The global methanol market was valued at USD 31.26 billion in 2023 and is expected to increase from USD 32.70 billion in 2024 to USD 46.32 billion by 2032, reflecting a CAGR of 4.5% throughout the forecast period. Asia Pacific led the methanol market in 2023, accounting for a 63.34% share. Additionally, the U.S. methanol market is anticipated to witness significant growth, projected to reach USD 4.38 billion by 2032, fueled by rising demand for formaldehyde and acetic acid derivatives across various sectors such as chemicals, pharmaceuticals, and adhesives & sealants.
Methanol is a light, volatile, colorless, and flammable liquid with a distinctive odor resembling ethyl alcohol (ethanol). Due to its toxicity, it is commonly combined with ethyl alcohol to create denatured alcohol for industrial use. The increasing use of methanol as a feedstock for a variety of chemicals, including solvents and plastics, is expected to propel market expansion. A growing shift among end-users toward eco-friendly fuels is poised to open new growth avenues. The adaptable characteristics of methanol have led to its extensive application in addressing global demands.
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Segmentation—
Acetic Acid Segment Held 5.5% Share in 2020: Fortune Business Insights™
Based on derivatives, the market is divided into formaldehyde, acetic acid, MTBE, DME, gasoline blending, biodiesel, methanol to olefins (MTO)/methanol to propylene (MTP), solvent, and others. Among these, the MTO/MTP segment is expected to exhibit the fastest CAGR in the upcoming period, driven by strong demand for polyolefins from numerous end-use industries. The acetic acid segment accounted for a 5.5% share of the methanol market in 2020.
Report Coverage—
This research report analyzes key segments within the methyl alcohol sector, including regions, end-users, technologies, types, and applications. It details each segment’s performance and relevance based on sales volume, growth outlook, revenue share, and market demand. This analysis will support clients in accurately assessing the market size and identifying the optimal segment to support their business expansion strategies.
Drivers & Restraints—
Increasing Use as a Precursor in Plastics and Textiles to Drive Growth
The global demand for methanol is rising due to its use in the construction and automotive sectors. The chemical is commonly utilized as a precursor in insulation, adhesives, textiles, and plastic products. However, inhalation or ingestion of methanol can lead to fatal consequences, including acid buildup in the blood, blindness, or death, which could hinder market growth in the future.
Regional Insights—
Asia Pacific to Lead Due to Construction Industry Growth
In 2020, Asia Pacific generated USD 17.60 billion in revenue, making it the primary contributor to market growth, largely due to the rapid development in construction and automotive industries. In contrast, North America is likely to benefit from the increasing demand for methanol from green fuel producers. Europe is also projected to expand steadily owing to growth in the automotive sector.
Key Methyl Alcohol Manufacturers in the Global Market:
- Methanex Corporation (Canada)
- HELM AG (Germany)
- Southern Chemical Corporation (U.S.)
- SABIC (Saudi Arabia)
- Mitsubishi Gas Chemical Company, Inc. (Japan)
- Zagros Petroleum (Iran)
- PETRONAS (Malaysia)
- Mitsui & Co., Ltd. (Japan)
- Celanese Corporation (U.S.)
- BASF SE (Germany)
- Simalin Chemical Industries Pvt. Ltd. (India)
- Other Players
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Competitive Landscape—
Major Players Engage in Joint Ventures to Strengthen Market Position
The global methanol market features numerous companies, many of which are pursuing mergers, acquisitions, and joint ventures. Others are concentrating on scaling up production capacity to fulfill increasing customer demand. Below is a notable industry development:
