The South Korea Methanol market in terms of volume was nearly 1875 thousand tonnes in 2023 and is expected to grow at a CAGR of 3.2% during the forecast period until 2034.
Methanol, known colloquially as wood spirit, is a solvent possessing polar properties, denoted by the chemical formula CH3OH. Methanol serves extensively as a solvent, pivotal in the synthesis of various chemicals such as plastics, formaldehyde, acetic acid, olefins, and organic aromatic compounds. Its adaptability spans numerous sectors including paints, coatings, pharmaceuticals, automotive, and electronics, highlighting its extensive utility in diverse industries. Methanol serves as a crucial feedstock for various chemicals essential in diverse industries. These include formaldehyde, utilized extensively in the production of resins and adhesives; acetic acid (a key component in products such as paints, and textiles), and and methyl tert-butyl ether (MTBE) and dimethyl ether (DME), serving as fuel additives and alternatives. Its versatility as a primary material underscores its indispensable role in numerous sectors, highlighting methanol's significance in industrial processes.
The South Korean methanol market is driven by several factors. Firstly, there is a growing demand for methanol as a solvent in various chemical manufacturing processes, including the production of formaldehyde, acetic acid, and olefins. These chemicals are widely used in industries such as construction, automotive, and electronics, contributing to the overall demand for methanol. Additionally, methanol serves as a key feedstock for the production of methyl tert-butyl ether (MTBE), a fuel additive used to enhance gasoline performance and reduce air pollution, further driving its demand in the region. Moreover, the increasing focus on sustainable energy sources and the transition towards cleaner fuels is boosting the demand for methanol as an alternative fuel for various applications, including transportation and power generation. Overall, these factors collectively drive the growth of the methanol market in South Korea and shape its future prospects. Due to these reasons, the South Korea Methanol market size is estimated to reach roughly 2650 thousand tonnes in 2034.
Based on the end-user industry, the South Korea Methanol market is segregated into Formaldehyde, MTBE, Acetic Acid, Gasoline Blending, Others. The predominant share of Methanol is held by the Formaldehyde sector, constituting approximately 35% of the entire South Korea Methanol market in 2023.
Major players in the Asia Pacific Methanol market are Gujarat Narmada Valley Fertilizers and Chemicals Ltd, Shenhua Ningxia Coal Industry Company, Shaanxi Shenmu Chemical Industry Co. Ltd, Shangdong Hualu Hengsheng Group Co., Ltd, Assam Petro-Chemicals Ltd, Gujarat State Fertilizers & Chemicals Ltd, Deepak Fertilizer & Chemicals Ltd, Rashtriya Chemicals & Fertilizers, Ningxia Baofeng Energy Group, Methanol Australia Limited, PETRONAS Chemicals Group Berhad, Methanex Corporation, State Power Investment Corporation, 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 Methanol which covers production, demand and supply of Methanol market in South Korea.
• To analyse and forecast the market size of Methanol
• To classify and forecast South Korea Methanol market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Methanol market in South Korea.
To extract data for South Korea 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 South Korea Methanol market over the coming years.
ChemAnalyst calculated Methanol demand across the South Korea 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 as 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, South Korea 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
1875 thousand tonnes
Market size Volume by 2034
2650 thousand tonnes
Growth Rate
CAGR of 3.2% 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, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Formaldehyde, MTBE, Acetic Acid, Gasoline Blending, Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
Northern South Korea, Central South Korea, and Southern South Korea
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Methanol market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Methanol.
3. Capacity By Location
To better understand the regional supply of Methanol by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Methanol by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Formaldehyde, MTBE, Acetic Acid, Gasoline Blending, Others) are creating a market and the forecast for the growth of the Methanol market.
7. Demand by Region
Analyzing the change in demand of Methanol in different regions, i.e., Northern South Korea, Central South Korea, and Southern South Korea, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Methanol. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Methanol.
10. Country-wise Export
Get details about quantity of Methanol exported by major countries.
11. Country-wise Import
Get details about quantity of Methanol imported by major countries.
12. Company Share
Figure out what proportion of the market share of Methanol is currently held by leading players across South Korea.
13. Manufacturing Process
Discover insights into the intricate manufacturing process of Methanol.
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Member - Board of Directors
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into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What will be the size of South Korea Methanol market in terms of volume in 2034?
Ans:
The size of South Korea Methanol market has grown significantly in the historic period and is likely to reach approximately 2650 thousand tonnes in 2034.
Q2.
Which industry is leading as the leading consumer of South Korea Methanol market?
Ans:
Formaldehyde industry is the leading consumer of South Korea Methanol market.
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Ans:
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