According to the new market research report by IndustryARC, “Asia Methanol Market: By Application (Formaldehyde, Acetic Acid, MTBE, DME, MTO, Glasoline Blending & Combustion and Others) & By Country (China, Japan, South Korea, Taiwan, India, Malaysia & Others) - (2018-2023)”, the market is driven by the growing methanol demand from formaldehyde derivatives.
Browse 33 Market Tables, 31 Figures spread through 105 slides and an in-depth TOC on “Global Asia Methanol Market (2018 - 2023)”
China continues to lead the market share and growth during 2018-2023
China has the highest production capacity in Asia and it is estimated that only China has a significant growth in its production capacities when compared to other countries in Asia. New investments, domestic demand for methanol, cheap coal prices for methanol production and others are the driving factors for the increase in annual production capacities. Also, China was the major country in the consumption of methanol in 2017 and is estimated to be the major country for the same during the forecast period 2018-2023. The recent and upcoming methanol projects in China would help in decreasing imports in future to China. India, which is one of the fastest growing market in the consumption of methanol for applications such as formaldehyde and acetic acid, would grow at a CAGR of 8.6% during the forecast period.
Methanol which is the basic chemical for many applications in daily use, can be produced from many feed stocks. In Asia, China’s major feedstock for methanol production is coal, whereas rest of Asia uses natural gas. The methanol produced is used for chemical derivatives such as formaldehyde, acetic acid, MTBE, MTO and others. Among these, a high demand exists for formaldehyde, acetic acid and MTO and gasoline. These are used to produce products such as acetate esters, gasoline additives, olefins, resins and many more. The products derived from methanol are used in several industries such as automotive, paints & coatings, packaging, solvents, electronics and others.
Excerpts on Market Growth Factors Mentioned in the Full Report
- The increased storage capacities for methanol in South Korea and methanol derivative applications are driving the demand and growth of the market.
- Demand for gasoline blending is one of the major driving factors for the methanol market in China.
- The demand from construction industry for formaldehyde, olefins for MTO, gasoline blending from automotive industry, drives the demand within the domestic market.
- The demand from end applications such as MMA and POM, which are used in manufacturing computers is driving the demand for methanol market.
Key Players of the Asia Methanols Market
Chang Chun and Lee Chang Yung Chemical Industry Corporation (LCYCIC) are the major producers of formaldehyde in Taiwan. Petronas is the leading and major methanol producing company in Malaysia. It is the only major company in Malaysia that produces MTBE and exports mainly to China and other countries.
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