous liquid alcohol, which is biodegradable in nature. It is also known as “wood alcohol”, and is a colourless, water soluble liquid with a mild alcoholic odour. Liquid methanol provides an excellent way to conveniently and safely store and transport energy. It is a liquid chemical which is commonly used in the production of everyday products including solvents, plastic, fuel, and cosmetics, among others. The biodegradability and clean combustion, along with a low boiling temperature of methanol also contribute to its increased utilisation across sectors.
By application, the market is segregated into:
By region, markets for methanol are:
CAGR 2024-2032 - Market by | Country |
India | 5.1% |
Brazil | 4.5% |
China | 4.2% |
Mexico | 3.8% |
USA | 3.7% |
Canada | XX% |
UK | 3.5% |
Germany | XX% |
Italy | XX% |
Japan | XX% |
Australia | XX% |
Saudi Arabia | XX% |
France | 3.2% |
The market for methanol is being driven by its increasing applications across various end use industries. Methanol derivatives like formaldehyde, acetic acid, and MMA are used in the production of a variety of compounds and substances. For instance, fundamental chemical products like olefins can be produced via a methanol-to-olefin (MTO) process, along with various organic compounds like dimethyl ether (DME), a potential substitute for diesel oil, which is used for better combustion performance. In addition, the increasing usage of acetic acid in the production of paints and adhesives, which are commonly utilised in the construction sector, is adding to the methanol market growth.
Further, the growing use of methanol in manufacturing formaldehyde also supports the market growth, as formaldehyde is used in the healthcare sector to produce vaccines. The market is also supported by the rising demand in other application sectors including the energy sector, wherein methanol is used in the manufacturing of methyl tertiary butyl ether (MTBE), and methyl methacrylate (MMA), among others.
The increasing use of methanol as a fuel in the automotive and aviation sectors is expected to drive its demand in the coming years. This can be attributed to the benefits of reduced fuel costs, efficient combustion, and low flammability associated with the use of methanol as a fuel alternative. The market for methanol is likely to also benefit from the increased development of methanol-based transportation systems to promote the adoption of bio-methanol products obtained from timber, agricultural waste, and other renewable resources.
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The report gives a detailed analysis of the following key players in the global methanol market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a volume of approximately 88.00 MMT.
The market is projected to grow at a CAGR of 3.80% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a volume of 123.10 MMT by 2032.
The major drivers of the market are increasing production of formaldehyde from methanol, and extensive use in the automotive industry.
The key trends in the market are rising demand for methyl tert-butyl ether (MTBE), use of methanol in the construction sector, and expansion of production capacities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various applications of methanol in the market are formaldehyde, methanol to olefins (MTO), fuel applications, methyl tert-butyl ether (MTBE), acetic acid, methyl methacrylate (MMA), and methylamines, among others.
The major players in the market are Methanex Corporation, Zagros Petrochemical Company, Mitsubishi Gas Chemical Company, Inc., Celanese Corporation, PROMAN, SABIC, OCI NV, LyondellBasell Industries N.V., Yankuang Group Co., Ltd, BASF SE, Eastman Chemical Company, China National Petroleum Corporation (CNPC), PETRONAS Chemicals Group Berhad, and Gujarat Narmada Valley Fertilizers & Chemicals Limited, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Vietnam
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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