Methanol is a clear liquid chemical used in several daily used products, including plastics, paints, cosmetics, and fuels. It is also an energy resource used in the marine, automotive, and electricity sectors and an emerging renewable energy resource. Methanol is a clean-burning, biodegradable fuel. Additionally, methanol’s environmental and economic advantages make it an attractive alternative fuel for vehicles and ships, cooking food, and heating homes. Methanol is also used as feedstock for the production of chemicals, such as formaldehyde, dimethyl ether, methyl tert-butyl ether, and acetic acid, used for producing foams, solvents, adhesives, plywood subfloors, and windshield washer fluid.
More than 80% of the methanol produced in North America and Europe is produced from natural gas, which is obtained by drilling shale and other sedimentary rocks under high pressure using hydraulic fracturing technology.
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Demand Outlook
The global methanol market was valued at ~USD 33 billion in 2020 and it is expected to grow at a CAGR of 5% from 2021 to 2027 majorly due to increasing consumption of methanol for the production of dimethyl ether and Methyl tert-butyl ether (MTBE), utilized as the alternatives for gasoline. The formaldehyde segment is expected to remain the largest methanol derivative segment with more than 30% market share during the forecast period.
APAC is leading the global methanol Industry with more than 60% market share in 2020. China accounted for around 70% of the total methanol production in the region. Other Northeast Asian countries cumulatively accounted for more than 54% of the global capacity in 2020. China is also the largest consumer of methanol fuel and has numerous provinces developing fuel standards ranging from M5 (95% gasoline and 5% methanol) to M100.
Cost Drivers
Natural gas is used as feedstock and it is the most important cost component of methanol production accounted for more than 80% of the overall cost of production. The uncertain demand and supply of feedstock coupled with limited alternatives for the product have resulted in significant price changes in the last few years. Fixed costs including labor, overheads, and maintenance hold less than 10% share in overall methanol production cost.
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