The India Methanol market has reached around 2800 thousand tonnes in FY2023 and is expected to further grow at a CAGR of 4.0% during the forecast period until FY2034. Methanol is a colourless, flammable liquid that is volatile in nature. Methanol is used in the chemical industry to make acetic acid, olefins, methyl methacrylate, silicone, formaldehyde, and other products. These substances are used in a wide range of products, including lubricants, adhesives, glues paints, plastics, sealants, pharmaceuticals, and automotive manufacture.
India's need for methanol is anticipated to increase significantly as a result of the country's extensive use of it in the production of formaldehyde. Most formaldehyde that is manufactured is combined with other chemicals to produce formaldehyde-based resins or glues. The strong heat and chemical resistance of several formaldehyde-based resin types makes them indispensable in the manufacture of specific kinds of car and aviation parts. Formaldehyde-based resins, which are also great adhesives are an essential to many furniture and building applications. A tiny fraction of produced formaldehyde can be found in healthcare products including vaccinations and disinfectants due to its potent antibacterial characteristics. Formaldehyde is also used as a chemical intermediate to produce various other chemical compounds like polyurethanes, which finds its application in producing coatings and plastics. India, with the highest consumption of gasoline and diesel globally and a significant reliance on imported fuel, is actively motivated to reduce import dependency by introducing methanol as a road transport and marine fuel. In the sector of energy storage, Power-to-Liquid presents a promising solution to address the intermittency of renewable energy. NITI Aayog's 'Methanol Economy' program in India is strategically designed to address key national challenges, including reducing the country's oil import bill, minimizing greenhouse gas (GHG) emissions, and utilizing coal reserves and municipal solid waste for methanol production. These factors will further propel the growth of the Methanol market in India and reach a figure of approximately 4300 thousand tonnes by FY2034.
Based on the region, the Methanol market is segmented into West, South, North, and South. During the historic period of FY2015-FY2023, West India dominated the Methanol market and is anticipated to show the same trend in the upcoming years as well owing to surging demand of Methanol in various plastic and resin industries situated in states like Gujarat and Maharashtra.
Based on the end-user industry, the India Methanol market is segmented into Formaldehyde, MTO/CTO/MTP, DME, Acetic Acid, and Others. Although, the Formaldehyde industry is consuming the majority of Methanol and held a market share of approximately 45% in the year FY2023.
Major players in the India Methanol market are Assam Petro-Chemicals Ltd, Gujarat Narmada Valley Fertilizers and Chemicals Ltd, Rashtriya Chemicals & Fertilizers Ltd, Deepak Fertilizer & Chemicals Ltd, and Gujarat State Fertilizers & Chemicals Ltd. Other major players in the Global Methanol market are Methanex Corporation, Mitsubishi Gas Chemical, Methanol Australia Limited, Saudi Arabia Basic Industries Corporation (SABIC), Methanol Holdings (Trinidad) Limited (MHTL), and Others.
Years considered for this report:
Historical Period: FY2015-FY2022
Base Year: FY2023
Estimated Year: FY2024
Forecast Period: FY2025- FY2034
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Objective of the Study:
• To assess the demand-supply scenario of Methanol which covers production, demand and supply of Methanol market in India.
• To analyse and forecast the market size of Methanol in India.
• To classify and forecast India Methanol market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Methanol market in India.
To extract data for India Methanol market, primary research surveys were conducted with Methanol manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for India Methanol market over the coming years.
ChemAnalyst calculated Methanol demand in India by analysing the volume of Methanol consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Methanol manufacturers and other stakeholders
• Organizations, forums and alliances related to Methanol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Methanol manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, India Methanol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in FY2023
2800 thousand tonnes
Market size Volume by FY2034
4300 thousand tonnes
Growth Rate
CAGR of 4.01% from FY2024 to FY2034
Base year
FY2023
Estimated year
FY2024
Historical Data
FY2015 – FY2022
Forecast period
FY2025 – FY2034
Quantitative units
Demand in thousand tonnes and CAGR from FY2024 to FY2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Formaldehyde, MTO/CTO/MTP, DME, Acetic Acid, and Others)
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Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What is the anticipated India market growth rate of Methanol in terms of volume in FY2034?
Ans:
The India Methanol market is anticipated to grow at an anticipated CAGR of 4.01% in the forecast period until FY2034.
Q2.
Which industry is dominating the India Methanol market?
Ans:
As of FY2023, Formaldehyde industry is dominating the Methanol market in India with an estimated share of roughly 45%.
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