Albany, NY -- (SBWire) -- 11/06/2017 --The methanol market is projected to witness moderate growth in the coming years, as forecast by Transparency Market Research. In 2015, the global methanol market was valued at US$ 101.4 bn and is likely to reach US$145.6 bn by 2024, expanding at a CAGR of 4.2% therein.
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From a geographical standpoint, Asia Pacific dominates the global methanol market and accounted for a share of more than 65% in 2015. The increasing demand for methanol is attributed to its widespread application in formaldehyde, acetic acid, MTBE, DME, gasoline and other industries. China has been a major producer and consumer of methanol, which is driven by rising population and the soaring demand for fuel. India and ASEAN are forecast to offer considerable growth opportunities for the methanol market in the coming years.
The methanol market in Latin America and the Middle East and Africa is expected to grow at a steady pace over the coming years due to the easy availability of raw materials in these regions. Latin America is projected to be a beneficial market for methanol by 2024 since it is a major exporter of methanol, primarily to North America and Europe.
The global methanol market is characterized by the strong presence of a handful of regional companies with an established customer base in various countries. These include Petroliam Nasional Berhad (PETRONAS), Reliance Industries Limited, AR-RAZI Saudi Methanol Company, RAMA Petrochemicals Ltd., Shenhua Ningxia Coal Industry Group Co. Ltd., and Gujarat Narmada Valley Fertilisers & Chemicals Limited.
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Methanol Market Trends, Analysis, Application & Type Forecast to 2024