New York, Jan. 23, 2020 (GLOBE NEWSWIRE) — The global methanol market is expected to reach USD 40.50 Billion by 2027, according to a new report by Reports and Data. Methanol is used as an alternative fuel for transportation, owing to its ease of distribution and availability, and combustion-efficiency across the globe. It is a high octane fuel that allows effective performance in internal combustion (IC) engines. Engines optimized for methanol-fuel could deliver an energy-efficiency gain of around 50.0% over a standard gasoline engine in a light-duty automobile. Moreover, it can be used in IC engines as a substitute for diesel fuels. It has been found that Heavy-duty dual-fuel engines functioning on diesel and methanol fuels can enhance efficiency and substantially reduce emissions for buses, trucks, and off-road vehicles.
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Growing acceptance of methanol-to-olefins (MTO) process is expected to drive the market growth in the upcoming years. MTO is an essential reaction for both industrial applications and fundamental research. Propylene and ethylene are among the significant intermediates used in the petrochemical industry. Worldwide, these intermediates are produced primarily by steam cracking of hydrocarbons, including naphtha, ethane, and propane. The MTO process is a substitute method to produce these olefins from methanol feedstock that can be derived from raw materials, including natural gas or coal.
Further key findings from the report suggest
- By type, non-renewable methanol dominated the market in 2018 and is estimated to grow at a rate of 2.4% in the forecast period. Methanol is a vital and versatile chemical for the chemical industry, primarily used in the production of chemicals, including solvents and anti-freezes, additives for gasoline, or biodiesel production process.
- By feedstock, natural gas contributed to a larger market share in the forecast period and is likely to grow at a rate of 2.7% in the forecast period.
- By application, formaldehyde accounted for the largest market share in 2018 and is anticipated to witness a growth rate of 2.3% in the period 2019-2027. It is an essential used in plywood for home construction, window/door insulation for modern airliners, and fuel system components for automobiles. Formaldehyde offers superior utility for consumers in the form of consistent quality, extended use, and reliable performance & safety.
- By industry vertical, the automotive industry dominated the market in 2018 and is expected to witness a CAGR of 2.5% in the forecast period.
- The market in the Asia Pacific region held the largest market share in 2018 and is likely to experience a growth rate of 3.0% in the period 2019-2027. The market dominance of the APAC is attributed to the surging demand for methanol and its derivatives from the end-user industries in the region.
- Key participants include SABIC, LyondellBasell Industries Holdings BV, Methanex Corporation, PETRONAS, Methanol Holdings Limited, BASF SE, Celanese Corporation, Mitsubishi Gas Chemical Company Inc., Mitsui & Co. Ltd., and Enerkem, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global methanol market on the basis of disease type, feedstock, application, industry vertical, and region:
Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- No-Renewable Methanol
- Renewable Methanol
Feedstock Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Formaldehyde
- Acetic Acid
- Methyl Tert-Butyl Ether (MTBE)
- Dimethyl Ether (DME)
- Fuel Blending
- Olefins
- Biodiesel
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Automotive
- Construction
- Electronics
- Paints & Coatings
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- North America
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Brazil
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