Global methanol demand is set to rise significantly -- from 60.7 million tons in 2013 to more than 109 million tons in 2023 -- with an average annual growth rate of 6%, according to new IHS research released Friday.
China is expected to be the major driver of this demand increase, while at the same time, the North American methanol market -- riding the wave of low-cost US shale-derived feedstocks -- is undergoing a renaissance as new projects deliver significant capacity additions.
“The methanol market is in a period of rapid transition, especially the North American market, which is accelerating quickly, thanks in part, to inward Chinese investment that is taking advantage of the region’s low-cost shale gas resources to feed its derivative units” said Mike Nash, global director of syngas chemicals at IHS Chemical.
chemicalexplorer.com»
China is expected to be the major driver of this demand increase, while at the same time, the North American methanol market -- riding the wave of low-cost US shale-derived feedstocks -- is undergoing a renaissance as new projects deliver significant capacity additions.
“The methanol market is in a period of rapid transition, especially the North American market, which is accelerating quickly, thanks in part, to inward Chinese investment that is taking advantage of the region’s low-cost shale gas resources to feed its derivative units” said Mike Nash, global director of syngas chemicals at IHS Chemical.
chemicalexplorer.com»