The Asia methanol market was estimated at USD 22,255.9 million in 2017 and is expected to witness significant growth during the forecast period 2018-23.China was the major country in the consumption of methanol in 2014 and is estimated to be the major country for the same during the forecast period 2018-23. The rise in demand for petrochemicals and the advancement of new industrial segments are projected to offer new opportunities for the methanol market during the forecast period.
Methanol, as a basic chemical has many applications in traditional chemical derivatives and energy related applications such as formaldehyde, acetic acid, MTBE, DME, MTO etc. Among these, formaldehyde and acetic acid applications are growing at a strong pace during the forecast period 2018-23. The Formaldehyde application in Asia generated over $4,086.4 million in 2017 and is further forecast to grow at a CAGR of 8.4% during 2018-23.
What is Methanol?
Methanol is also known as wood alcohol. It has some of the characteristics similar to that of conventional fuels. Hence, methanol has emerged as a perfect replacement for conventional fuels such as diesel and petrol. There has been an increase in the use of methanol filling stations due to concerns such as pollution and emphasis on usage of alternative fuels. Different proportionate mixtures of methanol such as M3, M85 are being used on a large scale. The demand for alternative transportation fuel has shown a high rise with the depleting crude oil reserves. Methanol as a fuel has low pollutant counts.
What are the major applications of Methanol?
Methanol derivative are implied for applications which include production of light-olefins and energy applications, such as direct blending into gasoline and the production of biodiesel and DME (dimethyl ether). Acetic acid and formaldehyde are the methanol derivatives and are used as a key component for the production of construction and wood products, as well as high-strength engineering resins and a multitude of insecticide applications. DME as an aerosol propellant is common in the West, which represents a relatively small market overall, but its primary use is in fuel application where it is mainly blended into liquefied petroleum gas (LPG). This application is widely used by Chinese consumers for home cooking and heating, which has helped drive methanol consumption into DME.
Methanol is also used to prepare fuel cells which find applications in industries such as telecom. Methanol is a potential toxicant for humans it is used naturally at a low level in most alcoholic beverages without causing harm. In order to prevent misuse of ethanol it is added in appropriate volumes and containers are marked.
Market Research and Market Trends of Methanol
China has become the world’s second largest LNG importer, behind Japan. China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from official Chinese government statistics .Methanol is a basic chemical used to produce fuels and other traditional chemicals, in China to produce olefins in a process called methanol-to-olefins (MTO).
Abu Dhabi National Oil Co has signed a three-year agreement with Lotte Chemical Titan, one of the largest polyolefin producers in Southeast Asia, to sell the Malaysian firm up to 1 million tonnes of naphtha annually. ADNOC produces over 12 million tonnes of naphtha annually.
Methanol usage as fuel is expected to cut India's oil import bill by 30%.The government is contemplating a 'Methanol Economy Fund' to promote indigenously-produced methanol that could substitute 10 percent of India's crude oil imports by 2030, thereby reducing its fuel bill by around 30 percent
Honeywell announced that Jiangsu Sailboat Petrochemical Company, Ltd. has accepted a new methanol-to-olefins (MTO) unit provided by Honeywell UOP sand that the plant is operating and has met all guarantees. The unit is the largest single-train MTO unit in the world with a production capacity of 833,000 metric tons per year. The new plant converts methanol from domestic coal into olefins for plastics production.
Indian Government, announced on a plan to allow blending 15 percent methanol with petrol, according to PTI. Methanol made from coal has been produced at a very low price of INR 22 per liter. The State government of Assam has also ensured that NITI Aayog will extend all necessary support for augmenting methanol production of Assam Petrochemicals Limited (APL) by utilising the natural gas available in the state. India’s government is also mulling a proposal to allow the use of methanol as marine fuel citing its environmental and economic benefits.
Who are the Major Players in market?
The key players in the Methanol market are BASF SE, BP Plc, China National Coal Group, China Risun Coal Chemical Limited, Deepak Fertilizers and Petrochemicals Corporation, Eastman Chemical Company, Mitsubishi Gas Chemical Co. Inc, Royal Dutch Shell Plc and other leading producers in the APAC region
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