Wilmington, Delaware, United States, March 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global methanol to gasoline market was valued at US$ 2.2 Bn in 2022 and is likely to reach US$ 4.2 Bn by 2031, expanding at a CAGR of 7.3% between 2023 and 2031.
The global market is driven by rise in gasoline consumption, supply of affordable feedstock, and surge in demand for cleaner fuels. The methanol to gasoline (MTG) technique has a number of benefits over traditional ways of producing gasoline. These benefits include reduced manufacturing costs and decreased greenhouse gas emissions, which are anticipated to drive market development.
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More attention is paid to energy security to increase demand for MTG technology, especially in countries that lack conventional oil deposits and want to increase their energy self-sufficiency. Nevertheless, uptake of MTG technology is expected to be influenced by technological cost-competitiveness, easy supply of feedstock, and governmental incentives and policies. Manufacturers are funding research and development projects in order to increase the productivity and financial viability of MTG technology.
Methanol, a basic alcohol, is converted into gasoline by the MTG process. MTG has the ability to create high-octane gasoline from several non-petroleum materials, including natural gas, coal, and biomass. A catalyst transforms methanol into a mixture of hydrocarbons, which is subsequently refined to produce gasoline. The MTG technique is capable of producing high-quality gasoline that is appropriate for use in contemporary internal combustion engines with no changes. It produces less pollutants compared to conventional ways of producing gasoline, which is anticipated to fuel business growth.
Key Findings of Market Report
- The fluidized bed segment is anticipated to lead the global industry from 2023 to 2031, according to the most recent market trends. Better heat transmission and reactant mixing are provided by fluidized bed reactors. Increase in contact between the catalyst and the reactants by fluidization results in more complete and successful reactions. The quality of gasoline is expected to improve, thereby leading to better conversion rates. These benefits are anticipated to drive business opportunities in the global industry.
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Global Methanol to Gasoline Market: Growth Drivers
- MTG permits usage of a number of feedstock, such as natural gas, coal, and biomass. In contrast to traditional gasoline, which is predominantly made from crude oil, this provides better flexibility as well as safety in energy supply. Furthermore, the MTG technology contributes to lowering greenhouse gas emissions and enhancing sustainability of the fuel supply chain. Additionally, governments of different countries are investing significantly in alternative energy owing to the declining supply of fossil fuels. Hence, the global market is expected to witness robust growth as concerns about energy security grow.
- As a substitute for traditional transportation fuel, MTG technology has a number of benefits. When compared to other alternate transportation fuels such as hydrogen or natural gas, methanol—the feedstock for MTG—is basically a liquid fuel that is simple to carry and store. Moreover, methanol can be made from a range of feedstock, such as natural gas, coal, and biomass. Hence, there is high fuel availability and less reliance on a particular source. Increase in usage of alternative transportation bolsters the global methanol to gasoline market.
Global Methanol to Gasoline Market: Regional Landscape
- Asia Pacific is expected to account for the largest market share between 2023 and 2031, as per recent market trends. Increase in gasoline consumption is projected to accelerate market development in the region. The Middle East, India, and China, three major consumers of the fuel, account for nearly 60% of the world's total gasoline consumption. China is the world's largest producer of MTG, and majority of MTG factories are in Asia Pacific.
- North America is a promising region in the global market. Rise in investment in MTG projects is likely to drive industry growth in the region. Several firms in North America are investing in the MTG technology. Pilot projects are being carried out to show that the technology is effective and feasible. These initiatives are expected to accelerate uptake of MTG technology in the next few years, especially if the cost of natural gas stays low.
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Global Methanol to Gasoline Market: Key Players
- Sinopec Engineering (Group) Co., Ltd
- DKRW Energy Partners LLC.
- Carbon Recycling International
- Jincheng Anthracite Mining Group
- ExxonMobil Corporation
- Ekobenz Sp. z o. o
Global Methanol to Gasoline Market: Segmentation
Feedstock
- Natural Gas
- Coal
- Biomass
- Others
Reactor Type
- Fluidized Bed
- Fixed Bed
- Others
Application
- Transportation Fuel
- Power Generation
- Chemical Blending Component
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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