Methanol Market – Overview
The global methanol market has seen a positive growth over the past few years and as per MRFR analysis, the global market is expected to witness a similar growth during the forecast period. The global methanol market is expected to touch more than USD 61 Billion by 2022 with a CAGR of around 7.5%.
While commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 141 pages, the MRFR team Research Analysts further states, the global methanol market has been majorly driven by its rising demand from the application industries. Construction and automotive industry have been expected to become the major contributor to the global Methanol market growth. Methanol is a major component used in internal combustion engines of vehicles which enhance the vehicle efficiency. Also the increasing demand for bio-fuel has also resulted in the growth of methanol market trends.
Methanol (also known as methyl alcohol, wood alcohol, wood spirits and carbinol), is a widely available chemical which has physical and chemical characteristics similar to that of conventional fuels. Methanol has many industrial applications and is also found in a number of household products including varnishes, antifreeze, windscreen wash, and fuel for model aircraft. Every day approximately 225 million liters of methanol is used globally. Methanol is used to produce other chemical derivatives, which in turn are used to produce thousands of products that touch our daily lives.
Methanol Market – Key Players
The methanol market report consists of many large and small players making the Methanol market highly competitive.
Some of the key players operating in this market which are identified in the MRFR study report include BASF SE, SABIC, Mitsubishi Gas Chemical, Mitsui & Co., Celanese Corporation, Methanex Corporation, Reliance Industries. Other prominent players of the market comprised of Gujarat Narmada Valley Fertilisers & Chemicals, Methanol Holdings, and Petronas among others.
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Global Methanol Market – Segmentation
Methanol Global Market has been segmented in to 3 key dynamics for an enhanced understanding and convenience of the report.
Segmentation by Derivatives : Comprising – Formaldehyde, Methyl Tertiary Butyl Ether (MTBE), Acetic Acid, Dimethyl Ether (DME), Biodiesel And Others
Segmentation by Application : Comprising – Construction, Automotive, Electronics, Paints & Coatings, Pharmaceuticals, Chemicals and others
Segmentation by Region : Comprising – Geographical Regions eg North America, Europe, Asia-Pacific & RoW
The global market by derivatives is majorly driven by the formaldehyde as it holds the largest segment in the global market.
Methanol Market – Regional Analysis
In terms of geography, the APAC region accounted for the highest market shares during 2016 and is likely to continue its growth trajectory over the next four years. Much of this market’s growth in the region is attributed to the rising demand for methanol and its derivatives from the construction, automotive, textile, and furniture industries. China is one of the key leading countries in APAC, and the demand for methanol and its derivatives primarily stems from the country’s energy and petrochemicals sectors. The increasing concern for the environment has led to the implementation of regulatory mandates on producing eco-friendly products and emission control, which will further drive the market’s growth in the region in the next five years.
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