Methanol Market to Garner $54.6 Billion, Globally, By 2030 at 5.06% CAGR, Says Allied Market Research
PORTLAND, OREGON, UNITES STATE, January 23, 2024 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Methanol Market by Feedstock (Coal, Natural Gas, Others), by End-use Industry (Automotive, Construction, Electronics, Appliances, Paints and Coatings, Insulation, Pharmaceutical, Packaging, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global methanol industry was pegged at $35.3 billion in 2021, and is expected to reach $54.6 billion by 2030, growing at a CAGR of 5.06% from 2022 to 2030.
Drivers, restraints, and opportunities-
Rise in demand for hydrogen fuel cells, developments in medical sectors, and growth in automotive have boosted the growth of the global methanol market. On the contrary, low production of methanol compared to alternative fuels and increased energy security offered by methanol would open new opportunities in the future.
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Covid-19 scenario:
The sales of methanol are based on demand from end-use industries including chemicals, automotive, appliances, and packaging. However, the pandemic negatively affected these industries, which hampered the methanol market.
Decline in automotive manufacturing and reduction in the export of raw materials for methanol production affected the market growth even more.
The natural gas segment dominated the market
By feedstock, the natural gas segment held the largest share in 2021, accounting for more than two-fifths of the global methanol market. However, the coal segment is expected to register the highest CAGR of 6.12% from 2022 to 2030, owing to use of coal as a feedstock for the methanol production to reduce the gap between declining fossil fuel supplies and boost the hydrogen economy thereby reducing the carbon emissions.
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The automotive segment held the largest share
By end-use industry, the automotive segment dominated the market in 2021, contributing to more than one-fifths of the global methanol market. However, the appliances segment is projected to register the highest CAGR of 8.37% during the forecast period. This is because methanol is the building block for the manufacturing of various appliances that can be found in computers, cars, and others.
Asia-Pacific held the lion's share
By region, the market across Asia-Pacific held the largest share in 2021, accounting for more than half of the global methanol market, due to substantial rise in government initiatives to boost the use of methanol for electric vehicles and fuel-cell vehicles. However, the market across LAMEA is anticipated to register the highest CAGR of 6.57% during the forecast period.
Major Market Players
Celanese Corporation
BASF SE
Methanex Corporation
SABIC
Petroliam Nasional Berhad (PETRONAS)
Mitsubishi Gas Chemical Company, Inc.
Valero
Mitsui & Co., Ltd.
Zagros Petrochemical Co.
Methanol Holdings (Trinidad) Limited.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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