NEW YORK, May 10, 2021 /PRNewswire/ -- The increasing usage
of methanol as an alternative fuel in automobiles, to preserve the
environment, and in the production of petrochemicals, such as
dimethyl terephthalate (DMT), dimethyl ether (DME), formaldehyde,
olefins, biodiesel, acetic acid, and solvents, will drive the
global methanol market growth during 2021–2030, according to the
market research study published by P&S Intelligence.
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However, the outbreak of the COVID-19 pandemic has led to a
decline in the operations of the methanol market.
Government-imposed lockdowns, to contain the spread of the
coronavirus, had a negative impact on the automotive, chemical, and
construction sectors. As these industries are the major consumers
of methanol, their slowdown led to a tremendous decline in the
demand for methanol. Moreover, border closures in 2020 disrupted
the supply chain, which further decreased the consumption of the
chemical.
The natural gas category, within the feedstock segment, will
demonstrate the fastest growth in the methanol market during
2021–2030. As compared to other feedstocks, methanol production
from natural gas is much easier and environment-friendly.
Additionally, the production process is a thermodynamic and kinetic
reaction that occurs at a low temperature and pressure.
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Methanol Market Research Report: By Feedstock (Natural Gas, Coal,
Coking Gas, Heavy Liquid), Application (Formaldehyde, Acetic Acid,
Gasoline, MTO/MTP, MTBE/TAME, DMT, DME, MMA, Biodiesel, Solvent),
Industry (Automotive, Construction, Chemical, Electronics, Paint
& Coating, Pharmaceutical, Packaging) – Global Industry Trends
Analysis and Growth Forecast to 2030 @
https://www.psmarketresearch.com/market-analysis/methanol-market
The industry segment of the methanol market is categorized into
automotive, construction, chemical, electronics, paint &
coating, pharmaceutical, packaging, and others. Among these, the
automotive industry accounts for a significant market share due to
the surging demand for automobiles across the world and soaring
interest in cleaners fuels. Moreover, there is a high-volume
consumption of formaldehyde resin, a derivative of methanol, in the
production of the interior-molded components of vehicles, to
enhance the fuel efficiency and reduce the weight.
The Asia-Pacific (APAC)
methanol market will register the fastest growth in the coming
years. This will be due to the expanding chemical and construction
industries, which employ a large quantity of methanol. Moreover,
the rising usage of methanol as biofuel in the automobile industry
will boost the market growth in the region.
Key players in the global methanol market, such as Methanex
Corporation, OCI N.V., QAFAC, BASF SE, OQ SAOC, LyondellBasell
Acetyls LLC, Celanese Corporation, Mitsubishi Gas Chemical Company
Inc., SABIC, and Petroliam Nasional Berhad (PETRONAS), are focusing
on expanding their facilities to boost their production
capacity.
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For instance, Fairway Methanol LLC was established as a joint
venture between Celanese Corporation and Mitsui & Co. Ltd. in
March 2021. Both these companies made
equal investments in this firm to increase methanol production from
carbon dioxide (CO2) and optimize the effective capacity
of the existing plant.
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P&S Intelligence
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