NEW YORK, December 6, 2016 /PRNewswire/ --
Growing demand from packaging sector coupled with increasing use of formaldehyde resins to drive methanol market in India
According to the recently published TechSci Research Report "India Methanol Market Study 2011 - 2025", the methanol market in India is projected to grow at a CAGR of over 7% during forecast period. Growing demand for methanol as a raw material for manufacturing of formaldehyde coupled with its applications in the manufacturing of acetic acid, methyl amines, MTBE, etc. are some of the major factors expected to aid the India methanol market during forecast period.
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In India, around 255 thousand metric tons of formaldehyde was produced in 2015. Formaldehyde segment dominated the country's methanol market in 2015, and the same trend is exported to continue during forecast period as well. However, in terms of growth, acetic acid segment is expected to outpace formaldehyde segment during 2016 - 2025. Acetic acid production in India stood at around 159 thousand metric tons in 2015.
"Increasing use of methanol in the country's pharmaceutical sector along with identification of novel end uses of methanol are contributing to the demand for methanol in India. Growing applicability of methanol to manufacture acetic acid is also expected to aid the market of methanol in the country during 2016 - 2025. Moreover, majority of the demand for methanol in India is being catered by imports as manufacturing companies have discontinued their production in the country." said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"India Methanol Market Study, 2011 - 2025" has evaluated the future growth potential of India methanol market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by India methanol market.
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