Improved safety, low production costs and maximized energy security are the various advantages of methanol over other conventional fuels. In Europe, the methanol market is expected to register a healthy CAGR of 4.40% over the forecast period of 2019-2027.
The methanol market finds applications in industries like automotive, paints and coatings, constructions, electronics, etc. Apart from these, the growing application of methanol as a marine fuel is expected to increase the potential market opportunities in the shipping industries of the European region. The major geographies profiled for this market include France, Germany, UK, Russia, Italy, Spain and the Rest of Europe. Although, Germany presently dominates the market in terms of revenue growth, it is the Russian methanol market that is expected to showcase the highest CAGR by the end of 2027.
Some of the prominent companies operating in this market are Qatar Fuel Additives Company Limited, Mitsui & Co., Ltd., Zagros Petrochemical Company (ZPC), Mitsubishi Chemicals, Saudi Basic Industries Corporation, Teijin, Methanex Corporation, Valero Marketing and Supply Company, Celanese Corporation, Petroliam Nasional Berhad (Petronas), Methanol Holdings (Trinidad) Limited (MHTL), BASF AG, and others.