The Mexico Methanol market demand stood at 210 thousand tonnes in 2023 and is expected to grow at a CAGR of 3.55% during the forecast period until 2034.
Methanol, also referred to as wood spirit, is a polar solvent with the chemical formula CH3OH. Initially dubbed wood spirit due to its historical production from wood distillation, contemporary industrial methods involve catalytic reduction of carbon monoxide for methanol synthesis. This clear liquid has emerged as a viable alternative to gasoline-based fuels, gaining popularity for its cost-effectiveness and reduced combustion risks. Methanol serves as a crucial solvent, playing a key role in the production of various chemicals including plastics, formaldehyde, acetic acid, olefins, and organic aromatic compounds. Its versatility is evident across industries such as paints and coatings, pharmaceuticals, automotive, and electronics, underscoring its broad applicability in diverse sectors.
The Mexico methanol market is primarily propelled by the utilization of methanol as a feedstock to produce downstream chemicals. By acting as a feedstock, methanol enables the synthesis of valuable compounds like formaldehyde, acetic acid, olefins, and methyl tert-butyl ether (MTBE), among others. Methanol serves as a crucial raw material in the production of various chemicals through chemical processes such as synthesis and conversion reactions. These downstream chemicals encompass a wide range of products that find applications across diverse industries, including pharmaceuticals, plastics, textiles, and automotive. These chemicals, in turn, serve as building blocks for the manufacturing of numerous consumer and industrial products. Methanol serves as a substitute fuel or additive and Government efforts to endorse cleaner fuels and decrease dependence on fossil fuels could escalate the call for methanol in fuel blending. In 2022, Mexinol, announced to set up a new methanol plant on a global scale set to produce 2022 thousand tonnes of methanol per annum. Benefitting from its proximity to existing gas pipelines and infrastructure, Mexinol will convert natural gas from Texas into methanol for initial export to Asia. Upon commencement, Mexinol aims to become the largest individual ultra-low carbon chemicals facility globally. Leveraging the infrastructure of the Port of Topolobampo, Mexinol will transport methanol to consumers via vessels. The project will treat and recycles wastewater, eliminating the need for seawater and other natural water sources and preventing the discharge of project water into the Bay of Ohuira. Owing to these factors, Mexico Methanol market is likely to reach roughly 310 thousand tonnes in 2034.
Based on the end-user industry, the Mexico Methanol market is segmented into Formaldehyde, MTBE, Gasoline Blending, Others. Among these, Formaldehyde industry holds the largest market share followed by the MTBE industry. Formaldehyde industry held a market share of nearly 35% in the year 2023.
The only player in the Mexico Methanol market is Pemex. Major players in the global Methanol include Methanex Corporation, Mitsubishi Gas Chemical, Saudi Arabia Basic Industries Corporation (SABIC), Methanol Holdings (Trinidad) Limited (MHTL), Ningxia Baofeng Energy Group, Methanol Australia Limited, Mitsubishi Gas Chemical, NPC-Zagros, Kaveh Methanol Petrochemical, OCI, Natgasoline LLC, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Mexico Methanol which covers production, demand and supply of Methanol market in Mexico.
• To analyse and forecast the market size of Mexico Methanol
• To classify and forecast Mexico Methanol market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Methanol market in Mexico.
To extract data for Mexico 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 Mexico Methanol market over the coming years.
ChemAnalyst calculated Methanol demand across the Mexico region 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 ass 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, Mexico 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 2023
210 thousand tonnes
Market size Volume by 2034
310 thousand tonnes
Growth Rate
CAGR of 3.55% from 2024 to 2034
Base year
2023
Estimated Year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
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, Foreign Trade, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Formaldehyde, MTBE, Gasoline Blending, Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
West Region, North Region, South Region, Central Region, and East Region
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the size of Mexico Methanol market in terms of volume in 2023?
Ans:
The size of Mexico Methanol market has grown significantly and reached approximately 210 thousand tonnes in 2023.
Q2.
Which industry is leading as the leading consumer of Methanol?
Ans:
Formaldehyde industry is the leading consumer of Methanol.
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