What You Need To Know In 2021 About Methanol Market Worth $26.6 Billion By 2025 (Covid19 Analysis))

The Methanol market size is expected to grow at a CAGR of 5.5%, by value, during the forecast period. The market is estimated to be USD 20.4 billion in 2020 and is projected to reach USD 26.6 billion by 2025. Thedriving factors for Methanol market is its growing demand from automotive industry.

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♦ COVID-19 Impact on the Methanol Market

The global Methanol market includes major Tier I and II suppliers like as Celanese Corporation (Texas), BASF SE (Germany), Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.

These players have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for methanol is expected to decline in 2020. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.

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The world's largest producers of ethanol are the US and Brazil. In the US, petrol contains an average of 10% ethanol. In Brazil, petrol has a minimum of 25% ethanol by law, and as many as 17.3 million vehicles use 100% ethanol (called neat ethanol) as a fuel. The following are the benefits of ethanol as fuels or as fuel additives:

1. It has a higher octane number than ethane; ethanol can be used to boost the octane of fuel.
2. It burns cleaner than most hydrocarbon fuels, and if created from biomass rather than petroleum, it contains little or no contamination hence causes less damage to vehicle parts or production of smog.

“Automotive segment is expected to lead the Methanol market during the forecast period.”

The automotive industry will continue to lead the Methanol market, , accounting for a share of 24.8% of the overall market, in 2019 terms of value. This was due to the increasing demand for vehicles development and mounting demand for consumer goods such as automobiles. The increasing preference for high-cost, high-performance methanol is driven by the need to improve the quality of life, health & environment, and shift to clean, alternative sources of manufacturing.

“Asia Pacific is the largest market for Methanol.”

Asia Pacific accounted for the largest share of the Methanol market in 2020. Factors such as the rapidly increasing consumption of methanol in the construction, automotive and electronics industries in countries such as China, Japan, India, South korea and Australia have led to an increased demand for Methanol in the Asia Pacific region.

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