The global methanol market size is estimated to grow from USD 24.0 billion in 2020 to USD 26.6 billion by 2025, at a CAGR of 5.5% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of methanol ranging from automotive to pharmaceutical industry. Increasing demand from APAC will further drive the growth of the global methanol market.
Methanol manufacturers are the most important players in the value chain as they produce and provide various derivatives and sub-derivatives of methanol based on their required properties for the specific end-use applications. The end-use industries such as construction, automotive, electronics, appliances, solvents, paints & coatings, pharmaceuticals, insulation, packaging (PET bottles), and others use these derivatives and sub-derivatives. This provides additional value to the chain.
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Automotive is the largest market of methanol, with a 24.6% share, globally. Alcohol-based fuels have been used in automotive applications, for many years. Methanol can be used directly in internal combustion engines of vehicles and aircraft, showing similar efficiency to diesel engines. Earlier, methanol was used as an anti-freezing agent in a car’s cooling system, but then it has been replaced with more effective alternatives, such as propylene or ethylene glycol. However, it is still popular as a windshield water fuel. Methanol is a desirable choice as a transportation fuel due to its efficient combustion, ease of distribution, and wide availability worldwide.
Methanol is used large-scale production of petrochemicals. The growth in petrochemicals demand in APAC is driving the methanol market. The use of petrochemicals in end-use industries such as automotive and construction is the main driving force for the methanol market. In the petrochemical industry, organic chemicals with the largest production volume are methanol, ethylene, propylene, butadiene, benzene, toluene, and xylenes. Ethylene, propylene, and butadiene, along with butylene, are collectively called olefins. Methanol is a forerunner to a variety of chemical products and is generally referred to as primary petrochemical.
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Celanese Corporation (Texas), BASF SE (Germany), Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) among others are the leading methanol manufacturers, globally. These companies adopted expansion, joint venture, and merger & acquisition as their key growth strategies between 2016 and 2020 to earn a competitive advantage in the methanol market.
Celanese Corporation (Texas) is the largest player in the methanol market, globally. Celanese Corporation is one of the primary providers of chemical solutions and specialty materials used in various industries and consumer applications. The company has its presence across North America, Europe, and Asia, with 31 global production facilities and nine strategic affiliate production facilities. It advanced the expansion of the Fairway Methanol production unit and progressed the global acetic acid reconfiguration for high return projects that are expected to deliver over USD 100 million of annual productivity savings when complete.
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BASF SE (Germany) is the second-largest player of the methanol market, globally. BASF SE has 396 facilities worldwide, which indicates its strong geographic footprint. Research activities funded by the BASF Group promote the targeted development and enhancement of key technologies and the establishment of new business areas. Research areas are determined based on strategic relevance for BASF, above and beyond existing business areas. BASF has well-diversified operations that mitigate risks associated with overdependence on a single or a few segments. The chemicals segment comprises the company's business with the necessary chemicals and intermediates. Its portfolio of products includes plasticizers, solvents, glues, alkylene oxides, caustic soda, urea, impregnating resins, neopentylglycol, propionic acids, and formic acids.
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