Methanol or methyl alcohol is a chemical, which is light, colorless, volatile, flammable liquid with a very distinctive alcoholic odor. The different end-use industries in which methanol is used are paints & coatings, automotive, construction, pharmaceuticals, electronics, agriculture, and others. The global methanol market is anticipated to grow with a CAGR of 5.2% during the forecast period, i.e., 2021-2030. Factors such as the rise in demand for methanol from the end user industries, followed by the growing awareness amongst the end users for the benefits associated with the use of methanol-based fuel, are expected to drive the market growth. Further, factors such as the growing adoption of biodiesel as an alternative means of vehicle fuel, followed by increasing use of methanol for various end user industries, such as pharmaceuticals, chemicals, and others, are also anticipated to contribute to the market growth. The global methanol market garnered a revenue of around USD 29000 Million in the year 2020 and is further expected to reach over USD 55100 Million by the end of 2030.
The market is segmented by numerous segments, which include segmentation by feedstock, derivatives, application, end use industry, and by region. On the basis of application, the market is segmented into transportation fuel, cooking fuel, wastewater treatment, chemical additive, and others, out of which, the transportation fuel segment is anticipated to hold the largest revenue of close to USD 21800 Million by the end of 2030, up from around USD 11200 Million in 2020.
On the basis of geographical analysis, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in the Asia Pacific is anticipated to hold the largest market revenue of about USD 42000 Million by the end of 2030, up from a revenue of close to USD 21300 Million in 2020.
Some of the leading players in the global methanol market that are mentioned in our report are Celanese Corporation, SABIC, Zagros Petrochemical Company, Petroliam Nasional Berhad (PETRONAS), Mitsui & Co., Ltd., BASF SE, Atlantic Methanol, LyondellBasell Industries Holdings B.V., Methanex Corporation, Mitsubishi Gas Chemical Company, Inc., and others.
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Companies Mentioned
- Celanese Corporation
- SABIC
- Zagros Petrochemical Company
- Petroliam Nasional Berhad (PETRONAS)
- Mitsui & Co.Ltd.
- BASF SE
- Atlantic Methanol
- LyondellBasell Industries Holdings B.V.
- Methanex Corporation
- Mitsubishi Gas Chemical Company Inc.
