The global methanol market is anticipated to grow from USD 30.7 billion in 2021 to USD 36.3 billion by 2026, at a CAGR of 3.4% from 2021 to 2026. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of methanol ranging from automotive to the pharmaceutical industry. Increasing demand from Asia Pacific will further drive the growth of the global methanol market.
Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (ZPC) (Iran), Celanese Corporation (Texas), BASF SE (Germany), and PETRONAS (Malaysia), Mitsubishi Gas Chemical Company Inc. (Japan), Mitsui & Co., Ltd. (Japan), LyondellBasell Industries BV (US), OCI NV (Netherlands), Metafrax Chemicals (Russia), SIPCHEM (Saudi Arabia) are among the key players leading the market through their innovative offerings, enhanced production capacities, and efficient distribution channels.
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The key players operational in the methanol market are focusing on agreements, acquisitions, divestment, merger, and joint ventures to cater to the increasing demands across various industries. These companies are also investing in R&D activities to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the methanol market.
Methanex Corporation engages in the production and supply of methanol. The company has an extensive global supply chain and distribution network of terminals and storage facilities throughout Asia Pacific, North America, Europe, and South America. In July 2021, Methanex Corporation and Mitsui OSK Lines announced that the parties have concluded key commercial terms for the purchase and sale of an equity position in, and the establishment of a strategic partnership involving Methanex’s Waterfront Shipping (WFS) subsidiary.
HELM Proman Methanol AG engages in production and supply of methanol around the world. The company has an annual installed production capacity more than 10 million metric tons. The company operates in several countries spread across Europe, America, Asia, and Africa. In March 2021, HELM AG, Proman and Southern Chemical Corporation (SCC) announced a significant restructuring of its regional methanol marketing activities to establish the global joint venture HELM Proman Methanol AG. At 57% HELM AG will hold a majority stake in the joint venture, while Proman will hold 38% and Jan W. Spin, CEO and shareholder of SCC, will hold 5%. This joint venture will expand their market share in the methanol in upcoming years
SABIC is the third-largest player in the methanol market. SABIC engages in the manufacture, marketing and distribution of petrochemicals, polymers and plastics, agricultural nutrients. The company has a global presence in more than 100 countries with 68 manufacturing sites and 20 technology and centers with a patent portfolio of 9,946. In March 2019, the company acquired OCI’s methanol assets that solidify its status as one of the world’s largest chemical producers. SABIC made an approach that valued OCI’s assets, including plants in Texas and the Netherlands, at about USD 4 billion.
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