Methanol Market to Witness Growth of USD 15.62 Billion during 2020-2024

Strategic Insights -

The global methanol market is expected to grow significantly during the next four years, driven by increasing adoption of the MTO technology and rising demand for methanol from China. The market size is projected to reach USD 15.62 billion by 2024, according to a report by Technavio. The report provides a detailed analysis of the impact of the COVID-19 pandemic on the methanol market, including optimistic, probable, and pessimistic forecast scenarios.

Key Takeaways:

  • The methanol market will witness a neutral and at-par impact during the forecast period due to the widespread growth of the COVID-19 pandemic.
  • Enterprises will go through the respond, recover, and renew phases, with a focus on building business resilience and enabling agility to move forward in their journey out of the COVID-19 crisis.
  • Major methanol market participants, such as BASF SE, BP Plc, Celanese Corp., and ENERKEM Inc., will emerge as key players in the market during 2020-2024.
  • The methanol market is driven by increasing adoption of the MTO technology and rising demand for methanol from China, which will trigger market growth at a CAGR of over 10% during the forecast period.
  • The methanol market is segmented into end-users, automotive, construction, electronics, paints and coatings, others, derivative type, formaldehyde, acetic acid, gasoline, DME, and others, with geography divided into North America, Europe, APAC, MEA, and South America.
  • Technavio's report on the methanol market provides a comprehensive analysis of the market size, growth rate, and forecast period, as well as key drivers, challenges, and trends.
  • The report highlights the importance of scenario-based planning and post-pandemic business planning to mitigate future crisis situations and identify opportunities in existing and potential markets.
  • The report provides a snapshot of the methanol market, including market estimates, quarterly impact analysis, and updates on market estimates.

Statistics:

  • The global methanol market is expected to grow at a CAGR of over 10% during the forecast period.
  • The market size is projected to reach USD 15.62 billion by 2024.
  • The methanol market is expected to witness a neutral and at-par impact during the forecast period due to the widespread growth of the COVID-19 pandemic.
  • BASF SE, BP Plc, Celanese Corp., and ENERKEM Inc. are major methanol market participants that will emerge during 2020-2024.
  • The methanol market is driven by increasing adoption of the MTO technology and rising demand for methanol from China.

Sources:

  • Technavio. "Global Methanol Market 2020-2024." Business Wire, 23 Oct. 2020, https://www.businesswire.com/news/home/20201023005168/en/.