The methanol market size is projected to reach US$ 48.13 billion by 2031 from US$ 30.38 billion in 2023. The market is expected to register a CAGR of 5.9% in 2023–2031. The growing adoption of methanol as blended fuel in transportation industry is likely to remain a key methanol market trends.
The rapidly increasing construction activities in different countries across the globe are driving the methanol market growth. The construction industry is a best prospect industry sector for Mexico. Mexican construction industry is growing due to the economic growth and public investment in infrastructure projects. Mexico is also moving rapidly towards green and environmentally-friendly construction activities. In the past few years, the construction sector in Indonesia has been a growth driver. The rapidly urbanizing population is driving the demand in the construction sector in the country. In addition, the growth in population and increase in government spending on infrastructure are major drivers for the construction market in Indonesia.
Methanol is the simplest alcohol compound utilized as an additive in industrial applications; it is a flammable, colorless, and toxic liquid chemical with a trivial smell. It is used in various industries such as, automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and others. Methyl alcohol is used to produce formaldehyde, acetic acid, and methyl methacrylate (MMA) and is also used as a solvent in several applications. Methanol and its derivative products such as ascetic acid and formaldehyde made via chemical reactions are used as base materials in acrylic plastic; synthetic fabrics and fibers used to make clothing; adhesives, paint, and plywood used in construction; and as a chemical agent in pharmaceuticals and agrichemicals.
Methanol as a key chemical building block or as a fuel, when made from renewable sources, it can help to achieve decarbonization goals. Methyl alcohol is highly used in producing plastics, adhesives, insulation materials, textiles, and food chemicals, among other chemicals and compounds. The demand for plastics is increasing due to the growing automotive sector in the world. Further, various methyl alcohol derivatives are extensively used in the pharmaceutical and healthcare industries. Hence, increasing the use of methanol in various applications in boosting the global methanol market growth.
Green methanol is methanol that is made renewably and without polluting emissions. This chemical compound is used as a low-carbon liquid fuel and is a promising alternative to fossil fuels in areas where decarbonization is a major challenge. In recent years, sustainable and low-carbon alternatives to traditional fossil fuels have become a top priority. Thus, the growing focus on using green methanol is expected to offer more lucrative opportunities for market growth.
Key segments that contributed to the derivation of the methanol market analysis are derivative and end-use industry.
The geographic scope of the methanol market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The Asia Pacific region holds a larger share of the global market. North America is expected to register the considerable growth rate over the forecast period. Methanol is extensively used in producing various chemicals and compounds such as plastics, adhesives, insulation materials, textiles, and food chemicals. The demand for plastics is increasing and positively favoring the methanol market due to the growing automotive industry in the region. The automotive industry largely uses plastic polymers to manufacture a vehicle's interior structure and other components such as a bumper, fuel system, wheelhouse, door handles, brake pads, and under the hood components. The application of plastic components significantly reduces the vehicle's weight, increases its fuel efficiency, and meets environmental regulations regarding carbon emissions from fossil fuels.
The regional trends and factors influencing the Methanol Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Methanol Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 30.38 Billion |
| Market Size by 2031 | US$ 48.13 Billion |
| Global CAGR (2023 - 2031) | 5.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Derivative
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Methanol Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Methanol Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The methanol market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for methanol and strategies:
The “Methanol Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: