2024). One of the major factors driving the market studied is the increasing demand for methanol-based fuel. On the flipside, hazardous impacts on health as a result of exposure to methanol are expected to hinder the growth of the market.
New York, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Methanol Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778197/?utm_source=GNW
- Formaldehyde dominated the market in 2018, and is expected to grow during the forecast period, owing to the increasing applications in the construction, automotive, and personal care industry.
- Increasing demand for methanol-based fuel from the marine industry is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
Key Market Trends
Rising Demand for Methanol based Fuel
- Methanol is considered as a gasoline component for the purpose of internal combustion and other engines, either directly or in combination with gasoline, in the form of ether (MTBE) in gasoline and fatty acid ester (FAME) in diesel. Methanol contains a number of physical properties, which makes it ideal for the transportation sector.
- Methanol fuel is used in China as various blends, ranging from M5 to M100. Whereas, in Europe and North America, blending of fuel is limited up to few percentages in gasoline. Mid-level or high-level fuel blends of alcohol could enable manufacturers for designing high efficiency engines, to compensate for the low energy density of methanol.
- Methanol has an ability to reduce emissions of carbon monoxide, hydrocarbons, and nitrogen oxides, as compared to gasoline. However, formaldehyde emissions tend to increase especially at cold-starts.
- China has gained new momentum in the commercialization of methanol vehicles. According to CNFIA statistics, in China, consumption of methanol increased to 69.5 million metric ton in 2017, wherein the total fuel consumption (direct fuel, DME, MTBE) accounted for around 25% of the total consumption in the same year.
- China alone produces 65% of the world’s methanol, and utilizes this fuel for transport. Other countries, including Israel, Italy, Japan, and South Korea, majorly use methanol as a fuel.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share, in 2018. With the growing petrochemical industry and increasing usage of methanol-based fuel in countries, such as China, India, and Japan, the usage of methanol is increasing in the region.
- China is the leading producer of paints and coatings across the world. The country accounted for more than 19 million metric ton of coatings production in 2017, which is close to 30% of the global coatings output, with a growth rate of 7.2%. It currently produces more than half of the Asia-Pacific coatings, and is home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share. This production is expected to contribute to the demand for numerous derivatives, such as formaldehyde, acetic acid, and MMA, and is expected to boost the demand for methanol.
- In the recent times, in Guizhou province, approximately 5,000 methanol-fueled taxis have been in operation, which is nearly about 75% of the total methanol vehicles in the country. The government has also launched 13 methanol filling stations.
- The current capacity of methanol in India is 2 metric ton per year. Under the Methanol Economy program by NITI Aayog, the production capacity is expected to increase by up to 20 MT of methanol, annually, by 2025, using Indian high ash coal, stranded gas, and biomass.
The methanol market is partly fragmented, and is dominated by very few players. Some of these major players include Methanex, Sabic, Methanol Holdings (Trinidad) Ltd, LyondellBasell Industries Holdings BV, and Petronas.
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