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LONDON, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Methanol has a wide range of applications, including use as a fuel and as a chemical feedstock in other critical industrial production and manufacturing processes. With a plethora of renewable feedstocks available, ranging from biomass municipal waste to exhaust carbon and renewable power, methanol has proven to be a versatile, affordable, and stable energy source well suited for use in transportation and industry. It clearly has the potential to help reduce greenhouse gas emissions and used instead of fossil fuels. Furthermore, Methanol is primarily used as an industrial solvent in the production of inks, resins, adhesives, and dyes. It is also used as a solvent in the production of important pharmaceutical ingredients and products such as cholesterol drugs, streptomycin, vitamins, and hormones.
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Global Methanol Market Dynamics
Some of the factors driving the growth of the global methanol market include the rising concern to reducing the emission, increasing demand for petrochemical as well as increasing use as fuel in automotive and fueling applications. Moreover, increasing adoption of methanol in construction as well as automotive is propelling the growth of methanol market. In addition, the rising uses of ethanol in comparison to methanol are major restrain for the market growth. Increasing use of methanol as a fuel in marine and railways are huge opportunity for the methanol market.
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Regional Overview
The global methanol market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Due to the rapidly increasing adoption of methanol in the automotive, construction, and electronics industries in countries such as India, China, and Japan, the Asia Pacific region has seen an increase in methanol demand. Methanol demand in China has been steadily increasing since the 1980s and has accelerated in recent years as China embraces methanol as a clean alternative automotive fuel. Furthermore, rising energy and non - renewable sources prices in the global and Chinese markets continue to sustain the methanol economic advantage, and China's abundance of coal resources as a feedstock has led China to become the world's largest producer and consumer of methanol. Methanol is preferable to conventional fuel gasoline in terms of reducing carbon dioxide, nitrogen, and hydrocarbon emissions. As a result, methanol is being used in automotive and fueling applications in major North American and European economies.
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Market Segmentation
The feedstock segment is categorized into natural gas, coal, and others. In 2020, the natural gas segment held the largest market shares. Methanol is primarily produced on an industrial scale from natural gas by reforming the gas with steam and then converting and distilling the resulting synthesized gas mixture to produce pure methanol. As a result, a clear, liquid organic chemical that is water-soluble and biodegradable is produced.
The derivatives segment is divided into formaldehyde, MTO/MTP, gasoline, MTBE, MMA, dimethyl terephthalate (DMT), acetic acid, dimethyl ether (DME), methylamines, and others. In 2020, the formaldehyde segment acquired the maximum share. Methanol is a key ingredient used in the production of formaldehyde. It is used as a preservative in food, paints, and cosmetics. Moreover, Formaldehyde is a strong-smelling, colorless gas used in making building materials and many household products.
The end-user industry segment is further divided into construction, automotive, electronics, and others. In 2020, the construction segment held the largest market share. Methanol is used as a feedstock to produce chemicals such as acetic acid and formaldehyde, which are further used in construction products such as adhesives, foams, plywood subfloors, solvents, and windshield washer fluid. Moreover, increasing commercial and residential constructions activities are driving the methanol market.
Major Players:
Some major players covered in the methanol market are BASF, Qatar Fuel Additives Company Limited, Zagros Petrochemical Company, Mitsui & Co., Ltd, Petroleum National Berhad, Saudi Arabia
Basic Industries Corporation (SABIC), Celanese Corporation, Methanex Corporation, Valero Marketing & Supply Company, Mitsubishi Gas Chemical Co., Inc. and others.
- In March 2021, Fairway Methanol LLC, which was established through a 50-50 investment between Mitsui & Co., Ltd. and Celanese Corporation, has decided to expand its facilities in order to increase methanol production by purchasing and effectively utilizing carbon dioxide (CO2) emitted from surrounding plants as a source.
- In January 2021, Mitsubishi Gas Chemical Company (MGC), Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries Engineering (MHIENG) have teamed up with the National Gas Company of Trinidad and Tobago (NGC) and Massy Holdings (Massy), a joint venture in the Republic of Trinidad and Tobago, Caribbean Gas Chemical Limited (CGCL), to launch commercial operations of a methanol and dimethyl ether (DME) plant.
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