Methanol Industry 2024: Global Size, Analyzing Industry Challenges, Market Opportunities, Top Companies and Forecast

Posted by Jack Martin on May 27th, 2024

The methanol market is projected to grow from USD 30.9 billion in 2023 to USD 38.0 billion by 2028, at a CAGR of 4.2% from 2023 to 2028. The growth in the market is driven by the rising demand in various end-use industries such as automotive, pharmaceutical, construction, among others.

Methanol, also known as wood alcohol, is a simple alcohol with the chemical formula CH₃OH. It is a colorless, volatile liquid with a distinctive odor, commonly used as an industrial solvent, antifreeze, and fuel. Methanol is also a key feedstock in the production of formaldehyde, acetic acid, and various chemicals and plastics. It is produced from natural gas, coal, or biomass and is notable for its potential as a renewable energy source and cleaner-burning fuel alternative. However, methanol is toxic and can cause serious health issues if ingested, inhaled, or absorbed through the skin.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=425  

Companies such as Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yankuang Energy Group Company Limited (China), and Zagros Petrochemical Company (ZPC) (Iran) fall under the winners’ category. These are leading players in the methanol market, globally. These players have adopted the strategies of acquisition, agreement, investment, joint venture, merger, product launch, expansion, divestment, and partnership to fulfil the rising demand for methanol on the regional as well as global levels. 

Methanex Corporation

Methanex Corporation is one of the leading manufacturers of methanol. The company has a geographic presence in North America, Europe, Asia Pacific, South America, and the Middle East. Methanol manufactured by company is used in building materials, foams, resins, and plastics. In April 2023, Methanex Corporation and Suez Methanol Derivatives (SMD) signed an agreement for a new methanol pipeline construction. 

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=425 

Zagros Petrochemical Company                                                                                                                                               

Zagros Petrochemical Company is one of the largest methanol companies is Iran. The company manufactures methanol that is used in manufacturing formaldehyde, acetic acid, and many other products.  In March 2023, Zagros Petrochemical Company signed an agreement with Dalian Petrochemical Company to construct a methanol-to-synthetic ethanol conversion plant. 

SABIC

SABIC engages in the manufacture, marketing and distribution of petrochemicals, polymers and plastics, and agricultural nutrients. The company is one of the key players in the methanol market and has a geographic presence in more than 100 countries. In September 2021, SABIC formed a joint venture with ExxonMobil to strengthen its petrochemical manufacturing presence in North America.

Inquire Now: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=425 

Asia Pacific is the largest region in the Methanol market.

Asia Pacific dominates the methanol market, driven by high demand from rapidly growing industries such as automotive, construction, and electronics. Key countries like China and India lead in consumption, using methanol as a feedstock for chemicals and fuel. The region's robust industrialization, expanding manufacturing sectors, and increasing investments in methanol production facilities bolster its market leadership. Additionally, Asia Pacific's focus on adopting cleaner energy sources supports the methanol market's growth, emphasizing its role in sustainable development.