India Methanol Demand to Grow at 7% till 2025
Growing demand from packaging sector coupled with
increasing use of formaldehyde resins to drive methanol market in India
According to the recently
published TechSci Research Report “India
Methanol Market Study 2011 – 2025”, the methanol market in
India is projected to grow at a CAGR of over 7% during forecast period. Growing
demand for methanol as a raw material for manufacturing of formaldehyde coupled
with its applications in the manufacturing of acetic acid, methyl amines, MTBE,
etc. are some of the major factors expected to aid the India methanol market
during forecast period.
In India, around 255 thousand
metric tons of formaldehyde was produced in 2015. Formaldehyde segment
dominated the country’s methanol market in 2015, and the same trend is exported
to continue during forecast period as well. However, in terms of growth, acetic
acid segment is expected to outpace formaldehyde segment during 2016 – 2025. Acetic
acid production in India stood at around 159 thousand metric tons in 2015.
“Increasing use of methanol
in the country’s pharmaceutical sector along with identification of novel end
uses of methanol are contributing to the demand for methanol in India. Growing
applicability of methanol to manufacture acetic acid is also expected to aid
the market of methanol in the country during 2016 - 2025. Moreover, majority of
the demand for methanol in India is being catered by imports as manufacturing
companies have discontinued their production in the country.” said
Mr. Karan Chechi, Research Director, with TechSci Research, a research based
global management consulting firm.
“India
Methanol Market Study, 2011 - 2025” has evaluated the future growth
potential of India methanol market and provides statistics and information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers and key challenges faced by India methanol
market.
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