Rapid growth in global methanol market demand
The latest research report highlights a significant rise in global methanol consumption over the coming years. In 2007, the world consumed 40.34 million tons of methanol. By 2008, this figure is expected to jump by nearly 11%, reaching 44.7 million tons. Over the next four years, consumption is projected to grow by 31%, with total usage reaching 58.6 million tons by 2012. This upward trend reflects strong industrial demand and expanding applications across various sectors.
China has emerged as the primary driver of this growth. Between 2000 and 2007, global new methanol demand averaged 1.33 million tons annually, with China accounting for 1.05 million tons—nearly 79% of the total. In 2006, China became the largest methanol consumer globally, surpassing the United States. That same year, it also overtook Trinidad and Tobago to become the top methanol producer. By 2007, China’s annual methanol consumption reached 10.6 million tons, solidifying its dominant position in the market.
In terms of downstream applications, formaldehyde remains the largest consumer of methanol, accounting for approximately one-third of global demand. By 2009, both China and Western Europe are expected to lead in formaldehyde production. While the U.S. has reduced its MTBE production, MTBE will still hold the second-largest share of methanol demand, consuming around 15% of the global total.
Another key area showing rapid growth is acetic acid production. With increasing capacity in China and other Asian countries, Asia is set to account for about 57% of global acetic acid output by 2009. This shift underscores the region's growing role in the methanol supply chain and its expanding industrial base. As more countries invest in methanol-based industries, the global market is likely to see continued expansion and evolving demand patterns.
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