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(I-AutoNewsWire.com, September 28, 2022 ) The global "Methanol Market is anticipated to grow from USD 30.7 billion in 2021 to USD 36.3 billion by 2026, at a CAGR of 3.4% from 2021 to 2026. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of methanol ranging from automotive to the pharmaceutical industry. Increasing demand from Asia Pacific will further drive the growth of the global methanol market.
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The solvents end-use industry is expected to register the highest CAGR in the global Methanol Market during the forecast period.
The solvents will continue to a highest growing industry in the Methanol market, due to the huge demand from the pharmaceutical, construction, and paints & coating end-use industries. Methanol is the most used solvent in the construction and paint & coating industries. Methanol is used as a laboratory solvent, which is useful for HPLC, UV/VIS spectroscopy, and LCMS due to its low UV cutoff.
APAC is expected to hold the largest market share in the global methanol market during the forecast period.
Asia Pacific accounted for the largest share of the Methanol market in 2020. Factors such as the rapidly increasing consumption of methanol in the automotive, construction and pharmaceutical industries in countries such as China, Japan, India, South Korea and Australia have led to an increased demand for Methanol in the Asia Pacific region.
Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (ZPC) (Iran) are the leading methanol manufacturers, globally.
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Browse in-depth TOC on "Methanol Market”
653 - Market Data Tables
93 - Figures
512 - Pages
Methanex Corporation engages in the production and supply of methanol. The company has an extensive global supply chain and distribution network of terminals and storage facilities throughout Asia Pacific, North America, Europe, and South America.
HELM Proman Methanol AG engages in production and supply of methanol around the world. The company has an annual installed production capacity more than 10 million metric tons. The company operates in several countries spread across Europe, America, Asia, and Africa. In March 2021, HELM AG, Proman and Southern Chemical Corporation (SCC) announced a significant restructuring of its regional methanol marketing activities to establish the global joint venture HELM Proman Methanol AG.
SABIC is the third-largest player in the methanol market. SABIC engages in the manufacture, marketing and distribution of petrochemicals, polymers and plastics, agricultural nutrients. The company has a global presence in more than 100 countries with 68 manufacturing sites and 20 technology and centers with a patent portfolio of 9,946.
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