The global methanol market is predicted to rise with a CAGR of 5.66% for the forecast period of 2019-2027. The important drivers contributing to the market growth include the growing demand from the Asia-Pacific regions, increasing acceptance for MTO technology, the need for alternative transportation fuels, etc. The primary driver for the increasing growth of the global methanol market has been the growing demand for petrochemicals, especially in the APAC region.
The demand for petrochemical products such as ethylene, vinyl, styrene, propylene, benzene, xylene, butadiene, toluene, and methanol is high.Also, the accelerated demand for bio-based products amongst the end-users and the growing technological advancements for biorefining are providing the market with plenty of growth opportunities.
The demand for methanol in the construction industry is expected to increase over the forecast period, primarily because of the formaldehyde derivative segment. However, the market is expected to face some challenges concerning the fluctuating methanol prices and the various government regulations and policies related to methanol.
The global methanol market is geographically divided into four major regions, which are Asia-Pacific, Europe, North America and the Rest of World regional segment.The Asia-Pacific market is expected to show the highest growth over the forecast period owing to the increasing application of methanol in various industries.
China, Japan and South Korea are the key markets in this region. The demand for methanol and its derivatives primarily stem from China’s energy and petrochemicals sectors.
Valero Marketing and Supply Company, Petroliam Nasional Berhad (Petronas), Mitsubishi Chemicals, Zagros Petrochemical Company (ZPC), Saudi Basic Industries Corporation, BASF AG, Mitsui & Co., Ltd., Methanol Holdings (Trinidad) Limited (MHTL), Methanex Corporation, Qatar Fuel Additives Company Limited, Celanese Corporation, and Teijin are some of the noted companies in the global methanol market.
1. BASF AG
2. CELANESE CORPORATION
3. QATAR FUEL ADDITIVES COMPANY LIMITED
4. METHANOL HOLDINGS (TRINIDAD) LIMITED (MHTL)
5. METHANEX CORPORATION
6. MITSUBISHI CHEMICALS
7. MITSUI & CO., LTD.
8. PETROLIAM NASIONAL BERHAD (PETRONAS)
9. SAUDI BASIC INDUSTRIES CORPORATION
11. VALERO MARKETING AND SUPPLY COMPANY
12. ZAGROS PETROCHEMICAL COMPANY (ZPC)