Pune, India, December , 2017/MRFR Press Release/- Market Research Future published a Half Cooked Research Report on “Global Methanol Market Research Report - Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Methanol Market - Overview
The global methanol market is growing with the rapid pace; mainly due to the expanding automotive industry. According to a recent study report published by the Market Research Future, the global market of methanol is prospering and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2022).
Globally, the market for methanol is driven by the region Asia pacific, owing to benefits and advantages offered by the product resulting in to increasing demand for ideal fuel in transportation and automotive industries, among others. Methanol is extensively used as an alternative fuel in internal combustion engines due to its cost effective nature and higher efficiency offered by the product. Moreover, methanol’s derivative, formaldehyde is used in paints, plastics, explosives and plywood due to its extraordinary blending properties and high octane rating. A surge in demand in the end-use industries are prompting the manufacturers and investors to shift their focus from natural gas resources to methanol product in the
Growing consumption of methanol product in various applications is the major factor behind their growth in the market. Moreover, end-use industries such as paints & adhesives, electronics and medical provide impetus to the methanol market growth.
Moreover, gasoline blended with methanol is used in the end-use industries to provide boosted engine performance and high standard systems
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Methanol is used as a transportation fuel in engines and other systems because it increases the performance and efficiency. Its chemical intermediates such as formaldehyde and gasoline blended with methanol are used in end-use industries that offer cost-effective nature and ease of application to the product. Methanol are used in automotive, electrical & electronics, aerospace, construction, pharmaceutical, and medical to provide optimal performance operating systems.
On the other hand, the market is being hindered by the high cost of conversion of methanol into liquid and lack of technological advancement in the industries.
Eastman Chemical Company (U.S.), Celanese Corporation (U.S.), RIMA Group (Brazil), BASF SE (Germany), Atlantic Methanol Production Company LLC (U.S.), Methanex Corporation (Chile), DuPont (U.S.), MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan), MITSUI & CO., LTD. (Japan), Zagros Petrochemical Company (ZPC) (Iran), and Methanol Holdings (Trinidad) Limited (Trinidad and Tobago) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global methanol market.
Methanol Market - Competitive Analysis
The methanol market appears to be competitive with the presence of several large and small players operating in the global market. These major players are competing in the market on the basis of price, type, quality, technology and innovation. Methanol market is augmented to grow at a higher growth and likely to attract many entrants in the market resulting in to healthy competition in the future. Manufacturers operating in the methanol market are striving to respond to the growing demand for the product in automotive, construction, aviation and others. They ensure to produce best quality products based on derivatives, efficiency, performance and factors that are trending in the market.
Industry/ Innovation/ Related News:
October 15, 2015 – Celanese Corporation (U.S.), a leading speciality chemicals company, announced that the company has completed construction of its Clear Lake, Texas methanol unit and is now operating efficiently than before. This production unit is a joint venture between Celanese and Mitsui & Co., Ltd., of Tokyo, Japan with a capacity of 1.3 million metric tons. Moreover with this transaction, acetyl chain gained an economic benefit due to plenty of low cost natural gas resources in the US market.
June 7, 2016 – Celanese Corporation (U.S.), a major speciality chemicals company, declared that the company has signed an agreement with Mitsui & Co to start a new methanol project in the U.S. The preliminary process has already been completed in 2016. This is the second methanol production of Celanese Corporation with the intention to reduce the capital costs in the company. Moreover, the company also declared that the project is expected to be completed within three and a half years. Therefore, these factors are projected to drive the market during the assessment period.
Methanol Market - Regional Analysis
Geographically, Asia-Pacific region holds the major portion of global methanol market. China is the leading country in the market owing to growing olefins production in methanol plants. Increasing consumption of the product in construction, automotive, paints & adhesives, pharmaceutical and electronics has boosted the methanol market demand in China, India, Japan and Malaysia. North America has witnessed significant growth owing to ample availability of natural gas reserves. Additionally, the European region has witnessed a stagnant growth due to insufficient raw materials available in the market. Therefore, the manufacturing units are shifted from Europe to developing countries owing to low labour costs.