The Methanol market includes major Tier I and II suppliers like Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (ZPC) (Iran), Celanese Corporation (Texas). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.
- In August 2020, Celanese Corporation implemented government-recommended protocols and best practices related to social distancing and best hygiene practices. Some of these practices are use of additional personal protective equipment and enhanced cleaning protocols, where appropriate; and also restricted visitor access and non-essential business trave
- In May 2020, Mitsubishi Gas Chemical Company, Inc. set up a Crisis Response Headquarters and has been expeditiously implementing anti-pandemic measures. It continues to refine its plants and other workplaces anti-pandemic measures customized to specific operations on a workplace-by-workplace basis to ensure the safety of its stakeholders, particularly its employees and their families and its customers.
- In March 2020, Methanex Corporation made decisions to reduce the dividend, put their Geismar 3 project on temporary care and maintenance, and also reduce maintenance capital and operational spending.
- In March 2020, Zagros Petrochemical Company (ZPC) has implemented a wide range of measures to ensure manufacturing and operations without interruptions. The company monitored the situation carefully and adjust their internal measures daily. Any production was managed in several shifts to keep the productivity at normal level while managing the safety of its employees
- During the pandemic, Yanzhou Coal Mining Co. reduced roadway heading, workface, and production system to improve efficiency and quality, and stuck to development philosophy of “ensure safety by reducing labor or unmanned production by scientific technology research.” It promoted coal mine digitalization, networking and intelligentization according to overall planning, and 24 intelligent mining workfaces and 24 intelligent roadway headings were built as a result
As the extent of the COVID-19 pandemic began to materialize, a substantial part of the workforce employed in the methanol manufacturing in China was ordered to stay in quarantine. As a result, several manufacturing companies could not resume work, new construction projects were at a standstill . Methanol manufacturers have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for methanol is declined in 2020. Manufacturers adjusted production to prevent bottlenecks and planned production according to demand from tier 1 manufacturers.
The global methanol market is anticipated to grow from USD 30.7 billion in 2021 to USD 36.3 billion by 2026, at a CAGR of 3.4% from 2021 to 2026. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of methanol ranging from automotive to the pharmaceutical industry. Increasing demand from Asia Pacific will further drive the growth of the global methanol market.
Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (ZPC) (Iran) are the leading methanol manufacturers, globally.
Read More: https://www.marketsandmarkets.com/ResearchInsight/methanol-market.asp
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