The global methanol market was worth US$ 24.7 Billion in 2018, registering a CAGR of 7.7% during 2011-2018. Methanol (CH3OH), commonly known as wood alcohol, is a light, colorless and volatile liquid alcohol with a distinctive odor. It is the simplest type of alcohol and consists of a methyl group linked with a hydroxy group. Earlier produced by the destructive distillation of wood, methanol is now prepared by directly combining carbon monoxide gas and hydrogen in the presence of a catalyst. It not only has a low rate of evaporation and radiant heat energy but is also miscible in different solvents like water, alcohol, ether and ketones. On account of these properties, it is widely used as a general solvent and to produce resins, pharmaceuticals and perfumes.
Since methanol is readily available and extremely efficient, it is extensively used in the automotive industry as a transportation fuel and antifreeze agent for automobile radiators. In addition to this, it is employed in the manufacturing of Dimethyl ether (DME) and Methyl tert-butyl ether (MTBE), which are safer alternatives to traditional gasoline. It also forms an essential component of biodiesel and is used in internal combustion engines. Apart from this, the alcohol also finds numerous applications in the manufacturing of formaldehyde, acetic acid and methyl acetate. These chemicals are further used in the production of adhesives, paints, plywood, solvents, foams, plastics and explosives. Furthermore, since methanol biodegrades easily and is eco-friendly in nature, it is preferred over counterparts like crude oil, gasoline and diesel. According to estimates by IMARC Group, the global methnaol market is expected to reach a value of US$ 48.3 Billion by 2024, expanding at a CAGR of 11.1% during the forecast period (2019-2024).
Breakup by Application:
Formaldehyde is the largest application segment as it is largely used for the manufacturing of plywood, plastics and paints. Moreover, it is also used as a fuel on account of its remarkable blending attributes.
On the geographical front, China enjoys the leading position in the global market on account of growing demand for methanol-gasoline blends in the region.
The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market.
The essential aspects of the methanol market evaluated in the report include:
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