Methanol (CH3OH) is a single carbon compound produced from coal, natural gas, and biomass. Based on end-user, the automotive segment is anticipated to account for a significant share in the global market due to the rising demand for lightweight vehicles in order to reduce carbon emission. The automotive segment is anticipated to contribute most to the methanol market as there has been a drastic rise in the use of transportation fuel. Methanol is extensively used as a transportation fuel in the automobile industry for its efficiency and easy availability. The compound is also used for manufacturing Dimethyl Ether (DME) and Methyl Tert-Butyl Ether (MTBE), which is considered as an ideal substitute over traditional gasoline.
Methanol also finds application in the manufacturing of formaldehyde, acetic acid, and methyl acetate. The rising demand for methanol in the construction industry drives market growth. Formaldehyde-based resins are utilized to make engineered wood and composites products. Increasing commercial and residential construction activities and surging per capita income provide an impetus to the market growth.
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Impact of COVID-19 on Methanol market
Coronavirus outbreak in China has disrupted the supply chain across the globe. Methanol is extensively used in the packaging industry, which is currently witnessing a significant surge due to the rising demand for packaged food across the globe. On the other hand, the automotive industry is witnessing a considerable decline due to lockdown imposed by the government. China is one of the largest producers of the polyester chain, polyvinyl chloride (PVC), purified terephthalic acid (PTA), methanol, and methyl tertiary butyl ether (MTBE); thus disruption in the supply Chain has majorly affected the global methanol market.
Methanol Market Segmentation
By Feedstock Type
Central and South America and the Caribbean
The Middle East and Africa
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