The global methanol market size is set to gain traction from the urgent need to lower environmental pollution caused by the surging usage of heavy fuels, such as diesel and gasoline. Pollution further leads to global warming and climate change. Statista mentioned that the earth’s surface temperature was 0.98 Celsius degrees warmer in 2020 than the 20th Century average. This information is published by Fortune Business Insights™ in a report titled, “Methanol Market, 2021-2028.” As per the report, the market stood at USD 27.95 billion in 2020. It is projected to grow from USD 28.74 billion in 2021 to USD 39.18 billion in 2028 at a CAGR of 4.5% during the forecast period.
A list of renowned methyl
alcohol manufacturers operating in the global market:
- Methanex Corporation (Canada)
- HELM AG (Germany)
- Southern Chemical Corporation (U.S.)
- SABIC (Saudi Arabia)
- Mitsubishi Gas Chemical Company, Inc. (Japan)
- Zagros Petroleum(Iran)
- PETRONAS (Malaysia)
- Mitsui & Co., Ltd. (Japan)
- Celanese Corporation (U.S.)
- BASF SE (Germany)
- Simalin Chemical Industries Pvt. Ltd. (India)
Report Coverage-
The
research report studies decisive segments of the methyl alcohol industry containing
regions, end-users, technologies, types, and applications. It elaborates the performance
and significance of each of the segments by considering sales volume, growth
prospects, revenue share, and demand. In addition to this, it will help our
clients to accurately determine the market size to guide them in choosing the
right segment for their business growth.
Drivers &
Restraints-
Surging Usage as a
Precursor in Plastics and Textiles to Bolster Growth
The
high demand for the product from the construction and automotive industries is
set to surge its usage across the globe. The chemical compound is often used in
insulation materials, adhesives, textiles, and plastics as a precursor. However,
the consumption of inhalation of this chemical can result in death,
accumulation of acids in blood, and blindness. It may obstruct the methanol
market growth in the near future.
Read a Detailed
Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
COVID-19 Pandemic: Lower
Demand for Paints and Adhesives to Hamper Growth
The
outbreak of the COVID-19 pandemic has slowed down manufacturing activities
worldwide. For instance, Methanex Corporation, a leading firm in the market,
stopped activities in its plants with production capacities of 800 KT and 850
KT per annum in Chile and Trinidad, respectively. Besides, the lower demand for
chemicals, paints, and adhesives derived from this compound is set to hamper
growth amid the pandemic.
To
get to know more about the short-term and long-term impact of COVID-19 on this
market, please visit:
Regional Insights-
Asia Pacific to Remain at
Forefront Stoked by Expansion of Construction Industry
Geographically,
in 2020, Asia Pacific held USD 17.60
billion in terms of revenue. It is set to be the major contributor to the
growth of the industry because of the rapid expansion of the construction and
automotive industries. In North America, on the other hand, the higher demand
for this chemical compound from green fuel manufacturers would propel growth.
Europe is likely to grow considerably on account of the expansion of the automotive
industry.
Competitive Landscape-
Key Players Focus on Forming
Joint Ventures with Others to Intensify Competition
The
global market contains many companies, out of which, most of them are
participating in acquisitions, mergers, and joint venture strategies. A few
others are focusing more on expanding their production capacities to meet the
high consumer demand. Below is one of the significant industry developments:
June 2018: Southern Chemical Corporation (SCC), Proman
AG, and Helm AG formed a joint venture named Helm Proman Methanol AG to
accelerate their methanol-based marketing activities. The newly formed company is
headquartered in Switzerland. SCC will hold 5% share, while Proman AG will hold
38% and Helm AG will have 57% shares.
Read
Press Release: https://www.fortunebusinessinsights.com/press-release/global-methanol-market-10130
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