Global methanol production 2017-2022

Production of methanol across the globe has been on a continual annual increase during the last few years. In 2022, methanol production is estimated to reach over 111 million metric tons, an increase of nearly four percent in comparison with the previous year. Since 2017, global production of methanol grew by roughly 22.6 million metric tons. As with most commodities, the price of methanol has been continually increasing during the last two years.

Uses of methanol

Methanol, also known as methyl alcohol, is one of the most common petrochemicals globally, accounting for roughly 16 percent of primary petrochemical consumption. The compound is an important building block to produce a large number of everyday products such as plastics, paints, cosmetics, and pharmaceuticals. Common methanol-derived chemicals include acetic acid, olefins, formaldehyde, silicone, and methyl methacrylate. Methanol can also be used as an alternative fuel with significantly lower emissions than conventional fuels.

Methanex: a global methanol leader

Methanex, a Canadian company headquartered in Vancouver, is the largest producer of methanol worldwide. The company’s methanol production amounted to some 6.5 million metric tons in 2021. In that same year, Methanex’s revenue reached 4.41 billion U.S. dollars, up from 2.65 billion dollars recorded a year earlier. Other important methanol producers worldwide include Proman, Sabic, Yankuang, and Zagros.