Iran, Russia and the US are expected to drive the global methanol industry growth from planned and announced plants between 2019 and 2030. Together these three countries will contribute around 64% of the total global methanol capacity additions, according to GlobalData, a leading data and analytics company.
The company’s report: ‘Global Methanol Capacity and Capital Expenditure Outlook, 2019 – The Middle East and North America Lead Global Capacity Additions’ reveals that around 111 planned and announced plants are scheduled to come online, predominantly in the Middle East and North America over the next 11 years.
Iran is set to have large capacity additions of 36.71 million tonnes per annum (mtpa) by 2030. Among these, 30.11 mtpa is expected to come from planned plants while 6.60 mtpa is likely to come from the announced plants. The country is set to bring online 20 planned and four announced plants during the outlook period.
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GlobalData identifies Russia and the US as the second and third largest countries in terms of capacity additions. Russia is set to add 26.45 mtpa of planned and announced methanol capacity from new-build and expansion plants while the US is likely to contribute 25.52 mtpa from planned and announced plants by 2030.
Dayanand Kharade, Oil and Gas Analyst at GlobalData, comments: “Abundant availability of low-cost feedstock in Iran and Russia and the shale gas advantage in the US are the primary reason for the rush in methanol capacity additions in these countries.”
Among the companies, NW Innovation Works Inc, IGP Methanol LLC and China Petrochemical Corp are expected to lead globally with highest methanol capacity additions of 7.20 mtpa, 7.20 mtpa and 3.60 mtpa, respectively in 2030.