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Market growth is attributed to growing demand from building & construction, automotive & transportation, and chemical companies.
Methanol is emerging as an alternative fuel for the marine and manufacturing industries. Increased awareness of low-emission fuels and regulatory changes are promoting new applications of methanol as a fuel. Methanol is added to fuel with the goal of reducing harmful gas emissions from vehicles. The growing trend of carbon neutrality and sustainability has forced companies to promote fuel mixing. Growing fuel blending targets and increasing government initiatives to promote fuel blending are expected to benefit alternate fuel products, including methanol, over the coming years.
Competitive Landscape
The global methanol market has been identified as a fragmented industry owing to a large number of players operating in this space. Some of the key market players included in the report are
- METHANEX CORPORATION
- SABIC
- BASF SE
- MITSUBISHI GAS CHEMICAL COMPANY, INC.
- Mitsui & Co., Ltd.
- BioMCN
- Celanese Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Metafrax Group
- Saudi International Petrochemical Company (Sipchem)
- Methanol Chemicals Company (Chemanol)
- Deepak Fertilzers and Petrochemicals Corporation Limited
- Qatar Fuel Additives Company
- Gujarat Narmada Valley Fertilisers & Chemicals
- Anhui Ruibai New Material Co., Ltd.
- Brunei Methanol Company Sdn. Bhd.
- Zagros Petrochemical Company
- Zagros Petrochemical Company
- UCP Chemicals AG
Key Takeaways of Methanol Market Report
- The formaldehyde segment is estimated to witness a CAGR of 6.9% during the assessment period (2022-2032).
- The chemicals end-use industry is estimated to remain a lucrative segment in the methanol market and exhibit 5.8% CAGR during the forecast period.
- The U.S. is projected to create an incremental opportunity of US$ 3.5 Bn by 2032.
- Under the feedstock segment, natural gas is anticipated to witness a CAGR of 6.2% over the decade.
“Key companies are focusing their efforts on research and development to develop and explore new applications of methanol, which is expected to open up new opportunities in the global methanol market,” says a Persistence Market Research analyst.
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Several prominent methanol manufacturers are developing new production plants or increasing the production capacity of existing plants to meet the growing demand for methanol and take advantage of the high market potential.
Conclusion
Owing to the increasing demand from various end-use industries such as building & construction, automotive & transportation, chemicals, and many others, the methanol market is projected to expand rapidly in East Asia and Europe.
East Asia is anticipated to be the largest consumer of methanol. High production of methanol products in countries such as China and Japan justifies the regional market share.
Growing demand for various methanol derivatives at never-before rates across the world is being witnessed. Moreover, there is robust growth in demand for various methanol derivatives and fuel blending in India.
Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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