A versatile feedstock that continues to garner traction in manufacturing of plastics, resins, paints and adhesives, plywood, perfumes, foams, explosives, and pharmaceuticals, methanol has been recently gaining the status of a preferred fuel alternative. The global methanol consumption will see an uptrend as it has started to extensively replace conventional gasoline in many North American, and European countries. A new upcoming study of Fairfield Market Research offers an insightful analysis of the methanol market forecast between 2021 and 2025. The chemical continues to serve an indispensable role in production of several industrial chemicals, which is expected to drive market growth, says the study.
Methanol Consumption Accelerates as a Viable Fuel Alternative
Excellent efficiency, exceptional miscibility in a range of industrial solvents, lower evaporation rate, and ready availability are likely to sustain demand worldwide, which is further complemented by a consistent price drop in natural gas. The developing perception regarding methanol as a clean-burning fuel is further pushing its popularity as a safer transportation fuel alternative. This will remain a strong indication of a robust market outlook through the end of forecast period.
In addition, it is being increasing considered as a potentially safer, more efficient, and economical marine fuel alternative. This also highlights an attractive window of opportunity for manufacturers as maritime industry operators have long been seeking a transition fuel that would be a zero-emission alternative. However, the uncertainty that continues to hover over methanol pricing will remain a major challenge to market participants in long term.
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Formaldehyde Sought-after
Notable consumption by key application areas like paints and adhesives, plywood, plastics, pesticides, automotive, textile, personal care, and construction is expected to uphold demand for formaldehyde. Formaldehyde is likely to be the top selling segment in methanol market as it has become a preferred blended fuel candidate. An expanding thermoplastics landscape is projected to push prospects of polyolefins, suggests the report.
Market Continues to See China’s Dominance
China continues to be at a forefront of demand majorly on the back of rapidly proliferating chemical manufacturing plants. The country is expected to remain the mainstay for Northeast Asian market on account of its robust mineral turpentine oil (MTO) output. Although the US is also one of the key markets for methanol, the long-term performance outlook will remain influenced by the US-China trade war prevailing over the recent past. European market, a significant spot for investors, remains challenged by an expensive price point of methanol due to higher natural gas prices. Manufacturers are thus looking to reduce capacities. Reliance of European markets on Chinese imports will prevail.
Key Market Players
Methanex Corporation, BASF SE, Celanese Corporation, Sarawak Petchem Sdn. Bhd., Mitsubishi Chemicals, Mitsui & Co., Ltd., Petroliam Nasional Berhad (Petronas), Proman AG, Zagros Petrochemical Co., SABIC, US Methanol, Yankuang Group, Carribean Gas Chemical, Methanol Holdings Limited, Velro Energy Corp., and Natgasoline LLC represent some of the most prominent companies driving competition in the global methanol market. Leading market players have been prioritising strategies to strengthen their foothold across Asian, African, and American markets. Stronger distribution networks, and more efficient supply chains are likely to be the key focal areas for key companies in methanol landscape.
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