The Global Methanol Market accounted for USD 29.4 Billion in the year 2021. The market is estimated to grow at a CAGR (Compound Annual Growth Rate) of 4.3% in the forecast period of 2022-2028.
COVID-19 Impact on the Global Methanol Market:
The COVID-19 outbreak has affected many industries severely. As a result, the industries have faced significant losses during the pandemic. Furthermore, due to the lockdowns and restrictions, the supply chain has disrupted manufacturing, and production rates declined considerably. As a result, during the pandemic, the production of Methanol was deficient, which affected the Global Methanol Market. Therefore, the Global Methanol Market faced huge revenue loss during the pandemic. However, the market is anticipated to grow in the given forecast period.
The Global Methanol Market Trends:
The increasing demand from automotive industries is a Global Methanol Market trend. In addition, the growing requirement for petrochemicals is boosting the demand for globally as the is used on a large scale in the production of petroleum. Another leading driving factor for the Global Methanol Market is the production of olefins such as ethylene, toluene, butadiene, benzene, propylene, and xylenes. Apart from this, the growing demand for adhesive from furniture and other material is anticipated to fuel the demand for as methyl alcohol acts as a precursor to adhesive. In addition, fuel blending applications are estimated to boost the Global Methanol Market demand.
The Global Methanol Market based on the region is divided into and the rest of the world. However, the has been dominating the Methanol Market over the past few years and is expected to grow more in the future. Furthermore, the Methanol Market is estimated to grow in the forecasted period owing to the growing automotive industries in the region.
Key Market Players:
The Global Methanol Market is expected to attract many competing market players owing to the increasing demand for this Methanol. Currently, there are several competing market players in the Methanol Market, such as Methanex Corporation (Canada), HELM Proman Methanol AG (Switzerland), SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (Iran), Celanese Corporation (Texas), BASF SE (Germany), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company Inc. (Japan), Mitsui & Co. Ltd. (Japan), LyondellBasell Industries B.V. (U.S), OCI N.V. (Netherlands), Metafrax Chemicals (Russia), SIPCHEM (Saudi Arabia) to name a few.