Published on : Nov 15, 2016
The global methanol market has experienced numerous changes in the past decade by the introduction of new application areas, proliferation of numerous new production facilities, and shifting regional demand. The global methanol market is predicted to experience moderate development in forthcoming years. The market is predicted to touch US$145.6 bn by 2024 from a value of US$ 101.4 bn in 2015, rising at a CAGR of 4.20% between 2015 and 2024.
Formaldehyde Held a Dominant Share of 29.6% in 2015
In terms of application, the market is segmented into gasoline, DME, MTBE, acetic acid, and formaldehyde, and others. Of these, the segments of acetic acid and formaldehyde are predicted to experience a slow growth in the coming years. Still, the segment of formaldehyde held a dominant share of 29.6% in the market in 2015, and was trailed by the segment of acetic acid. This segment is employed in the making of certain types of household products and building materials. In addition, it is also used in making wooden products such as fiberboards, plywood, and particleboards.
On the other hand, acetic acid is utilized in making vinyl acetate monomore and terephthalic acid. The segments of gasoline and DME have also emerged as top promising segments in the market and are collectively poised to register a CAGR of 4.80% between 2016 and 2024. Amongst these, while gasoline is utilized as a fuel for internal combustion engines, DME is utilized as an automotive fuel in domestic appliances and electric power generation.
Asia Pacific Methanol Market Represented a Share of More than 65% in 2015
Geographically, in 2015, Asia Pacific leads the market and represented a share of over 65%. The growing demand for methanol is because of its increasing application in gasoline DME, MTBE, acetic acid, formaldehyde, and others. In Asia Pacific, China has emerged as a key consumer and producer of methanol and the growth of the market in this region is fuelled by the increasing demand for fuel and the increasing population base in this nation. On the other hand, Europe and North America together represented a share of over 20% in the market in 2015 in terms of total consumption. In North America, the U.S. held a dominant share in 2015, while the Middle East and Africa and Latin America are predicted to grow owing to the easy raw materials’ availability in these regions.