Methanol Market Size to Exceed USD 32.9 Billion by 2034 at 3.4% CAGR, Fueling the Future of Hydrogen Transportation- According to Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 25, 2024 (GLOBE NEWSWIRE) -- According to TMR, methanol (الميثانول) was worth US$22.0 billion in 2023. A CAGR of 3.4% is expected from 2024 to 2034, generating US$ 32.9 billion by 2034. Methanol is regarded as a cleaner-burning fuel than conventional fossil fuels.
In response to environmental restrictions aimed at reducing greenhouse gas emissions and air pollution, methanol is becoming more popular as an alternative fuel. With a low emissions profile, methanol is a great option for meeting environmental goals.
Since methanol is easier to store and move than free hydrogen, it can potentially operate as a hydrogen transporter, which makes it particularly helpful in synthetic organic chemistry. As a result, the established method creates a new direction for bulk and fine chemical synthesis and industrial applications.
A novel method of creating hydrogen from methanol via a catalytic reaction under ambient circumstances provides an environmentally friendly and sustainable way to produce vital clean fuel.
Through SERB, a DST-affiliated institution, scientists at the Indian Institute of Science Education and Research (IISER), Tirupati, have developed a method for generating molecular hydrogen from basic feedstock chemicals like methanol. This method has been successfully applied to chemicals and pharmaceuticals with high value-added.
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Key Findings of Market Report
- A large share of 2023's revenue came from the natural gas segment
- As greenhouse gas emissions are reduced and carbon neutrality goals are pursued, green energy solutions like methanol are becoming increasingly prevalent.
- Composite wood panels, such as particleboard, can be produced using formaldehyde-based resins from wood waste otherwise destined for landfills.
- By 2023, Asia Pacific was the leading producer of methanol worldwide.
Global Methanol Market: Growth Drivers
- Methanol is utilized as a fuel and additive, especially in biodiesel mixing and as a feedstock for fuel cells. Increasing energy demand and initiatives to reduce fossil fuel dependency pushed methanol into the spotlight as an alternative fuel source.
- Methanol is crucial in synthesizing many compounds, including acetic acid, formaldehyde, olefins, and polymers. Chemical sector expansion, particularly in emerging economies, significantly impacts methanol demand.
- The production of methanol can be achieved using recycled carbon dioxide and biomass. Renewable methanol as a clean energy source is growing as carbon emissions and sustainability become more important.
- The methanol industry can be greatly impacted by environmental laws and policies designed to lower greenhouse gas emissions and promote renewable energy sources. Regulatory incentives and incentives regarding renewable chemicals and biofuels could lead to growth in the methanol market from sustainable sources.
- Technological developments in methanol production, including gasification, catalytic conversion, and carbon capture and utilization (CCU), can potentially enhance methanol production's economic viability and efficiency.
- These technological advancements significantly impact how competitive and rapidly the methanol market is expanding. Infrastructure investments in methanol production, distribution, and storage support expansion by opening new markets and guaranteeing dependable supply chains.
Global Methanol Market: Regional Landscape
- Demand for methanol is expected to increase in Asia Pacific. Automobile, construction, electronics, and textile industries are big consumers of methanol for various applications in Asia Pacific.
- The situation is especially severe in nations such as China, India, and South Korea. Consumption of methanol in the region is strongly influenced by rapid urbanization and industrialization, along with a high demand for consumer goods, building materials, and cars.
- China holds a substantial market share and is the foremost producer and user of methanol in the Asia Pacific. The country's rising industrialization, expanding infrastructure, and increasing demand from diverse industries all contribute to its high methanol use.
- Government laws and policies significantly shape the methanol market in Asia Pacific. The market for methanol and its derivatives may be impacted by laws, requirements, and incentives that support the manufacture of sustainable chemicals, cleaner fuels, and renewable energy.
Global Methanol Market: Competitive Landscape
The top methanol producers in the world are pursuing the organic expansion mode to expand their customer base by opening new facilities in new geographical locations.
Key Players Profiled
- SABIC
- Mitsubishi Chemical Holdings Corporation
- Mitsui Chemicals, Inc.
- Methanex Corporation
- BASF SE
- Celanese Corporation
- Johnson Matthey PLC
- Perstorp Holding AB
- LyondellBasell Industries NV
- Sasol Limited
Key Developments
- In July 2023, Mitsui & Co. Ltd. acquired 49% of Kasso MidCo ApS ("MidCo"), a subsidiary of European Energy A/S. Through its wholly-owned subsidiary Solar Park Kasso ApS ("Kasso"), MidCo generates solar power and produces e-methanol. By capturing carbon dioxide (CO2) from biomass and converting renewable electricity to hydrogen, Kasso produces a low-carbon methanol. Next-generation fuels and chemicals will be increasingly demanded for their environmental friendliness.
- In February 2024, BASF and Envision Energy signed an agreement to convert green hydrogen and CO2 to e-methanol. By developing an advanced, dynamic process design, the collaboration will convert green hydrogen and CO2 into e-methanol.
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Global Methanol Market: Segmentation
Feedstock Type
- Natural Gas
- Coal
- Others
End Use
- Formaldehyde
- Acetic Acid
- MTBE
- MMA
- Gasoline Blending
- Biodiesel
- Dimethyl Ether
- MTO/MTP
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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