According to the latest market study released by Technavio,
the global
methanol market is expected to reach USD 54.3 billion by 2021,
growing at a CAGR of over 11%.
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Technavio has published a new report on the global methanol market from 2017-2021. (Graphics: Business Wire)
This research report titled ‘Global
Methanol Market 2017-2021’ provides an in-depth analysis of the
market in terms of revenue and emerging market trends. To calculate the
market size, the report considers the revenue generated from the sales
of methanol and its derivatives such as formaldehyde, acetic acid,
gasoline, dimethyl ether (DME), methyl tert-butyl ether (MTBE), tertiary
amyl methyl ether (TAME), and others.
The development of new application areas, rising demand from APAC,
and the establishment of new production facilities by key vendors are
factors that are positively impacting the global methanol market in
recent times. Previously, China had a limited role in the methanol
industry, with Europe and North America leading the market. However, due
to the swift economic growth in China, it has successfully surpassed
both North America and Europe in terms of methanol consumption.
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Technavio’s analysts categorize the global methanol market into five
major segments by end users. They are:
-
Automotive
-
Construction
-
Electronics
-
Paints and coatings
-
Others
The three major end-user segments for the global methanol market are:
Global methanol market in the automotive industry
The global methanol market in the automotive industry was valued at
USD 11.2 billion in 2016 and will likely reach USD 18.4 billion by 2021
at a CAGR of above 10%.
Methanol is widely used in the automotive
industry. It can be combined with gasoline and used in the internal
combustion engines of vehicles. The conventional fuels in the automotive
industry are now being successfully replaced with more efficient
alternatives like ethylene glycol and propylene.
According to Ajay Adhikary, a lead specialty
chemicals research analyst from Technavio, “Gasoline blending
is registering an increasing adoption in China from the fuels segment.
The demand for other types of fuels such as DME, biodiesel, and MTBE or
TAME will also increase in the next five years owing to the increasing
preference for emission-controlled fuel.”
Global methanol market in the construction industry
The global methanol market in the construction industry was valued at
USD 7.1 billion in 2016 and will likely reach USD 12.5 billion by 2021
at a CAGR of almost 12%.
The demand for methanol in the construction industry is expected to
increase during the forecast period, primarily driven by the
formaldehyde derivative segment. Formaldehyde is commonly used in
the production of adhesives, which are needed for manufacturing
construction board products such as plywood.
“In developed countries, such as the US and Germany, the demand for
methanol is influenced by the increasing usage of engineering board
products such as oriented strand board. These wood composites need more
formaldehyde-based resins per square foot of board as compared with
plywood,” says Ajay.
Global methanol market in the electronics industry
The global methanol market in the electronics industry was valued at
USD 6.4 billion in 2016 and will likely reach USD 11.3 billion by 2021
at a CAGR of over 12%.
Methanol's use as a fuel for electricity generation is emerging as an
attractive application area in the global market. Currently, it is
successfully being used to generate power. Methanol is an ideal
alternative to oil as a fuel for backup generators.
There are various projects under construction
wherein methanol is planned to be incorporated into dual-fueled gas
turbines. This application of methanol will likely gain momentum in
the coming years owing to its low heating value, low flash point, and
low lubricity.
The top vendors highlighted by Technavio’s research analysts in this
report are:
-
Celanese
-
Methanex
-
PETRONAS
-
SABIC
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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at media@technavio.com.
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