Methanol, also known as wood alcohol, is a colourless liquid produced via the reaction of syngas and hydrogen in the presence of a catalyst. It is miscible in water, alcohol, ether, ketones and most other organic solvents. Although it is poisonous to human beings, methanol has diverse applications in a number of industries.
According to IMARC Group’s new report, titled “Methanol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global methanol market has reached a value of US$ 20.7 Billion in 2017, exhibiting a CAGR of 9.2%% during 2010-2017. Methanol, also known as wood alcohol, is a colourless liquid produced via the reaction of syngas and hydrogen in the presence of a catalyst. It is miscible in water, alcohol, ether, ketones and most other organic solvents. Although it is poisonous to human beings, methanol has diverse applications in a number of industries.
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Highlights of the global methanol market:
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In the energy sector, methanol is used to manufacture Dimethyl ether (DME), a clean fuel that can be used as a substitute to propane. It is also used to manufacture Methyl tert-butyl ether (MTBE), an anti-knock agent and oxygenate in gasoline engines. Moreover, it is an important component of biodiesel and is used as an alternative fuel for internal combustion. In the chemical sector, it is used to produce formaldehyde and acetic acid, which are further used in the production of adhesives, paints, plywood, solvents, foams, plastics, explosives, antifreeze, etc. Other applications of methanol are in fuel cells, gasoline blending, alcohol denaturation, wastewater treatment, methanol-to-olefins and methanol-to-gasoline conversions. Owing to the extensive applications of methanol in energy and chemical sectors, the global methanol market is further expected to reach a value of US$ 45.0 Billion by 2023, growing at a CAGR of around 13.8% for 2018-2023.
On the basis of end-use, formaldehyde represents the largest industry, followed by gasoline, acetic acid, chloromethane, Dimethyl Ether and TAME/MTBE. On the basis of region, China is the largest and fastest growing market in terms of global production. Other important regions include Asia-Pacific (excluding China), North America, Latin America, Europe and Middle East & Africa. Some of the key players operating in global methanol market are Methanex Corporation, Southern Chemical Corporation(SCC), Saudi Arabian Basic Industries Corp (SABIC), Mitsubishi Gas Chemicals (MGC), Zagros Petrochemical Company, Mitsubishi Gas Chemical, Petronas and Mitsui.
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The report by IMARC Group has examined the global methanol market on the basis of:
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