Asia Pacific Methanol Market Growth and Recent Trends by 2028

The Asia Pacific methanol market is expected to reach US$ 27,073.72 million by 2028 from US$ 17,738.87 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.

Methanol is used as feedstock for manufacturing various construction-related materials such as plastic pipes, paints and coatings, carpet underlay, wood panels, and crane ropes. Moreover, formaldehyde-based resins, one of the methanol's derivatives, are widely used to manufacture composite and engineered wood products used in cabinetry, countertops, moldings, shelving, stair systems, flooring, wall sheathing, support beams, and trusses. Also, glue adhesives used as bonding agents for building blocks are made of formaldehyde-based chemistry. In addition, methanol is used as a solvent for paints and varnishes as it is easily dissolvable compared to ethanol. Hence, methanol and its derivates are extensively used while producing a range of building construction-related materials. Rapidly growing building constructions in developing and developed economies are increasing the demand for building construction-related materials. As per the National Bureau of Statistics of China, the country's real estate development witnessed 38.3% growth from January to April 2021 compared to the same months in 2020. The country's real estate industry estimated around 1 trillion investments in construction activities in 2021. Therefore, growing building construction activities regionally are bolstering the demand for methanol as it is widely used to manufacture various construction-related materials.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the growth of the Asia Pacific methanol market during the forecast period.

Asia Pacific Methanol Market  Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Methanol Market  Segmentation 

The Asia Pacific methanol market is segmented on the basis of derivative and end-use industry. Based on derivative,the market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO)/methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. Based on end-use industry, the Asia Pacific methanol market is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and other. By country, the market is segmented into Australia, China, India, Japan, South Korea, and the rest of APAC.

Asia Pacific Methanol Market Companies

Methanex Corporation, OCI N.V., BASF SE, SABIC, Mitsubishi Gas Chemical Co., HELM AG, Celanese Corporation, Zagros Petrochemical co., Mitsui and co. ltd., and LyondellBasell Industries Holdings B.V are among the leading companies in the Asia Pacific methanol market.

Asia Pacific Methanol Report Scope