The global methanol market was estimated at $ 29.78 billion in 2019 and should present a compound annual rate of 12.8% between 2020 and 2025. In this study, 2020 is considered as the reference year and 2025 as the estimated year to forecast.
Formaldehyde is the largest application area because it is widely used in the manufacture of plywood, plastics, and paints. In addition, it is also used as a fuel due to its remarkable mixing properties. The increasing acceptance of the methanol-olefin (MTO) process should stimulate market expansion in the coming years. MTO is an important answer for both industrial applications and basic research. Methanol is a slightly flammable liquid that can be obtained with the help of natural gas, oil, coal, or renewable resources such as biomass and landfill gas as raw material. It is widely used as a fuel substitute in the transportation sector due to its excellent mixing properties and high octane number.
The formaldehyde sector accounted for the largest share in 2019 due to the high consumption of formaldehyde in various commercial companies, such as automotive, construction, medical care, cosmetics and personal care. Methanol consumption is increasing in the construction and building sector, where formaldehyde-based resins are used to make engineered wood products and compounds. The full escalation of residential and commercial construction activities, improving living standards and rising per capita income are expected to spur expansion of the methanol industry.
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Report segmented as:
Methyl Tert-butyl ether
On the basis of derivative segment, the MTO/MTP derivative is predicted to be the quickest advancing derivative of methanol during the foreseen period.
By end use industry:
On the basis of end use industry, Automotive is the biggest end-use business of the industry and is known to have more than 20% of total industry share in 2019.
Impact of Covid – 19 on Methanol Market:
There are other reasons that I detail below. The COVID-19 tragedy accentuated the trends in the oil market that were already underway while adding new factors. The hole in global economic growth larger than the Great Depression has left hundreds of millions of people in dire circumstances. The world’s middle classes spend far less on everything that is made of oil, such as discretionary transportation fuels and nonessential durable goods. In the developing world, escape from poverty has slowed down. It is the flight to income levels high enough for people to buy modern consumer goods for the first time. The pandemic has accelerated the rate of decarbonization, the epidemic is linked to climate change. People are extremely convinced that we are playing with nature in a way that we could not control. A significant wave of new environmental laws is in place as we move toward a green global economy. Lack of money and sustainability issues mean that durable goods like washing machines and televisions are designed to last much longer. Used clothing and used smartphone markets have exploded, creating many new jobs. The debt crisis that followed the pandemic in the crude industries has resulted in essential reforms of the financial sector. Hedge funds, pension funds, etc. can no longer use oil as a store of value as they continue to perform.
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