LONDON–(BUSINESS WIRE)–Global procurement intelligence advisory firm, SpendEdge, has announced the release of their 'Methanol Market Procurement Research Report'. The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of methanol and acts as an all-inclusive guide for making smart purchasing decisions.
“The global demand for methanol can be attributed to the rise in demand for olefins from end-use industries such as F&B, automotive, and construction due to the growth of such industries in regions such as APAC and Europe,” says SpendEdge procurement analyst Anil Seth. “The demand for methanol is further driven by the high adoption of MTO processes to produce ethylene and propylene, which are used to manufacture plastics and fabrics,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Methanol Market:
- The steep increase in methanol prices across geographies.
- Increasing use of MTO technology to manufacture olefins.
- Breakthrough in manufacturing methanol from carbon dioxide.
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The steep increase in methanol prices across geographies:
There is a high demand for transportation fuel and power source in plants and manufacturing units leading to a surge in methanol prices across geographies. The rise in the cost of feedstocks and tightening of methanol supply across the globe due to plant downtimes for maintenance have further contributed to the increase in costs. Moreover, the rise in prices has improved the financial stability of the suppliers of methanol which will ensure a steady supply of methanol for buyers.
Increasing use of MTO technology to manufacture olefins:
MTO technology is increasingly being used to convert methanol to olefins, which can be used to produce high-purity ethylene and propylene. There is a rise in the number of organizations adopting MTO as an alternative to naphtha cracking for production of olefins. Moreover, the olefins produced from methanol are cost-effective when compared with olefins produced from crude oil except in particular regions such as MEA. The use of MTO has also benefitted the manufacturers of plastics, as methanol is cost-effective to store.
Breakthrough in manufacturing methanol from carbon dioxide:
The scientists at the Indian Institute of Science Education and Research, Kolkata were successful in transforming carbon dioxide into methanol under prevailing atmospheric conditions. Also, this method does not require rare earth elements as catalysts which are required in conventional processes. This eliminates the use of expensive rare earth element-based catalysts which help in reducing the overall production costs for suppliers.
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