Methanol
is a liquid which is manufactured mostly through oxidization of
methane or through synthesis of carbon monoxide and hydrogen.
Methanol is termed as wood alcohol since it depicts properties
similar to conventional fuels. Methanol is chiefly utilized as a fuel
in vehicles as well as an antifreeze solution in automobiles. It is
also used as a feedstock for manufacturing various products such as
formaldehyde, acetic acid, MTBE, DME, and others. It is used widely
in numerous other industrial applications. It is a volatile,
colorless, toxic, and flammable liquid. Globally, methanol is
produced at around 90 methanol plants. Most of these methanol plants
are located in Asia Pacific, Latin America, North America and others.
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Methanol
market is segmented on the basis of feedstock type, application, and
end-use industry. On the basis of feedstock type, the market is
segmented into oil & gas and coal. Oil & gas feedstock
segment is expected to contribute the major market share in the
global market. However, lower cost of coal has boosted coal based
production of methanol. On the basis of application, methanol market
is segmented into formaldehyde, acetic acid, MTBE, DME, and gasoline.
Formaldehyde application segment of methanol holds major market share
and is expected to dominate the overall market during the forecast
period. On the basis of end-use industry, methanol market is
segmented into automotive industry, construction industry, and
others. Automotive end user industry segment is expected to hold
leading share of methanol industry.
Global
Methanol Market Taxonomy
The
global methanol market is classified on the basis of the following
segments:
-
Feedstock Type
-
Oil & Gas
-
Coal
-
-
Application
-
Formaldehyde
-
Acetic Acid
-
MTBE
-
DME
-
Gasoline
-
-
End-use Industry
-
Automotive
-
Construction
-
Others
-
Prevalent
Scenario in Methanol Market
Methanol
is extensively utilized at filling stations and as alternative fuel
which is expected to drive the demand for methanol. Methanol is
widely used at various industries such as construction, automotive,
textile, and furniture industries. Increased activities in these
industries have further boosted the demand for methanol across the
globe. Energy and petrochemical industries have increased their
production which has led to high demand for methanol in these
industries. Formaldehyde and acetic acid are widely used derivatives
of methanol across the globe. Natural gas is the primary source of
feedstock for manufacturing methanol. Asia Pacific is the leading
market for methanol across the globe. China dominates the methanol
market in Asia Pacific. China has been utilizing coal as the primary
source of feedstock for methanol production owing to its low cost and
easy availability. Share of coal feedstock is expected to increase
owing to increase in share of China in global methanol market.
Future
Outlook of Methanol Market
Globally,
various mixtures of methanol are being utilized as alternative fuel
source for vehicles and other applications. This trend is expected to
boost the demand for methanol. Derivatives of methanol are widely
used for various industrial applications and processes which are
expected to boost the demand for methanol in these industries.
Applications such olefins, DME, and gasoline blending provide huge
growth opportunities for methanol market. Regions such Middle East
and Africa and Latin America have also boosted the production of
methanol owing to easy availability and low cost of natural gas in
these regions. Production of methanol in North America has also
increased owing to shale gas boom in the region. Production cost of
methanol in North America has become competitive owing to these
factors. Excess supply of methanol in the market and improved safety
factors are expected to further drive the demand for methanol owing
its low cost of production. Additionally, growing demand for biofuels
and strict emissions norms are expected to further drive the demand
for methanol across the globe during the forecast period. Asia
Pacific is expected to be the leading market for methanol during the
forecast period owing to high demand from countries such as China,
India, Japan, and others.
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Market
Share Strategies
The
major players dominate the production and supply of methanol across
the globe. The leading players are striving to improve and hold major
share of the global methanol market. Various production and supply
chain strategies are adopted by companies to improve market
positioning. Some of the leading players operating in the global
methanol market include BASF SE, Celanese Corporation, Methanex
Corporation, Methanol Holdings (Trinidad) Limited (MHTL), Mitsubishi
Gas Chemical Co., Inc. (MGC), Mitsui & Co., Ltd., Petroliam
Nasional Berhad (Petronas), SABIC, Valero Marketing and Supply
Company, and Zagros Petrochemical Company (ZPC), among others.
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