How Is Petrochemical Production Boosting Methanol Market Growth?

The high-volume consumption of methanol in the production of a wide range of petrochemicals is expected to support the methanol market growth, worldwide. According to P&S Intelligence, the market generated a revenue of over $20 billion in 2020. Moreover, the rising adoption of methanol as an alternative fuel in vehicles, on account of the increasing environmental concerns, will drive the demand for the chemical during the forecast period (2021–2030). 

The surging demand for petrochemicals will boost the need for methanol in the foreseeable future, as the chemical is used in the manufacturing of several petrochemicals, such as acetic acid, olefins, formaldehyde, solvent, dimethyl ether (DME), methyl methacrylate (MMA), and methyl tert-butyl ether/tert-amyl methyl ether (MTBE/TAME). These products are widely used in the construction and automotive industries. Moreover, the growth of the construction and automobile sectors, primarily on account of the booming population and soaring disposable income, will augment the demand for methanol in the foreseeable future.

At present, companies operating in the methanol market are primarily focusing on facility expansion to ameliorate their market position and amplify R&D activities. For instance, in June 2020, Assam Petro-Chemicals Limited (APL) announced its plan to produce 500 tons of methanol per day from the second quarter of 2021. Other key players focusing on facility expansion include Mitsubishi Gas Chemical Company Inc., LyondellBasell Industries N.V., OQ SAOC, QAFAC, OCI N.V., Petroliam Nasional Berhad (PETRONAS), Celanese Corporation, and SABIC.

In the coming years, the Asia-Pacific (APAC) region will account for the largest share in the methanol market, globally, due to the flourishing petrochemical industry and rising consumption of methanol-based fuel in Japan, China, and India. Among APAC nations, China is the leading consumer of methanol, due to the strong presence of various end-use industries in the nation. Besides, the mounting automobile production, booming electronics industry, and soaring construction activities, especially in India and China, will support market growth in the region.

Thus, the expanding petrochemical industry and the increasing focus of market players on developing new and sustainable methanol production methods are expected to fuel the market growth in the forecast years.

Source: www.psmarketresearch.com

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