Chinese Dominance & The US Growth Marking Market Trend for Methanol
The global methanol market is expected to witness a CAGR of 7.4% to reach a value of $48.62 billion by 2023
Bangalore, India, March 1, 2019: With its recently published study “Methanol Market -Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the global market for methanol will continue to grow due to increasing consumption from application areas (formaldehyde, fuel blending, and olefin conversions among others) amid changing global geopolitical scenarios and feedstock market changes. The global methanol market is projected to grow at a CAGR of 7.4% during the forecast period to reach a value of $48.62 billion by 2023.
The range of end-use areas and increasing utilization of end-products in our daily life with increasing standard of living globally is expected to keep the growth trajectory for traditional consumption areas for methanol market. However, the fuel blending and methanol to olefins (MTO) are expected to outpace the growth from other segments. Given the current expectations which are prevailing, MTO is expected to be the fastest growing segment during the next five years.
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Increasing demand for cleaner fuel and changing regulatory framework w.r.t. fuel blending has been driving the methanol market demand in the US and Brazil. The cheap availability of shale gas and further chances of increasing the permissible limits is giving rise to even higher demand for methanol in the US. Other developing countries would also add volumes to methanol demand owing to the adoption of stringent emission standards.
Fluctuations in the crude oil price gave advantage to the Chinese coal supply to enhance MTO capacities. However, increasing energy exports from the US and changing global positioning for the Chinese trade may impact the cost benefits for these olefin producers. Nevertheless, large government owned Chinese manufacturers are known for following the streamlined path and mending the global market via controlling the domestic resources. Thus, upcoming MTO capacities are expected to contribute significantly towards the global methanol market, with only question on the utilization rates and the extent of reliance on external supply.
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“Methanol is one of the basic chemicals and the wide range of end-use products ensure the stability of the overall market. The change is expected to come from direct and indirect fuel blending along with high demand expected from Chinese MTO. Further, formaldehyde downstream products such as polyurethane, polyacetals, and formaldehyde resins would contribute for high growth. Geographically, China’s consumption proportion would further increase, while the US supply would keep control on the prices. The trade relations among these two superpowers would be influential in global logistic.” – Ankur Kalra, Research Manager, Infoholic Research.
Key insights of the report
Global Methanol Market has been analyzed based on application areas
- Fuel Blending
- Acetic Acid
- Others (chloromethane, methanethiol among others)
Industry outlook: Market trends, drivers, restraints, and opportunities