The global methanol market is consolidated in nature
with a few regional companies having strong presence over the
consumer base, according to a report by Transparency Market Research
(TMR). The report identifies RAMA Petrochemicals Ltd., Reliance
Industries Limited, Petroliam Nasional Berhad (PETRONAS), AR-RAZI
Saudi Methanol Company, Gujarat Narmada Valley Fertilisers &
Chemicals Ltd., and Shenhua Ningxia Coal Industry Group Co. Ltd. as
some of the leading companies in the global methanol market.
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The TMR report notes that the methanol market is
characterized by long-term contracts, strong product portfolio, and
healthy company-customer relationship. Alliances and acquisitions are
other strategies adopted by the key players in order to expand their
regional presence. For instance, in 2015, Shenhua Ningxia Coal
Industry Group Co. Ltd. acquired Zhoushan Power, Xuzhou Power, and
Ningdong Power to strengthen their local presence in China. As per
the TMR estimations, the global methanol market had an opportunity
worth US$101.4 bn in 2015, which will increase to US$145.6 bn by
2024, expanding at a healthy CAGR of 4.2% during the forecast period
of 2016 to 2024.
Asia Pacific Most Profitable Region
On the basis of application, the report segments the
global methanol market into formaldehyde, MTBE, gasoline, acetic
acid, DME, and others. Out of these, the segment of formaldehyde
accounted for 29.6% of the global demand in 2015, which was a
reflection of its use in the production of adhesives and wood
products such as panels. The flourishing construction sector,
especially in the emerging economies, is another factor augmenting
the demand for this low cost and high purity methanol market segment.
However, formaldehyde segment is expected to experience a sluggish
growth during the forecast period as compared to DME and gasoline.
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Region-wise, Asia Pacific is the most lucrative
region for the players in the global market for methanol, accounting
for 70.0% of the demand in 2015. Countries such as China, India,
South Korea, and Japan are expected to maintain Asia Pacific’s
leading position in the methanol market, owing to heavy investment by
major players in those countries. Easy availability of raw materials
is expected to drive the demand for methanol in the regions of Latin
America and the Middle East and Africa.
Application of Methanol as Marine Fuel Opening New
Opportunities
Factors such as rising demand for methanol from
China, increasing adoption of the methanol to olefins (MTO)
technology, swelling demand for petrochemicals in Asia Pacific, and
the need for alternatives to conventional transportation fuels are
expected to boost the growth rate of the methanol market during the
forecast period. Conversely, fluctuating prices of methanol, economic
slowdown, and government regulations and policies pertaining to the
use of methanol are some of the factors hindering the market from
attaining its full potential. The report also notes a few trends such
as the booming shale gas production in North America, increasing
focus of the automotive industry to reduce carbon footprints, and
growing application of methanol as a marine fuel and ingredient for
wastewater treatment.
According to the author of the report, “The
escalating economic growth of China and the recovery of the methanol
industry in North America augur well for the future. The production
of coal-based methanol is acting like an alternative to natural
gas-based fuel energy, especially in China, while incremented efforts
for shale gas in Canada will drive the market in the near future.”
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The information presented in this review is based on
a Transparency Market Research report, titled, “Methanol Market
(Application - Formaldehyde, Acetic Acid, MTBE, DME, and Gasoline) -
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2016 - 2024.”
Key Segments of the Global Methanol Market
Methanol Market - Application Analysis
- Formaldehyde
- Acetic Acid
- MTBE
- DME
- Gasoline
- Others
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