Methanol is extensively used in producing various chemicals and compounds, such as plastics, adhesives, insulation materials, textiles, and food chemicals. The demand for plastics is increasing and positively favoring the methanol market due to the growing automotive industry regionally. The automotive industry largely uses plastic polymers to manufacture a vehicle's interior structure and other components, such as bumper, fuel system, wheelhouse, door handles, brake pads, and under the hood components. The application of plastic components significantly reduces the vehicle's weight, increases its fuel efficiency, and meets environmental regulations regarding carbon emissions from fossil fuels. According to the report of Organisation Internationale des Constructeurs d'Automobiles (OICA), over 57.26 million vehicles were produced between January and September of 2021 and recorded growth of more than 10% compared to the first three quarters of 2020. In addition, the automotive industry uses adhesives for assembling, bonding, and sealing all types of cars and truck components to provide the highest safety. Thus, the growing automotive industry is accelerating the methanol application, thereby positively influencing the market growth.
Methanol is witnessing its high demand from the medical industry as it is widely used as a preservative in many liquids formulations-based medicines. Furthermore, various methanol derivatives are extensively used in the pharmaceutical and healthcare industry. For instance, formaldehyde, a derivative of methanol, is used as an antibacterial and antiviral agent during the manufacture of vaccines. Formaldehyde has a large application to manufacture and treat hard gel capsules for the purpose of delayed release of drug. Also, it is used for the treatment of warts and excessive foot sweat and odor along with to manufacture floor disinfectant products.
Moreover, acetic acid, another derivative of methanol, is widely used in medical applications, such as antiseptic against pseudomonas, enterococci, streptococci, staphylococci, and other bacteria. In addition, acetic acid is used to detect cervical cancer and treat infections. Hence, the growing application of methanol as a feedstock for producing various chemical compounds is bolstering its demand in various end-use industries.
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 South and Central America methanol market during the forecast period.
The South and Central America 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 South and Central America methanol market is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and other. By country, the market is segmented into the US, Canada, and Mexico.
Methanex Corporation, OCI N.V., BASF SE, SABIC, HELM AG, Celanese Corporation, Zagros Petrochemical co., and LyondellBasell Industries Holdings B.V are among the leading companies in the South and Central America methanol market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 914.49 Million |
| Market Size by 2028 | US$ 1,154.31 Million |
| CAGR (2021 - 2028) | 3.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Derivative
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South and Central America Methanol Market is valued at US$ 914.49 Million in 2021, it is projected to reach US$ 1,154.31 Million by 2028.
As per our report South and Central America Methanol Market, the market size is valued at US$ 914.49 Million in 2021, projecting it to reach US$ 1,154.31 Million by 2028. This translates to a CAGR of approximately 3.4% during the forecast period.
The South and Central America Methanol Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South and Central America Methanol Market report:
The South and Central America Methanol Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South and Central America Methanol Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South and Central America Methanol Market value chain can benefit from the information contained in a comprehensive market report.
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