The global methanol industry size is set to gain traction from the urgent need to lower environmental pollution caused by the surging usage of heavy fuels, such as diesel and gasoline. Pollution further leads to global warming and climate change.
The outbreak of the COVID-19 pandemic has slowed down manufacturing activities worldwide. For instance, Methanex Corporation, a leading firm in the market, stopped activities in its plants with production capacities of 800 KT and 850 KT per annum in Chile and Trinidad, respectively. Besides, the lower demand for chemicals, paints, and adhesives derived from this compound is set to hamper growth amid the pandemic.
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Segmentation-
Acetic Acid Segments Generated 5.5% Share in 2020: Fortune Business Insights™
By derivatives, the market is segregated 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 exhibits the highest CAGR in the near future, backed by the high demand for polyolefins from a wide range of end-user industries. The acetic acid segment earned 5.5% in terms of the methanol market share in 2020.
A list of renowned methyl alcohol manufacturers operating 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
