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.
Methanol Market Analysis
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 Market Overview
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.
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Methanol Market: Strategic Insights
Market Size Value in US$ 28,114.27 million in 2021 Market Size Value by US$ 41,974.76 million by 2028 Growth rate CAGR of 5.9% from 2021 to 2028. Forecast Period 2022-2028 Base Year 2021
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Methanol Market: Strategic Insights
| Market Size Value in | US$ 28,114.27 million in 2021 |
| Market Size Value by | US$ 41,974.76 million by 2028 |
| Growth rate | CAGR of 5.9% from 2021 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Methanol Market Drivers and Opportunities
Increasing Use of Methanol as Feedstock in Various Applications
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.
Growing Focus towards Using Green Methanol
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.
Methanol Market Report Segmentation Analysis
Key segments that contributed to the derivation of the methanol market analysis are derivative and end-use industry.
- Based on derivative, the methanol market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO) / methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel, dimethyl ether (DME), and others. The formaldehyde segment held a significant market share in 2023.
- By end-use industry, the market is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and others. The automotive segment held a significant share of the market in 2023.
Methanol Market Share Analysis by Geography
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.
Methanol Market Report Scope
Methanol Market News and Recent Developments
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:
- Mitsui & Co., Ltd. has agreed to acquire a 49% equity interest in Kasso MidCo ApS ("MidCo"), an affiliate of European Energy A/S ("EE", a renewable energy company headquartered in Søborg, Denmark). MidCo possesses a solar power generation and e-methanol business through Solar Park Kasso ApS ("Kasso"), its wholly owned subsidiary. (Source: MITSUI & CO., LTD., Company Website/Releases /2023)
- Jakson Green, a renewable and new energy player in India, announced today that it has won a project from National Thermal Power Corporation (NTPC) to establish a CO2-to-methanol production facility at NTPC’s Vindhyachal thermal power plant in Madhya Pradesh. (Source: PV MAGAZINE, Company Website /2023)
Methanol Market Report Coverage and Deliverables
The “Methanol Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Derivative, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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