An expansion of the automotive sector, advancements in medical domain, and surge in demand for hydrogen fuel cells accelerate the growth of the global methanol market.
Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “Methanol Market by Feedstock (Coal, Natural Gas, Others), by End-use Industry (Automotive, Construction, Electronics, Appliances, Paints and Coatings, Insulation, Pharmaceutical, Packaging, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”. According to the report, the global methanol market is anticipated to generate $54.6 billion by 2030. The industry was valued at $35.3 billion in 2021 and is expected to witness a notable CAGR of 5.06% during the forecast period of 2022 to 2030.
Factors influencing the growth of the market:
An expansion of the automotive sector, advancements in medical domain, and surge in demand for hydrogen fuel cells accelerate the growth of the global methanol market. However, low manufacturing of methanol as compared to other fuels and heightened energy security provided by methanol is anticipated to provide remunerative growth opportunities to the market in upcoming years.
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The natural gas segment held the highest market share
In terms of feedstock, the natural gas segment grabbed the largest market share in 2021, contributing to more than two-fifths of the total market revenue. Furthermore, the coal segment would display a notable CAGR of 6.12% during the forecast period of 2022 to 2030, due to usage of coal as a source for the methanol generation to minimize the gap between decreasing fossil fuel supplies and optimize the hydrogen economy by declining the carbon emissions.
The automotive segment grabbed the largest market share
Based on end-use industry, the automotive segment gained the largest market share of more than one-fifth of the global methanol market in 2021. The appliances segment, on the other hand, is anticipated to showcase the fastest growth with 8.37% CAGR throughout the forecast timeframe, because methanol is the basic unit to produce several equipment that can be used in cars, computers, and others.
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Asia-Pacific dominated the market
The regional analysis in the report states that, the Asia-Pacific region dominated the market in 2021, contributing to more than half of the global methanol market, owing to significant growth in government initiatives to promote the use of methanol for EVs and fuel-cell vehicles. However, the market in LAMEA region would manifest the fastest growth with 6.57% CAGR from 2022 to 2030.
Leading market players:
- Methanol Holdings (Trinidad) Limited.
- Zagros Petrochemical Co.
- Mitsui & Co., Ltd.
- Mitsubishi Gas Chemical Company, Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Methanex Corporation
- BASF SE
- Celanese Corporation
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