Webinar: Global Methanol Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global methanol market.
We are hosting a 40-minute live webinar on the methanol market.
Join us to get the main macroeconomic statistics around the production and trade, and talk over the challenges of coronavirus and the nearest future of the market.
We invite speakers from the industry to share their thoughts on how they are going through this difficult time.
Listen to stories from entrepreneurs from around the world and share yours!
In January 2021, the U.S. reentered in the Paris Agreement aimed at reducing global greenhouse gas emissions. New environmental agenda in the U.S. and European countries can boost the global energy market's transformation in the medium term. Attention is currently paid to the potential for world industry and transport to switch to environmentally friendly fuels.
The global methanol market is estimated at approx. 82M tons, equating near $32B (IndexBox estimates). The use of methanol as an alternative fuel is in line with the new global green agenda and can become a new driver of the methanol market. As compared to traditional fuels, methanol has some advantages: it doesn't emit nitrogen and sulfur oxides when being combusted, and there are many raw materials, including renewable ones, which could be used for the methanol manufacturing process.
In November 2020, the Maritime Safety Committee of the International Maritime Organization (IMO) adopted interim guidelines on methanol as a marine fuel. Afterward, in January 2021, the American Bureau of Shipping published guidelines on methanol as a marine fuel. One of the global leaders in maritime transportation, the Maersk Line, has announced a strategy to convert its vessels to run on environmentally friendly fuels. Maersk regards methanol for this purpose as a suitable option.
The authorities of China, the country with the largest motor vehicle fleet globally, are seriously considering the possibility of setting up cars to run on methanol fuel. Since 2012, they conducted a pilot program, during which over 1K methanol-powered vehicles had been tested, several methanol filling stations had been built, and some new standards for methanol had been developed.
Today, China is the world's largest importer of methanol, comprising 28% of total shipments. Over the past 7 years, its imports have grown by an average of 7 percent per year, reaching 8 million tons (IndexBox estimates). The announced plans to use methanol as fuel could accelerate already impressive growth.
Market Analyst, Editor
For over 10 years now, IndexBox has been conducting market research, completing consulting work, and selling reports.
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